Record keeping is not done just to keep the ATO happy. If done properly it will give you the information necessary to run your business successfully. Accounting programs such as MYOB or Xero are ideal for small businesses, but if records are not your thing you should consider engaging a bookkeeper for a few hours each month. Keeping records on a timely basis will assist in collecting money from customers and understanding your expenses.
We recommend that you also talk to your accountant about devising some key performance indicators and preparing a cash flow budget. These will give you the tools necessary to monitor performance and plan ahead. Your accountant will also be able to help interpret the results from the records and show you what to look out for.
Business Guide - Top 10 tips for a new business