Great Bookkeeping is foundational. If you don’t keep proper records, you cannot properly measure the performance of your business.
The Tax Office requires all businesses to keep sufficient records to work out your income and deductions. As a minimum standard of record keeping required by the Tax Office, you must keep a record of your business transactions which enables these transactions to be traced and checked through from start to finish. The consequence if you cannot prove your position – you lose your tax deduction!
As a Business Consultant, I cannot properly review your business and make recommendations without accurate information. The old adage of “in rubbish, out rubbish” applies here too! It never ceases to amaze me how some business coaches can coach you on your business without even asking to see the books.
Why Bother With Bookkeeping
No business owner enjoys this part of the business but it must be done, and done well. Non compliance with the relevant tax and statutory authorities usually mean a lot of angst and expense fixing it later.
You HAVE to keep records. So make it as painless as possible. Minimise your compliance cost and release your valuable time and save money. My personal preference is Quickbooks – Value For Money, Ease of Use and Flexible. Why Quickbooks?
Peter Drucker, the acknowledged world management expert, is credited with one of the most important quotes in business management: “If you can’t measure it, you can’t improve it.”.
Do you know what are the minimum records you must keep to comply with tax and statutory authorities?
Interested in saving yourself the unnecessary stress of compliance? Put an end to the shoe-box and your bookkeeping nightmare. Stop paying big $$$ to comply. Do what you HAVE to do, not what you THINK you have to do. Connect with us via the form below and find out HOW.