Bookkeeping Tips

• Remember to write off any bad debts before 30th June to get the GST benefits in this financial year.
• Quick way to get ahead: look at your bank statement every week on-line before you pay your bills - then pay out LESS than you earned.
• ALWAYS ALWAYS back up your MYOB data file before you leave for the night no matter how tired you are - imagine how much work you would have to do if you lost all that data!
• Don't forget about your cash dockets for the small things - all that GST adds up over a year - better in your pocket than the ATO's.
• For small invoices under $82.50 the tax office does not require a tax invoice as proof of purchase, but you must have something, a docket, a bank statement or credit card line entry, etc.
• Work out what your time is worth per hour and pay someone else to do anything you are doing now for less than your hourly rate.
• Do you know what your profit margins are? MYOB can produce a report saying what % of your sales each of your expenses are.
• If you save for your tax bills every week you probably won't even notice the money going out of your account, and you will be earning interest on the money before you have to give it to the tax department.