Year-round bookkeeping

Year-round bookkeeping


Staying on top of your records all year round can save time, prevent unnecessary stress and help maximise a small business’s tax return. Although record-keeping can seem like a monotonous job, it is an essential part of running a business. Good recordkeeping makes it easier to meet your tax obligations, manage cash flow and make sound business decisions.

Here are some business records you need to keep:

Expense or purchase records:
You must keep records of all business expenses such as receipts, invoices including tax invoices, cheque book receipts, credit card vouchers and diaries to record small cash expenses.

Year-end records: These records include lists of creditors or debtors and worksheets to calculate depreciating assets, stocktake sheets and capital gains tax records.

Income and sales records: You must keep records of all sale transactions such as invoices including tax invoices, receipt books, cash register tapes and records of cash sales.

Bank records: Documents such as bank statements, loan documents and bank deposit books need to be kept in preparation for your tax return.

Income tax records: Records must be kept of all your sales (income) and expenses to prepare your business activity statement (BAS) and annual income tax return.

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If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.


Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.


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