Bookkeeping for small businesses
                     Bookkeeping for small businesses
You have just inaugurated the small business of your dreams. You have big dreams and all the 
skills you need to realize your ambitions. But bookkeeping seems to be an unexpected hurdle. 
With time you realize that your business runs on good bookkeeping skills and must have the 
smarts and discipline for it. 
Fortunately, bookkeeping is a relatively simple recording process and organizing your business’s
financial dealings and transactions. With the right bookkeeping tools, you will feel more 
confident about your business’s future and understand the profit margin you are making from 
your business. Hiring bookkeeping services in Melbourne may seem like the best way to go 
about it. We list a few tips that will help your business succeed.
Understand business accounts
In bookkeeping, accounts don’t just mean bank accounts. Accounts are the record of financial 
transactions of various types, like income or expenses. There are five basic types of accounts in 
bookkeeping, viz. Income, expense, liabilities, assets, and equity. Begin your bookkeeping 
journey by setting up each of these accounts.
Set up a ledger
Not long ago, a ledger used to be a book with all the business details. Now ledgers can be 
digitized and operated with more ease. Your ledger could be multiple spreadsheets, desktop 
accounting bookkeeping software, or cloud-based bookkeeping software.
Decide on a bookkeeping method
Choose between single entry or double-entry bookkeeping services. The double-entry 
bookkeeping method is a far more efficient method than the single entry method.
Keep record
After setting up your accounts, it’s crucial to log in to every credit and debit transaction and in 
the correct account. Otherwise, you will not be able to close your books.
Balancing your books
When you tally your accounts with credits against debits, the accounts should balance. You 
should be able to balance your accounts every quarter or annually to close your books.
When to get help
Your business may have a hundred things that can only you can take care of. In such cases, it 
would be nest to outsource help. You could hire an accountant in Prahran when there are more
important things that need your attention. Or you could also get help when you file for a tax 
 return in Melbourne  .
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