Do you separate your business banking from your personal banking?

Come end of tax year are your accounts in a shamble’s? A simple step to streamline your small business accounting is to set up a business account for all business transactions. Need a personal wage, just transfer into your personal account each week, it’s that simple. We have personally worked alongside Gavin Lawrence at ANZ and highly recommend his service. Though all banks offer business banking options, so it’s best to find the bank best tailored to your needs.

Business Credit Card vs No Credit Card

Those that have fantastic money management skills would be well suited to purchasing using a credit card, solely because paying it off monthly would be easily managed. However, those that aren’t that skilled at money management, I would advise against it especially during the early days of business. The main perk to having a credit card is gaining spending points through other companies such as flights or for the actual credit itself.

Budgeting in your business – Hand your card over!

With technology advances, the best way to subconsciously not spend is to not carry your business card around. Keep it stored in a safe place and not in your wallet. Should you require it for an unplanned spend, make sure to have it saved on the ‘Wallet’ app of your iPhone. The wallet app allows you to Pay-pass with the digital version of your card. It’s totally safe and is only activated by the Eftpos machine when your finger is on the scanner for identification.

Connect with an accountancy software

No matter what business you are starting, to implement an accountancy software very early on makes for excellent business practice. Software such as Quickbooks enables you to scan your receipts directly into the software meaning for an easy reconciliation come end of tax year. The software gets directly linked to you accounts so you can see have you are tracking direct from the phone app if required.

Looking to set up a business? Contact us to discuss how processes in your business can ease up time for yourself hello@onpointstrategy.com.au