Tips & Tricks Accounting
Why This Service Is Important
Accurate bookkeeping and timely payroll are crucial to keeping your business running smoothly. They provide the foundation for financial reports, BAS preparation, and tax returns. Poor record-keeping can lead to compliance issues, ATO penalties, and staff dissatisfaction. Whether you employ one staff member or twenty, payroll must be processed correctly to meet super and wage obligations. Regular bookkeeping also ensures cash flow visibility and better business decisions. It’s not just about being organised—it’s about being in control.
Tips & Tricks
- Go Digital: Use cloud-based tools for real-time visibility.
- Set Payroll Calendars: Stay on top of superannuation and PAYG obligations.
- Regular Reconciliation: Weekly or fortnightly reconciliation keeps books accurate.
- Track GST Properly: Always check GST coding when entering bills or invoices.
- Outsource Payroll if It’s Complex: Saves time, stress, and ATO trouble.
FAQs
Ideally weekly or at least monthly for small businesses
You get clean, error-free records that simplify tax time and help you make informed decisions.
We recommend Xero Payroll or KeyPay depending on your business size and industry.
Yes, if they earn more than $450/month (or meet the new ATO criteria).
How Tax Orbit Can Help
Tax Orbit offers end-to-end bookkeeping and payroll services so you can focus on growing your business. We use cloud-based systems to keep your records updated and accurate. From data entry and reconciliation to payroll setup and STP compliance, we ensure nothing slips through the cracks. We also train your staff if you want to keep things in-house.