Record Keeping
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
