1. Reconcile often – Regular bank reconciliations catch errors and fraud early.
2. Separate accounts – Keep business and personal finances apart for accurate records.
3. Embrace accounting software – Cloud platforms automate tasks and provide real-time insights.
4. Track cash flow – Monitor money in and out to avoid liquidity issues.
5. Keep receipts and records – Digital storage makes compliance easier and audit-proof.
6. Stay on top of invoicing – Send invoices promptly and follow up on overdue payments.
7. Monitor expenses – Categorise costs to identify savings and ensure correct deductions.
8. Review reports regularly – Profit & loss, balance sheet, and cash flow reports guide better decisions.
9. Understand BAS and GST – File on time to avoid penalties and maintain good standing with the ATO.
10. Budget for tax and super – Set aside funds each month for PAYG, GST, and super obligations.
11. Plan for payroll – Use reliable systems to ensure accuracy in wages and entitlements.
12. Work with a professional – Accountants and bookkeepers provide expertise beyond compliance.
13. Prepare for growth – Scalable systems make expansion smoother and less risky.
14. Review annually – Assess accounting processes each year to improve efficiency and compliance.

By embedding these 14 practices, you’ll save time, reduce stress, and build a stronger financial foundation.

Partner with RBizz Corporate Accountants to put these 14 tips into action and set your business up for long-term success.