With the new financial year approaching, establish effective business practices for the success of your small business. To get ahead, prioritise strong cash flow management, accurate record keeping, and utilise the right digital tools.
Some digital tools to help your small business
Managing your cash flow helps you make better business decisions. The Cash Flow Coaching Kit is an excellent resource to use with your registered agent, to improve your cash flow understanding and management. Additionally, there are self-help cash flow resources available for businesses at Cash flow | business.gov.au.
If you’re interested in free online learning courses on cash flow, record keeping, and more, check out the new Essentials for strengthening your small business platform.
Setting up a separate bank account for PAYG withholding, employee super, and GST is also a good idea. This helps you avoid using those funds as cash flow and ensures you’re prepared to pay on time and in full.
It’s crucial to know what records to keep. Most records need to be kept for 5 years and should be stored securely. They must be in English or easily translatable to English. A good record-keeping system simplifies the process of lodging and paying on time.
Using the right digital tools will help you perform daily business activities efficiently and securely, making it easier to meet your tax obligations at your convenience.
Ensure you have set up myGovID and Relationship Authorisation Manager (RAM) to access online services, including Online services for individuals and sole traders and Online services for small business. This will allow you to manage your business reporting, and transactions in one place.
Remember, it’s important to lodge and pay in full and on time (to the ATO). If you’re concerned about meeting the due date, contact your registered tax professional and visit the ATO website to explore available support options.