1. Keep separate bank accounts for business, trusts and personal accounts.
2. Ensure your staff are skilled with your in-house accounting software. If they are not, invest in training.
3. Get familiar with your Chart of Accounts.
4. Enter the correct dates for transactions.
5. Understand what transactions are exempt from GST.
6. Lock periods after completing GST or bank re-conciliations.
7. Re-read last year’s annual accounts and get familiar with how they work so you ask the right questions this year. .
Carefully record all non-trading transactions such as asset purchases and sales, new HP, leases or any new finance. If you are not sure how to record these transactions, ask your accountant as soon as they happen, don’t wait until end of year.
(courtesy of MYOB)
Back to Homepage
