Paperwork - Aaaaarghhhh…
Every business owner hates bookkeeping and paperwork. Unfortunately, it has to be done. And it has to be done in a prescribed format… otherwise the Tax Man will be on your back. If you don’t keep proper books and records you risk fines and penalties from the ATO. It’s a legal requirement to keep financial records in a prescribed format.
So you have to do it. You have to keep the books and records complete, accurate and up to date.
Unfortunately, it’s also difficult. You need to understand debits and credits, the wonderful world of double-entry and what must be recorded for tax purposes. That’s why there are bookkeeping exams (such as the Intuit Quickbooks ProAdvisor certification). That’s why there are professional associations (such as Australia Bookkeepers Network). That’s why BAS Agents need to be registered with the Tax Practitioners Board.
Bookkeeping is one of the worst parts of running a business. You’d much rather be out there making things happen and making money from your business. And because everyone hates bookkeeping most people end up doing it in the evening or at weekends.
Yet, shouldn’t evenings and weekends be spent playing with the kids, spending time with your friends and loved ones, or out on the golf course?
Contact us to find out how to...