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Small business accountants in Melbourne explain simple accounting and bookkeeping tasks

Many new business owners are inexperienced in keeping track of their income and are unsure on how to collect financial information necessary for filling various tax returns. Our small business accountants in Melbourne can guarantee you that it is not too hard to keep track of your finances, and with a few simple initiatives you will be able to file your tax returns stress free. Here are a couple steps to keep track of your books before you begin creating your financial reports:

Keeping Receipts
It is important to keep physical evidence of each of your business’s sales and purchases, including the amount, the date, and other relevant information. Our small business accountants in Southbank believe that the more sales and expenditures your business makes, the more efficient your receipt filling system needs to be.

Setting Up and Posting Ledgers
A ledger is a summary of revenues and expenditures which is later used to summarise whether your business is making a profit and if so, how much. An important task for business accounting in Melbourne, is to ensure that you are transferring the amounts from your receipts into your ledger on a regular basis.

For more information regarding various accounting and bookkeeping tasks, please contact our small business accountants in Melbourne today.