Bookkeeping Resolutions For 2011

Talking to one of our Mandurah Bookkeeping clients recently about New Year’s resolutions, we listed three bookkeeping resolutions small businesses can make and keep in 2011.

Get organised and stay organised
A clear desk and a clear mind will help clear thoughts and eliminate that feeling of being overwhelmed by the mountain of paperwork ahead of you

You can walk a thousand miles by taking one step at a time

Get on top and STAY on top of your record keeping, or contact our Mandurah professional mobile bookkeeping service to do it for you

- We LOVE bookwork!!!

Keep Good Records
By Australian Law, you’re required to keep business records for five years after they are prepared, obtained or the transactions completed, whichever occurs latest

There’s penalties for not maintaining the required records and for not keeping them for five years. Good record keeping will help you avoid these penalties.

Cash Flow Management
The life blood of your business is cash-flow. Just as you will die when your bllod flow is stopped, so too will your business die if the cashflow dries up.

Start this week with a Cash Flow Budget in four simple steps
Step 1: Prepare a sales forecast
Using figures from previous years, or guestimating figures (for new businesses)

Step 2: Cash In
Estimate cash coming into the business from customers, loan monies, assets sold off or money you put into the business.

Step 3: Cash Out
Guestimate money that you’ll need to pay to suppliers, wages, loan repayments, money for assets you expect to buy, money you take for your own use (drawings), and any loans you may provide to others.

Put aside between 20 – 30% for tax payments GST etc and amounts you’ve withheld from employees’ wages, and fringe benefits tax.

Step 4: Profit / Loss at end
Calculate the difference of Cash on hand at start of period then ADD your estimated cash coming IN (income) then SUBTRACT the estimated cash going out (expenses) = Estimated ending Cash Balance

Stop drowning in bookwork, struggling to perform tasks that you really do not enjoy doing – and let us get your bookkeeping upto date

Our team of professional bookkeepers around Mandurah, Dudley Park, Coodanup, Greenfields, Erskine, Pinjarra and Meadow Springs, love doing the bookwork, and can get your paperwork upto date in a shorter time. saving you money.

Whether you use MYOB or Quickbooks or any other accounting software package and you need help in any way Contact Us NOW!