Small Business Tips for the New Financial Year

As the new financial year approaches, it's essential to have good business practices in place. Here are some key tips to help your small business succeed:

• Cash Flow Management: Use tools like the Cash Flow Coaching Kit to make informed business decisions. Check out cash flow resources on business.gov.au.
• Record Keeping: Keep records for at least 5 years in a safe place. Ensure they are in English or easily converted to English.
• Digital Tools: Utilise the right digital tools to manage your business activities and tax obligations easily. Set up myGovID and Relationship Authorisation Manager (RAM) to access online services for business management.
• Separate Bank Accounts: Set up a separate account for PAYG withholding, employee super, and GST to stay on track with payments.
• Online Learning: Explore free online courses from the ATO on cash flow, record keeping, and more to strengthen your small business. https://smallbusiness.taxsuperandyou.gov.au/

If you need help with your Business Taxation and Accounting then get in touch.