Financial planning can be difficult, and millions of people throughout the world fall into financial trouble every single day. While some people are able to dig themselves out with the help of decent accountants, for a lot of people, their financial trouble marks that start of the end of their business.
With this in mind, Accountants Perth advise to take action to make sure that your business’s finances remain in order this financial year. If you don’t, then you and your business could both suffer significant losses, and you may find yourself having to sell or close your business and look for work elsewhere. Out top 3 ways to keep your finances in order this financial year include:
- Keep Clear Records From Day One
When it comes to keeping your finances in order, clear record keeping is an absolute must. It doesn’t matter how big or small your business is or how much paperwork you have – you should file everything clearly, and record all financial transactions using decent accounting software.
If you run a larger business which employs other people, you will need to pay wages. Make sure that you keep clear records of how much you have paid your employees, how much tax you have deducted from their wage and how much super you have paid into their funds. If you don’t do this, you will find yourself in all sorts of trouble when it comes time to report things like the amount of tax withheld.
