Top bookkeeping tips from a leading Sunshine Coast bookkeeping firm.

Trying to decide between keeping the business books yourself or hiring a bookkeeper to take care of them? Here are some tips from the experts at Sunshine Coast bookkeeping firm HBA Accounting to help save you time and money.

 1. Keep Daily Records.
Spend 15 minutes every day to do a little bookkeeping; otherwise it can end up being a long, stressful, last minute job. If you leave bookkeeping tasks until you’re tired or anxious, you’re more likely to make mistakes. Make it a routine activity when you’re feeling fresh, such as in the mornings.

2. Get help – hire a bookkeeper or accountant.
A good accountant will save you more money than they cost. If you’re struggling with paperwork, the Sunshine Coast bookkeeping services at HBA Accounting will get your books in good order, leaving you time to concentrate on earning more money.

3. Bank account statements
Check your statements regularly so that you know exactly where you are spending money. Always request a statement with a month-end cut-off date. This will make it easier for you to reconcile your statement and track expenses. Have all the bank statements for all business accounts ready for the period to be completed. If you are missing any, get copies from your bank.

4. Keep an audit trail.
You need to be able to quickly and easily retrace your company's financial activities. Get an invoice or receipt for everything you buy. Record all of your invoices and cheques in numerical order.

5. Be consistent.
HBA Accounting say consistency is the key to successful bookkeeping. Most of us tend to make things harder than they need to be. Keep filing simple and use consistent wording in ledgers and in software files. This will save you and your accountant time at year-end when you are preparing statements and reports.

6. Use a computer.
Bookkeeping software makes it easy to track income and expenses, prepare tax documents and summarise your company's financial activities. Make sure that you are trained in the basics, even if you are outsourcing. Take the time to set up your financial accounts correctly from the start. Always ensure that records are backed up for safekeeping.

7. Remember your bookkeeping deadlines.
If you are required to lodge BAS (Business Activity Statement), your deadlines are:
28 October 
28 February 
28 April 
28 July
Financial year-end: 30 June

Talk to your local Sunshine Coast bookkeeper today at HBA accountants in Caloundra to find out how their proactive bookkeeping solutions can help you reach your financial goals.