{"id":270459,"date":"2024-07-08T15:48:27","date_gmt":"2024-07-08T03:48:27","guid":{"rendered":"https:\/\/www.reckon.com\/au\/?post_type=sbh&#038;p=270459"},"modified":"2024-07-11T18:13:42","modified_gmt":"2024-07-11T06:13:42","slug":"small-business-bookkeeping","status":"publish","type":"sbh","link":"https:\/\/www.reckon.com\/au\/small-business-resources\/bookkeeping\/small-business-bookkeeping\/","title":{"rendered":"Small Business &#038; Bookkeeping: All You Should Know"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; _builder_version=&#8221;4.23&#8243; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;0px||||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_row column_structure=&#8221;1_3,2_3&#8243; _builder_version=&#8221;4.23&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; width=&#8221;100%&#8221; custom_padding=&#8221;||0px||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;1_3&#8243; module_class=&#8221;table-contents&#8221; _builder_version=&#8221;4.23&#8243; background_color=&#8221;#f3f2f6&#8243; custom_padding=&#8221;25px||25px||true|false&#8221; sticky_position=&#8221;top&#8221; sticky_limit_bottom=&#8221;section&#8221; sticky_position_tablet=&#8221;top&#8221; sticky_position_phone=&#8221;none&#8221; sticky_position_last_edited=&#8221;on|desktop&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; border_radii=&#8221;on|24px|24px|24px|24px&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.23&#8243; text_font=&#8221;||||||||&#8221; global_colors_info=&#8221;{}&#8221; background__hover_enabled=&#8221;on|desktop&#8221;][\/et_pb_text][\/et_pb_column][et_pb_column type=&#8221;2_3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; pac_dcm_carousel_specific_module_num=&#8221;0&#8243; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Copy paste body text here&#8221; _builder_version=&#8221;4.23.1&#8243; header_2_font_size=&#8221;32px&#8221; header_2_font_size_tablet=&#8221;30px&#8221; header_2_font_size_phone=&#8221;26px&#8221; header_2_font_size_last_edited=&#8221;on|tablet&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">Small business bookkeeping is an inescapable element of running your own well managed small business.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some small business owners are more than capable of performing their own small business bookkeeping and forgo the professionals and advisory services.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Other small business owners will decide their time is better spent elsewhere and would rather outsource bookkeeping responsibilities to a dedicated bookkeeper or accountant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The choices involved in tackling small company bookkeeping are clear:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>You can rely on the services of a good bookkeeper or accountant to complete bookkeeping tasks on your behalf.<\/b><\/li>\n<\/ul>\n<ul>\n<li aria-level=\"1\"><b>You can go it alone and undertake your own small company bookkeeping.<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">We\u2019ll be laying out the second option which will see you doing your own small business bookkeeping, including various methods and responsibilities you\u2019ll encounter and how to go about handling them with relative ease.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you do wish to take the first option to engage the services of a bookkeeper or accountant yet remain unsure of your choices, please refer to <\/span><span style=\"font-weight: 400;\">this article to better understand your options.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to do your own bookkeeping when you own a small business<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You\u2019ve decided to back yourself. You\u2019re confident that you have the requisite skills and time to do your own bookkeeping.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With a little know-how, the duties are well within your grasp.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">The point of small business bookkeeping<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Before we unpack methods and tasks \u2013\u00a0what\u2019s the actual point of small business bookkeeping? By undertaking basic bookkeeping duties, you\u2019ll benefit from the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll have accurate financial records from which you can deduce your profitability and cash flow.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll be able to meet your compliance responsibilities, including lodging tax returns and claiming deductions on business expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll have reliable financial records and financial information to underscore and inform business decisions and forecasts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll be able to budget with a much higher degree of accuracy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You\u2019ll be well informed of your outgoings and incomings, including overdue invoices and expenses.<\/span><\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Accounting software vs manual bookkeeping<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Spreadsheet or \u2018shoebox\u2019 accounting is still technically a viable option, to a degree. But with the emergence of cost effective, automated, and accessible accounting software, those archaic methods have been rightfully replaced.