STEP 4 - Record Keeping

It is important to keep on top of your Record Keeping:

  • Bank Account
    • Setup a separate bank account or suffix (i.e 01 or 02 etc account).
    • Deposit all business sales and income into this account.
    • Business expenses, like petrol, equipment, tools, wages etc ideally should be paid from the business account. 
    • Obtaining a business eftpos card and by using this eftpos or internet banking it ensures that your business expenses are accounted for. 
    • Keep invoice book or cashbook if required.  Keep all receipts and invoices for expense paid for by Cash.
    • If required obtain a credit card and link it to your business bank account
    • Calculating business motor vehicle use 
    • Using your home for the business