Victorian businesses need to complete GST, a Business Activity Statement (BAS), PAYG (for employers), or income tax (for sole traders).
Set aside a day to do all your monthly tasks – and after a few months it should take less time. You’ll be more savvy at identifying issues, and there will be less to do after taking action.
To help you manage these mandatory financial tasks:
You must complete these tasks if your business employs people.
To help you stay compliant:
You only need to complete these tasks if you have a business loan.
If you’re struggling to pay your loan, it’s best not to ignore it. Talk to your bank before you default on your loan.
If you’re looking at your cash flow, you’ll be able to see potential problems before they happen and work to avoid it.
So that the forecast remains current and useful, update your cash flow forecast at least once a month with actual cash flows.
Most cash flow problems are due to late payments from customers. Having the following procedures in place will improve payment times.
To make debt collection easier:
Review key activities against your monthly profit and loss statement to see issues quickly and save money. Compare previous periods or industry benchmarks to find additional key areas to focus on.
If you’re not sure how to read a profit and loss statement, we recommend booking and appointment with the Small Business Bus to receive free business advice from an experienced mentor.
Your business will be up and running faster if you have a backup of data you can restore, in case of fire, flood, IT failure or theft.
When it comes to data backup: