Reliable Bookkeeping Services in Melbourne

Don’t mix your business and personal accounts Did you know mixing your business and personal finances can lead to confusion? The number one rule for effective bookkeeping is to avoid mixing business and personal finances for a stress-free tax season. Make sure to set up a dedicated business bank account. All your business income and expenses must go through this account. If you use business finances for personal use or vice versa, then it can complicate end-of-year reconciliations, but also risk lost deductions. If you use a personal card for making business purchases, you might miss them when tax season approaches. You must have accurate records of your business income and expenses. Having separate accounts can reduce confusion. Additionally, you should also match each bank statement with your business records, and for this, a bookkeeper can help you prepare a  bank reconciliation statement . Use accounting software You can use a cloud-based accounting platform. Using Xero, MYOB, ...