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While you can always make use of spreadsheets to record your business transactions, dedicated software is a much more accurate and time-conscious method, with the additional benefit of automation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you use a POS set-up to take payments, you can link this with your chosen accounting app. This means you can immediately import sales records and get a live view of your cash flow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Similarly, if you link your bank account with your accounting software, bank reconciliation becomes a pedestrian affair when compared to manual cross checking.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Relying on dedicated cloud accounting software is undoubtedly the easy way to do bookkeeping.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Primary bookkeeping duties\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">To perform your own bookkeeping, you\u2019ll first need to understand the core concept of bookkeeping. The principle bookkeeping duties for a small business owner are <\/span><i><span style=\"font-weight: 400;\">recording<\/span><\/i><span style=\"font-weight: 400;\"> and <\/span><i><span style=\"font-weight: 400;\">reconciling<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h4><i><span style=\"font-weight: 400;\">Recording<\/span><\/i><\/h4>\n<p><span style=\"font-weight: 400;\">To do your own bookkeeping you\u2019ll need to record everything. This was traditionally performed using physical logbooks, which originally gave rise to the term \u2018bookkeeping\u2019. These days, software such as cloud accounting apps, POS solutions and invoicing apps are a more broadly accepted method.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You\u2019ll need to scrupulously record:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">sales<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">expenses and purchases<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">receipts<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Not only is accurate recording necessary to understand your incomings and outgoings, you\u2019ll also need access to these records when claiming tax deductions from the ATO.<\/span><\/p>\n<h4><i><span style=\"font-weight: 400;\">Reconciling<\/span><\/i><\/h4>\n<p><span style=\"font-weight: 400;\">Once you have a set of accurate records, you\u2019ll need to reconcile them.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Reconciliation, or bank reconciliation, is the act of cross checking your sales or expense records against your bank statements.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By reconciling you can understand if there\u2019s any errors in your records, which can then be identified and rectified as rapidly as possible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can choose any schedule you like to undertake reconciliation \u2013 many small businesses reconcile every day. Others do so weekly, fortnightly, or monthly. At the very least reconciliation needs to take place before the submission of a tax return.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By choosing to reconcile more regularly, you gain the benefit of immediate issue identification.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While you can choose to perform reconciliation manually, you\u2019re much better served using accounting software to import bank records, which essentially automates the process of reconciliation.\u00a0<\/span><\/p>\n<h4><i><span style=\"font-weight: 400;\">Other bookkeeping duties for small business owners<\/span><\/i><\/h4>\n<p><span style=\"font-weight: 400;\">In addition to recording and bank reconciliation, regular bookkeeping duties you\u2019ll be tasked with also include:<\/span><\/p>\n<ul>\n<li><b>Accounts receivable: <\/b><span style=\"font-weight: 400;\">Accounts receivable duties involve both the reporting upon, and chasing of, late invoice payments.<\/span><\/li>\n<li aria-level=\"1\"><b>Accounts payable: <\/b><span style=\"font-weight: 400;\">Accounts payable duties involve ensuring you pay your own outstanding invoices on time.<\/span><\/li>\n<li aria-level=\"1\"><b>Payroll: <\/b>Your regular payroll duties involve making sure you pay your staff accurately and on time, according to relevant awards and employee agreements.<\/li>\n<\/ul>\n<h3><span style=\"font-weight: 400;\">Bookkeeping methods for small business<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When it comes to the recording aspects of bookkeeping methods for small business, there are two primary accounting methods available \u2013 \u2018accrual accounting\u2019 or \u2018cash accounting\u2019.<\/span><\/p>\n<h4><i><span style=\"font-weight: 400;\">Cash accounting<\/span><\/i><\/h4>\n<p><span style=\"font-weight: 400;\">The cash accounting method refers to the act of tracking the <\/span><i><span style=\"font-weight: 400;\">actual<\/span><\/i><span style=\"font-weight: 400;\"> flow of money in and out of your business in real time.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you make a cash sale, you record it that day.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you need to pay an invoice, you only record the expense when you\u2019ve literally paid for it.