Sharing some more tips for small businesses for the readers of bit.com.au
Some additional tips we received from James Solomons, head of accounting at Xero Australia, include:
- Get your records organised. Whether you use an accountant or bookkeeper, or you do your own books and returns, you’ll need to get your records in shape. Keeping documents in electronic form – especially in the cloud – can help.
- Plan for a stocktake. This doesn’t apply to all businesses, but if your business buys or sells stock you’ll have to conduct a stocktake unless your turnover is less than $2 million and the change in value is less than $5,000. A stocktake tends to be time consuming, so warn your customers if it’s going to affect your trading hours.
- Set goals for the coming year, and review your existing plans to ensure they are still appropriate.