Messy books cost you more than headaches—they cost you time, money, and missed tax deductions. But here’s the good news:you don’t need to be an accountant to keep your books clean.
With a few simple habits, you can stay organised, stress less at tax time, and know exactly how your business is performing.
1. Separate Business and Personal Spending
Get a dedicated business bank account—even if you’re a sole trader. Use a separate card for all business purchases.
This makes tracking income and expenses simple—and keeps the tax office happy.
2. Track Everything Weekly (Not Just at Tax Time)
Set aside 30 minutes every weekto record income and expenses. Use simple accounting software likeXero, MYOB, or QuickBooks—or even a spreadsheet if you’re small and just starting.
Doing it weekly avoids the “shoebox full of receipts” panic.
3. Go Paperless With Receipts
Snap photos of receipts and upload them to a folder or app (Xero and MYOB let you attach receipts to transactions). Name them clearly—“Coffee Beans – March 12.”
No more faded paper receipts when tax time rolls around.
4. Know What You Can Claim
Many local businesses miss out on deductions. Common ones include:Stock or suppliesMarketing costs (like flyers or Facebook ads)Professional services (accountant, legal advice)Business equipment under the instant asset write-off threshold
Pro Tip:Check the ATO small business deductions list or ask your accountant—don’t guess.
5. Put Tax Money Aside Every Week
Transfer10–20% of your incomeinto a separate “tax savings” account. This avoids nasty surprises at BAS or EOFY time.
6. Review Monthly, Not Just Yearly
Check your numbers once a month:Are sales growing or dropping?Are expenses creeping up?
Catching problems early means you can fix them before they hurt.
7. Get Professional Help (Even Briefly)
Even if you do your own books,check in with an accountant once or twice a year. A 1-hour session can save you hundreds (sometimes thousands) in missed deductions or tax mistakes.
Quick Accounting Habits Checklist
Separate business and personal accounts Record income & expenses weekly Snap and store receipts digitally Know your deductible expenses Save tax money weekly Review finances monthly Get professional advice at least once a year
Simple accounting habits meanless stress, fewer mistakes, and more money in your pocket.Start this week—future you will thank you.
