{"id":9632,"date":"2023-10-25T10:00:10","date_gmt":"2023-10-24T23:00:10","guid":{"rendered":"https:\/\/astrolabeacc.com.au\/?p=9632"},"modified":"2023-10-26T13:21:57","modified_gmt":"2023-10-26T02:21:57","slug":"bookkeeping-start-up","status":"publish","type":"post","link":"https:\/\/astrolabeacc.com.au\/bookkeeping-start-up\/","title":{"rendered":"Essential bookkeeping practices for a start-up"},"content":{"rendered":"
\"Essential<\/a>
Photo By Andrea Piacquadio<\/figcaption><\/figure>\n

A new business start-up is exciting, but it also comes with the responsibility to maintain accurate bookkeeping records for your business. From saving receipts to processing employee payroll, every money-related detail should be documented. It\u2019s not just about keeping things tidy; it\u2019s about understanding the financial health of your business and meeting all your tax obligations.<\/span><\/p>\n

Don\u2019t underestimate the basics<\/b><\/h2>\n

Some small businesses continue to rely on traditional systems, like pen, paper, and a trusty shoebox. Although it may seem outdated, this method can work well for businesses with very few transactions. These businesses might not have the latest payment technology, and could be invoicing customers or receiving immediate cash or cheque payments. In such cases, they would need to maintain a record of all receipts, past, present and future jobs, as well as a log of their customers and transactions.<\/span><\/p>\n

Of course, if you\u2019re serious about your business, you might want to consider using a more accurate system.<\/span><\/p>\n

The power of spreadsheets<\/b><\/h2>\n

In the digital age, spreadsheets offer a simple and effective way for start-ups to keep track of their financial activities. When you\u2019re just starting or operating a part-time business with a limited budget, a spreadsheet can be a cost-effective alternative. As your business grows and becomes more complex, you can transition to specific accounting software.<\/span><\/p>\n

With a spreadsheet, you can set up a basic accounting system to track invoicing, perform calculations, and even set up a budget.<\/span><\/p>\n

Embrace accounting software<\/b><\/h2>\n

For those more serious about their business, subscribing to accounting software might be the best option. Modern accounting software often links directly to your bank account, making it an efficient way to document all necessary transactions. It also reduces the risk of errors and offers features like generating professional invoices and tracking debts. It ensures everything is entered accurately for your accountant at tax season.<\/span><\/p>\n

If you opt for a cloud-based solution, you\u2019ll enjoy real-time access to your accounts, increased data security, and the flexibility to access your financial data anytime, anywhere.<\/span><\/p>\n

Stay on top of your cash flow<\/b><\/h2>\n

Regardless of the accounting system you choose, a good system will enable better decision-making based on real-time financial insights. Identifying cash flow trends can help drive your business growth by revealing your most profitable products and services, your biggest customers, your highest costs, and more. The ability to monitor these trends places you in a better position to improve your profits and spot potential areas of growth.<\/span><\/p>\n

Wrapping up<\/b><\/h2>\n

As a start-up, your primary task is to evaluate your business needs and choose an accounting system that allows you to track your cash position accurately, keep precise records for tax purposes, and identify cash trends.<\/span><\/p>\n

Consulting with your accountant can be an invaluable first step. They can offer advice on the best system to use and ensure it\u2019s compatible with their processes. Remember, your financial records are the lifeblood of your business. Keeping them in perfect order is integral to your success.<\/span><\/p>\n

Want to discuss what bookkeeping system will best suit your start-up? Contact us<\/a> now for advice.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A new business start-up is exciting, but it also comes with the responsibility to maintain accurate bookkeeping records for your business. From saving receipts to processing employee payroll, every money-related detail should be documented. It\u2019s not just about keeping things tidy; it\u2019s about understanding the financial health of your business and meeting all your tax … Continued<\/a><\/p>\n","protected":false},"author":11,"featured_media":9639,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[35,59,39],"tags":[],"jetpack_publicize_connections":[],"acf":[],"yoast_head":"\nEssential bookkeeping practices for a start-up - Astrolabe Accountancy Pty Ltd<\/title>\n<meta name=\"description\" content=\"A new business start-up is exciting, but it also comes with the responsibility to maintain accurate bookkeeping records for your business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/astrolabeacc.com.au\/bookkeeping-start-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Essential bookkeeping practices for a start-up - 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