What no other bookkeeper will tell you.

10 FREE ways to save money on Bookkeeping

1 – Get organised –  spend 10 minutes on reviewing your transactions every day and you will stay on top of the workload and have a clear view of where your business is at and you will pay less to your accountant come tax time.

2 – Use a cloud based accounting software package like Xero. This will give you a real time view of your business finances.

3 – Use online banking. Forget about cheques and and avoid cash transactions. When making payments use a business credit/debit card, direct transfers, BPay etc. Most importantly keep your personal and business accounts seperate.

4 – Scan all your Invoices and receipts, attaching them to the transaction details in your software and therefore get rid of your filing cabinet. Go paperless.

5 – Get the setup right. Getting your accounting setup right up front avoids any costly rework down the line.

6 – Get advice and training from specialists (not your best friend). “You can give someone a pair of scissors, don’t call them a hairdresser”.

7 – Each month check that your balance in the bank account matches your accounting software balance.

8 – Set up a business savings account to put money aside for Super and Tax at the end of each period.

9 – As your business grows, focus on what you do best and outsource the bookwork to a specialist.

10 – Keep a hawk eye on the accounts receivable (money owed to you). Create a plan for managing clients that are late payers. You are not in the business of providing interest-free loans. This hurts your cash flow.

Bonus tip

Find a bookkeeper that charges fixed fees not hourly rates. Fixed fees incentivise the bookkeeper to get the job done.

Find out how Business Boost Centre™ can take your business to the next level.

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