Unfortunately, a lot of small business owners don’t keep good records. Their paperwork is often all over the place until the night before they have to submit their BAS statement or annual tax return, which leads to a mad rush to get paperwork in to the Australian Taxation Office (ATO) in time. This can lead to all sorts of problems, including things like mistakes with your paperwork and penalties from the ATO. Here are our top five reasons why you should get your book keeping in order today:
- It will save you time:
Although you might feel like you are spending a lot more time doing your bookkeeping if you keep on top of it every week, you will definitely save time. Filing everything in the right spot for future reference is much easier while things are fresh on your mind. If you aren’t sure about the best way to go about your bookkeeping, then consider speaking to an experienced accountant to get you started.
- It will save you money:
For a lot of small business owners, completing their BAS statements or annual tax returns consists of collecting all of the paperwork that they can find and giving it to their accountant. Unfortunately, this means that the accountant will have to spend hours sorting through all your paperwork to find any documents that are important or relevant to them. This will end up costing you a lot more than if you were simply able to give your accountant a couple of files of well kept records.