Every business relies on record-keeping. While it may not seem thrilling, maintaining organised records is essential for the smooth operation of your business and safeguarding your interests. Without accurate documentation, you risk missing valuable tax deductions, losing oversight of your bills, or getting turned down when it comes time to apply for funding or loans. You might be able to pay back a loan but proving it to a provider is important. Proper records not only provide clarity about how your business is performing but also empower you to make informed decisions and navigate the financial landscape with confidence.
Most businesses have turned to automated record systems that take the hard work out of payroll, invoicing and banking. Other businesses still rely on spreadsheets and manual work. Either option is fine, but however you choose to keep your books, you must do so accurately, truthfully, and in accordance with the ATO’s expectations.
If you are starting out, you don’t have to choose a system straight away; you can start with simple Excel spreadsheets and templates to help you keep track of your income and expenses and then move to trying out a few different platforms to see what suits your business the best.
We’ve provided you with a comprehensive library of templates that can get your business started. The Start Up Costs Spreadsheet provided by Business.gov.au is designed to help you track your start-up costs, so you can get everything down and analyse where your business stands.
You can also utilise the Business Budget Template provided by Business.gov.au to start, or visit our Financial Templates Library for anything else you need to get you started.
Luckily for us, many businesses have climbed the bookkeeping hill before us, and some have developed clever software and systems that take all the guesswork out of tracking our day-to-day business activity, and hold those records in an organised way for us to utilise when it comes to checking on business performance, audits and applying for funding or finance.
Some of the software available includes:
Like any business purchase, you should put time and thought into whether you want to use an automated platform so you can spend more time focusing on the parts of your business you actually want to or handle your business bookkeeping yourself. Whichever one you choose, we’re here to support you as you go.