Top 15 Bookkeeping Tips for Small Business Owners in Newcastle & Maitland
Bookkeeping Tips for Top 15 Small Business Owners in Newcastle & Maitland
Our Newcastle & Maitland Offices:-
- Newcastle Accountants & Advisors – 45 Hunter Street, Newcastle.
- Maitland Accountants & Advisors – 93 Lawes St, East Maitland.
How to contact us
- In Person: Visit our conveniently located office at 45 Hunter St, Newcastle, NSW, 2300.
- Online: Schedule a virtual appointment via Zoom or Teams for added convenience.
- Mobile Tax Services: Benefit from the flexibility of having our expert CPA Newcastle accountants come to you for tax assistance.
- Onsite Services: Enjoy personalized services delivered directly at your place of business.
At Bottrell Accounting, we’re more than just consultants and accountants; we’re your strategic financial partners. Contact us today to discover how we can help you achieve your financial goals and secure a prosperous future .
Google Business Pages – Bottrell Accountants & Tax Agents
Bottrell Accountants Main Website – www.bottrellaccounting.com.au
Accountant Newcastle – 45 Hunter St, Newcastle, NSW, 2300
Accountant Maitland – 93 Lawes St, East Maitland, NSW, 2320
Our Accounting Services
Taxation
Our experienced tax professionals at Bottrell Accounting ensure that your tax obligations are met efficiently. We also focus on maximizing your tax savings through strategic planning. Our services include:
-Personal Tax Returns: Accurate preparation and lodgement of personal income tax returns.
- Rental Property Tax Returns: Expert handling of tax matters related to rental properties.
- Business Tax Returns: Comprehensive support for business tax planning and compliance.
Bookkeeping
Maintaining organized financial records is crucial for informed decision-making. Our bookkeeping services cover:
- Bookkeeping Processing: Timely and accurate record-keeping for your business transactions.
- Bookkeeping Data Entry: Efficient data entry to keep your financial records up-to-date.
Cash Flow Management
Optimizing cash flow is essential for financial stability. Our tailored solutions include:
- Cashflow Forecast: Predictive analysis to help you manage cash flow effectively.
- 3Way Cashflow: Comprehensive insights into your inflows and outflows.
Payroll Processing
Let us handle payroll processing for you. Our services ensure accurate and timely payments to your employees while staying compliant with relevant regulations.
Financial Reporting
Financial Reporting
Gain valuable insights into your financial performance with our comprehensive reporting services:
- Company Tax Accounting: Accurate preparation of tax-related financial statements.
- Business Tax Accounting: Detailed reporting for business tax purposes.
- SMSF Tax Accounting: Specialized reporting for Self-Managed Superannuation Funds.
Financial Control Services
Our financial control services help businesses establish robust systems and controls, ensuring accuracy, transparency, and compliance.
1. Set Up a Separate Business Bank Account
- Prevents confusion between personal and business expenses.
- Makes it easier to track income and expenses for tax purposes.
- Improves your ability to reconcile accounts accurately.
2. Use Cloud-Based Bookkeeping Software
- Access your financial data from anywhere, at any time.
- Automate invoicing and payment reminders to improve cash flow.
- Generate financial reports with just a few clicks.
3. Track Every Business Expense
- Use bookkeeping software to enter expenses as soon as they occur.
- Take photos of receipts and store them digitally to avoid misplacing them.
- Categorise expenses correctly to make tax time easier.
Accountants Newcastle – 45 Hunter St, Newcastle, NSW, 2300
Accountants Maitland – 93 Lawes St, East Maitland, NSW, 2320
4. Regularly Reconcile Bank Accounts
- For most small businesses, monthly reconciliations are recommended.
- For businesses with higher transaction volumes, consider reconciling weekly.
5. Create and Stick to a Bookkeeping Schedule
- Dedicate 30 minutes a week to recording transactions, categorising expenses, and reconciling your accounts.
6. Automate Recurring Transactions
- Ensures bills are paid on time, avoiding late fees.
- Reduces manual data entry for recurring expenses.
7. Keep Track of Invoices and Receivables
- Use your bookkeeping software to set up automated reminders for overdue invoices.
- Review your accounts receivable regularly to ensure customers are paying on time.
12+ Years Experience
With over a decade of experience, trust Bottrell Accountants & Financial Advisors for seasoned financial expertise.
Award Winning
Benefit from the knowledge and expertise of our certified accountants, who excel in their respective fields.
Qualified Accountants
Our team of chartered accountants & CPA, with over a decade of experience, brings a deep understanding of East Maitland's business landscape.
Specialist Services
Explore our specialized tax services, covering everything from individual income tax to corporate tax planning.
8. Categorise Income and Expenses Correctly
- Sales revenue
- Office supplies
- Travel expenses
- Wages and superannuation
9. Stay on Top of Payroll
- Use payroll software integrated with your bookkeeping platform.
- Ensure you meet Single Touch Payroll (STP) requirements for reporting employee payments to the ATO.
10. Regularly Review Financial Reports
- Monthly financial reviews are recommended to stay on top of your business’s performance.
- Quarterly reviews provide a deeper look at long-term trends and help with tax planning.
11. Claim All Eligible Tax Deductions
- Keep receipts for all business-related purchases and expenses to support your deduction claims.
12. Plan for Tax Obligations in Advance
- Use your bookkeeping software to calculate estimated tax liabilities each month and set aside funds in a separate account.
13. Outsource Complex Bookkeeping Tasks
- Ensures compliance with tax regulations.
- Frees up time for you to focus on running your business.
- Provides expert insights into your financial performance.
14. Implement Expense Tracking Apps
- Expensify: Allows you to scan receipts and log expenses in real-time.
- Shoeboxed: Organises and digitises your receipts for easy access during tax time.
15. Keep Your Bookkeeping Simple and Consistent
- Don’t overcomplicate your chart of accounts—keep categories clear and relevant to your business.
- Use cloud-based tools to automate repetitive tasks like invoicing, payroll, and reconciliations.
- Stay organised by filing receipts and tracking expenses as they occur.