The less than the optimal possibility of bookkeeping is enough to scare off many people who want to start their business. But with the right system, maintaining simple financial records doesn’t have to be a difficult task. It’s just about breaking down the business income and expenses from the start and keeping records to be accurate at regular intervals. BAS and Payroll Services sydney can help you to manage your start-up finances.
All you need to do basic bookkeeping are:
• Cash books to record incoming and outgoing money;
• Sales ledger to detail money received and amounts owed;
• Purchase ledger to track expenses;
• And a paybook, which provides details of salary and insurance payments.
As a start-up, you may decide that using your resources to find suitable bookkeepers and accountants to keep your financial records is a better option. A good bookkeeper or accountant can make sure you keep proper financial records, keep a close eye on your finances, and help build and grow your business. They can also help you avoid even potentially very costly mistakes that cost your business!