Managing Your Business’s Day-to-Day Transactions

Posted at 08:17h in Business, News by Simmons Livingstone

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Running a business involves more than just serving customers and making sales – staying on top of your daily transactions is just as important. According to the ATO, business owners can make their tax time easier and avoid future stress by embedding a few simple habits into their routine:

Keep records updated: Regularly reconcile your accounts and review your books. This ensures you’re aware of what’s coming in and going out, and helps you detect any discrepancies early.
Set aside your GST: It’s easy to forget that the GST you collect isn’t yours to spend. Consider transferring GST into a separate account so it’s ready when your BAS is due.
Plan for PAYG and super: Just like GST, set aside PAYG withholding amounts and super obligations. Having the funds on hand will prevent cash flow crunches at payment time.
Lodge BAS on time: Allocate time in your calendar ahead of each BAS deadline so you’re not scrambling at the last minute.

Proactive bookkeeping and planning now will save time and cost later.

Need help putting better systems in place? Call us on 1800 618 800 or email admin@simmonslivingstone.com.au.