Start the Financial Year Right: Your Small Business Bookkeeping Checklist
Instead of waiting until your next BAS or scrambling when tax time rolls around, spending a little time getting organised now can save you a lot of stress later.
Whether you're a sole trader or running a growing business, staying on top of your bookkeeping gives you a clearer picture of where your business is at and helps you make better financial decisions throughout the year.
Here are eight simple things you can do to start the financial year on the right foot.
1. Reconcile Your Bank Accounts
Start by making sure your bank accounts are fully reconciled, and all your transactions have been coded correctly.
It might seem like a small task, but fixing a missing transaction now is much easier than trying to work out what happened six months down the track.
2. Check Your Outstanding Invoices
Have a look at what's still owing.
Following up overdue invoices, checking customer balances and clearing up any old debts can make a big difference to your cash flow.
The sooner money comes in, the easier it is to stay on top of your business expenses.
3. Review Your Bills
Review any unpaid supplier invoices and upcoming expenses.
Paying suppliers on time helps build strong relationships and gives you a more accurate picture of what your business actually owes.
4. Make Sure Payroll Is Up to Date
If you have employees, now is a great time to check that everything is running as it should.
Review things like:
Employee pay rates
Superannuation settings
Leave balances
STP reporting
Any award changes that may affect your team
A quick review now can prevent payroll headaches later.
5. Give Your Chart of Accounts a Tidy Up
As your business grows, it's easy for your accounting file to become a little cluttered.
Removing unused accounts and tidying up duplicates keeps your reports clean, organised and much easier to understand.
6. Review Your Business Expenses
Go through your regular expenses and ask yourself:
Am I still using every subscription I'm paying for?
Have supplier costs increased?
Is there anywhere I could reduce spending without impacting the business?
Even a few small savings can add up over the year.
7. Stay Ahead of Your BAS
One of the biggest causes of BAS stress is leaving everything until the last minute.
Keeping your bookkeeping up to date throughout the quarter means your BAS is simply the final step, not a last-minute rush to sort through months of transactions.
8. Create a Bookkeeping Routine
The businesses with the least bookkeeping stress usually aren't doing anything complicated. They're just consistent.
Whether you spend 30 minutes every Friday or block out a couple of hours each month, having a routine keeps everything manageable and means you'll always know where your business stands.
Final Thoughts
Bookkeeping isn't just about ticking a compliance box. It's about understanding your numbers, making informed decisions and having confidence in your business.
Starting the financial year with organised books puts you in a much better position for the months ahead, whether that's preparing your BAS, managing cash flow or planning for growth.
If bookkeeping keeps falling to the bottom of your to-do list, you're not alone. At Her Way VA, I help small business owners stay on top of their bookkeeping and BAS so they can spend less time worrying about the numbers and more time focusing on their business.
A little support now can save a lot of time and stress later.
