March 6th, 2020 by

Bookkeeping and Business basics

1. Set up a bookkeeping system and cloud accounting is our preference these days.

2. Keep all Purchase Documents for 5 years

3. Find out if you need to register, report and pay GST. If you are turning over $75,000 it is likely you need to.

5. Get your payment gateway right. Direct Debit is better than having to chase Accounts Receivables

4. Talk to your Accountant – an accountant who regularly checks your finances will help detect potential problems and provide suggestions for ways to improve your business.

6. Have a Cash-flow Budget to forecast for problems in advance.

7. Have access to funding if needed.

8. Get a good team around you of Specialists- Account, Bookkeeper, I.T savvy person.

9. Hire slow and carefully. Fire fast.

10. Market continually.

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