Research shows businesses that are good at meeting their GST and activity statement obligations tend to run more successful businesses. This can be because the systems and processes they use to keep financial records and manage their tax affairs also help them keep track of their business performance and make sound business decisions.
By maintaining proper records of dates, sales, expenses, wages and other costs, you can use this information to help you:
– manage your cash flow
– complete your activity statements more easily
– avoid reporting errors, such as not reporting the correct amount of GST
– keep track of creditors and debtors
– demonstrate your financial position to banks
If you run a business and would like help evaluating how well your business is keeping records contact Alan at Beck Partners 0419 671 602 or email alan@beckpartners.com.au
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