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GOOD BOOKS AND CASH FLOW VITAL
Failure to manage your cash flow and stay on top of the responsibilities of record-keeping are the reasons why 44 per cent of small businesses fail, according to the Australian Bureau of Statistics.
It is also one of the reasons Kirsten Blake decided last month to start her own bookkeeping business, aVers Cloud Solutions.
Blake, who has a sports and childcare management background, spent six months researching before setting up the online and onsite bookkeeping and financial control solutions business with a partner.
"It's always a learning curve with tax because legislation and tax rulings change so frequently and this year there are really big changes particularly in regard to superannuation$ Blake says.
"But you don't need to be stressed at all as long as you stay on top of it, and do little bits on a regular basis."
Blake set up a designated business bank account, with an offset account for tax accruals. She has signed up for GST and is remitting her business activity statement on a quarterly basis. While small businesses don't need to register for GST until they reach a turnover of $75,000, Blake says many should consider signing up anyway.
"If your GST expenses exceed your revenue then you get input tax credits along the way," she says.
She also says that if there is a little extra money available at the end of the financial year, to think about pre-paying a number of expenses, such as interest on a bank loan, "Do that before June 30 and then claim it against your income and get cash relief immediately," she says.
Blake also uses the online tax lodgment system, Xero, which keeps track of real-time interest rates.