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Similarly, if you\u2019re owed money on an invoice, you only record the income on the actual day you received it in your bank account.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The benefits of cash accounting are centred around simplicity. The cash accounting method is suitable for simpler, mostly cash based businesses who need to monitor their daily till and don\u2019t have a lot of outstanding invoices or accounts receivable.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The drawback of this method is that you don\u2019t have a clear view of what you owe, or what you\u2019re owed \u2013 obscuring your true financial position.<\/span><\/p>\n<h4><i><span style=\"font-weight: 400;\">Accrual accounting<\/span><\/i><\/h4>\n<p><span style=\"font-weight: 400;\">With the accrual accounting method, you record transactions when the act takes place, not when cash has changed hands.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you\u2019ve performed work for a client and sent them an invoice, you\u2019ll record the income that day, despite not having been paid yet.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you owe money, you\u2019ll record the expense when an invoice is received, even if you haven\u2019t actually paid it yet.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The benefits of accrual accounting lie in the visibility of what you owe and what you are due. It works well for more complex, invoice-based businesses who\u2019ll benefit from a more accurate overview of their finances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The drawback of accrual accounting is that it\u2019s a much more complex bookkeeping method, relying on a deeper understanding of bookkeeping practices that would often be outsourced to a professional bookkeeper.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-261872 size-full\" src=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/04\/1._What_is_bookkeeping.png\" alt=\"bookkeeping duties\" width=\"940\" height=\"600\" srcset=\"https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/04\/1._What_is_bookkeeping.png 940w, https:\/\/www.reckon.com\/au\/wp-content\/uploads\/2023\/04\/1._What_is_bookkeeping-480x306.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 940px, 100vw\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">How much time do small business owners spend on bookkeeping?<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">How much time a small business owner spends on bookkeeping is highly dependant on their tools, methods, reconciliation schedule and the size and scope of their business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By relying on accounting apps, particularly when linked to your bank account and to other solutions such as POS or <a href=\"https:\/\/www.reckon.com\/au\/accounting-software\/invoices\/\">invoicing software<\/a>, you can drastically reduce the time you spend doing your own bookkeeping.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, if your bookkeeping system relies on data entry in a spreadsheet and manual bank reconciliation processes, you could easily spend many hours per week doing small business bookkeeping.<\/span><\/p>\n<p>[\/et_pb_text][ba_social_share icon_bg=&#8221;#03002e&#8221; icon_padding=&#8221;10px|12px|10px|12px|true|true&#8221; layout=&#8221;classic&#8221; show_text=&#8221;off&#8221; btn_padding=&#8221;0px|0px|0px|0px|false|false&#8221; btn_bg_color=&#8221;RGBA(255,255,255,0)&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; custom_margin=&#8221;50px||||false|false&#8221; custom_padding=&#8221;25px||||false|false&#8221; custom_css_before=&#8221; content: %22SHARE THIS%22;|| font-size: 16px;|| font-weight: 700;|| line-height: 22px;|| letter-spacing: 0em;|| text-align: center;|| color: #ff5447;|| margin-bottom: 10px;|| display: inline-flex;|| position: absolute;|| margin-top: 10px;&#8221; border_width_top_main=&#8221;1px&#8221; border_color_top_main=&#8221;#e4e4e4&#8243; border_radii_icon=&#8221;on|5px|5px|5px|5px&#8221; global_colors_info=&#8221;{}&#8221; custom_css_before_last_edited=&#8221;off|desktop&#8221;][ba_social_share_child _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;facebook&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;linkedin&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][ba_social_share_child network_type=&#8221;email&#8221; _builder_version=&#8221;4.23&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/ba_social_share_child][\/ba_social_share][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Put simply, bookkeeping is the process of recording, analysing and interpreting the financial transactions of a business or individual. Small business bookkeeping is an inescapable element of running your own well managed small business. Read the article to find out what is bookkeeping and the bookkeeping basics for your small business.<\/p>\n","protected":false},"author":6,"featured_media":272886,"menu_order":0,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"sbh_category":[207],"class_list":["post-270459","sbh","type-sbh","status-publish","format-standard","has-post-thumbnail","hentry","sbh_category-bookkeeping"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Small Business &amp; Bookkeeping: All You Should Know | Reckon AU<\/title>\n<meta name=\"description\" content=\"Are you a small business owner who would like to know how to do your own bookkeeping? 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