Keeping financial records organised and up-to-date keeps you informed about the current state of your finances, helping you prepare for future expenses and unexpected expenditures. It also saves you from stress when tax time comes, according to financial experts and tax agents.
Here are some tips on organising your financial records:
Set up a Filing System
Organise records by month or account using proper labels. When organising by account, make sure to arrange documents in chronological order so they are easier to find later on.
Record and File upon Receiving
File your business receipts, bank statements, and other financial records in their designated place upon receipt. This saves time and reduces the risk of losing important documents.
Hire a Designated Accountant
A personal accountant is the best way to keep your records organised. They help keep your finances in order; reducing time spent on administrative matters and helping you focus on more important areas of business.
If your business is based in Western Australia, make sure to hire a tax accountant in Perth, Albany, or Joondalup with extensive experience in taxation laws.
Know Your Cash Flow
Calculate your weekly sales and payments for better protection against unexpected expenses and easier adjustment for changing sales cycles.
Keeping your receipts, bank statements, and tax records organised will make them easier to find and use.