How to organise your small business finances
If you’re running a small business in Australia (or you’re thinking of starting one), keeping on top of your finances is crucial. Here’s our top 3 tips for organising your finances.
1. Keep your personal and business finances completely separate
Setting up a separate bank account for all your business transactions will make this easy. Make sure you choose an account that has low fees.
2. Make sure you set aside funds for all your legal obligations
This could include:
the correct amount of wages for any staff you may have, including any compulsory superannuation obligations you may need to pay. You can find out about award pay rates online at Fair Work Australia. If you’re employing staff over the age of 18 and paying them gross wages of more than $450 per month, you need to pay 9.5% of their pay into a super fund.
paying any taxes that you may need to pay, such as GST and PAYG withholding tax on behalf of yourself or any staff you have. If your business has an annual turnover of more than $75,000 per financial year, you’ll need to complete regular business activity statements to send them to the Australian Taxation Office.
3. Hire a bookkeeper
Bookkeepers organise business finances for a living. Hiring a bookkeeper can save you time and hassle, so you can focus on running your business (or enjoying yourself) instead.
How we can help
We can help you to set up a Xero online bookkeeping system to help you to keep on top of your finances. We’re a Xero-certified advisor.
We can also help you with any bookkeeping support services that you may need, no matter what type of business you have. We currently have clients in a diverse range of industries in South Australia, Victoria and New South Wales.
Contact us at Scorpion Bookkeeping today to find out how we can help your business!