Global Bookkeeping Week 2023
Today closes out Global Bookkeeping Week for 2023.

This week some of our team have shared their bookkeeping tips on socials in short daily videos. Our team live and breath bookkeeping daily and as a collective have a broad and diverse skill set.  There were so many tips we could of shared, our team chose these 5 to celebrate this special week for the bookkeeping industry.

For those that aren’t on socials we have summarized them below for you:

Tip 1: Maintain a clear separation between your business and personal finances by having a dedicated business bank account. This simplifies tracking transactions, saving time, and avoiding confusion or complications. Having this separate bank account is often required depending on your business’s structure.

Tip 2: Stay on top of your email inbox as timely flow of information and data is key. Use features available to assist with organising your inbox such as flagging, categories and sub folders for filing once an email is actioned.

Tip 3: Stay informed by subscribing to essential online updates like tailored Fairwork notifications for your specific industry payroll award to prevent the oversight of critical information that could have a detrimental impact on your business if missed. 

Tip 4: Embrace automation by using addons such as Dext and Hubdoc to streamline the tedious task of entering invoices into your accounting software. Make sure to check the GST entered on expenses is correct and agrees to your source document.  

Tip 5: Stop, take a deep breath and consider WHY you went into business in the first place.  Now with that in mind, is doing your books the best use of your time? Time is a limited resource. Be realistic about your bookkeeping skills and think strategically about where you need to focus your time to add the most value to your business, family and profit.

If you want to explore what outsourcing your bookkeeping looks like, contact us at Beam for a FREE no obligation discussion.

Recent Beam News:

Surge in GST Audits Expected – How Confident Are You If The ATO Came Knocking?

Surge in GST Audits Expected - How Confident Are You If The ATO Came Knocking?  We all like to sleep well at night and avoid attracting the...

Changes to Nominating your BAS Agent

Today marks the start of a new system at the ATO that may impact you at some time in the future. This change is designed to strengthen the security...

Xero Feature for Global Bookkeeping Week

Celebrating Global Bookkeeping Week   It’s Global Bookkeeping Week, an annual tradition that recognises bookkeepers from all corners of the...

Is now the time to consider outsourcing your bookkeeping?

Is now the time to consider outsourcing your bookkeeping? Outsourcing the financial side of your business can seem like a project you never get to,...