Important Bookkeeping Questions for Tradies and Small Business

13 Feb    Bookkeeping Services

Important Questions for Tradies or New Small Business Owners

What is your chart of accounts?
How important is it to code transactions to the correct accounts when doing your own Xero bookkeeping?
What paperwork do you need to keep and for how long?
What is the easiest and most efficient way to keep track of and pay your creditors in Xero?
Is a Profit and Loss statement and why is it important?
What is a Balance Sheet? What does it tell you about your business? Which Balance Sheet should you run in Xero?
What is GST? How does it all work? What is a business activity statement or BAS?
Businesses need to register for GST when their income is close to the $75,000 income limit. It is a real pain to deal with backdating the GST registration if needed.
Are you considering taking on your first employee? What paperwork do you need? What do you need to do? How does superannuation work?
Are you going to be paying subcontractors? Do you need to pay them superannuation? What about the Taxable Payments Report where you need to advise the ATO on the amounts you have paid them throughout the year?
Bookkeeping best practice is to put aside funds for your GST, PAYG (tax taken out of employees pays) and your tax so you have the funds to pay your liabilities?