Graham here. My biggest money tip is to get someone else to look after it.
Looking after money is not my strong suit. I can make origami cranes and sell them. I can do a lot of things in my business, but bookkeeping isn't something I can do easily.
So, on advice of my NEIS mentor, I have outsourced my bookkeeping. I found her through the NEIS course as she was setting up a bookkeeping business at the same time I was setting up my business.
At the end of each month, I bundle up all my receipts, bills, bank statements, and anything else she needs, and then my bookkeeper enters all the information into an accounting program, reconciles the accounts and sends me monthly reports so I can see how my business is going.
At the start, I thought there was no way I could afford this, however I'm glad I did this. I know that my accounts are up to date and I can easily fill in my BAS and any other paperwork and financial reports I need to file. It also makes life easy at tax time as I can hand everything over to my accountant so he can organise my tax return.
If you are not good at bookkeeping, then find a bookkeeper to manage your books for you, and outsourcing is a lot cheaper than hiring someone.
