Small business owners wear a lot of hats – they are managers, marketers, salesmen, customer liaison officers, human resource managers, workers, bookkeepers and more!
It can be overwhelming at times so smart business owners try to manage these by working smarter. While we cannot tell you how to run your business, if you are using Xero accounting software, there are smarter ways to run your business when it comes to bookkeeping and record keeping, here are 5 of them.
As a small business owner we wear a lot of hats:
One question we are often asked by clients who are setting up a new business as a sole trader is “Do I need to setup a new bank account for the business?” Legally, the answer is “No” as there is no legal difference between you as an individual and you as the business if you are a sole trader.
However, there are some very good reasons why it is better to keep your business banking separate from your private banking.
It is (again) time to pay (or vary) your quarterly PAYG Instalment. A lot of us have received the “pink form” in early July or have received a notification from MyGov that their quarterly PAYG Instalment is available on MyGov.
Some of us would ask:
What is PAYG Instalment, why do I need to pay it?
How did the ATO work out the amount?
Why this quarter’s instalment is much higher than others?
Can I “dial it down” a bit?
Let’s have a look at the What, Hows and Whys.
Business owners normally are able to claim a tax deduction on their wages paid, regardless of whether they have fulfilled the ATO’s PAYG Withholding and reporting obligations for that payment.
