Here are four tips so avoid this happening to your small business:
1. Setup a separate GST-only bank account.
Transfer a small amount into this account each week for BAS. Your bank can add a new account for as little as $5 per month in fees.
2. Input data into accounting software at least once a week.
Updating your accounts is important and online versions such as www.xero.com.au are cheap and very user friendly. If you update your records often it won’t become a massive task you never have time for.
3. Review reports from your accounting software once a week.
Regularly forecast your cash flow needs and have a plan for any shortfalls in working capital. You need to understand the basics yourself – if you don’t, get some training.
4. Complete, submit and pay BAS by the due date each quarter.
Don’t leave it to your bookkeeper or accountant to remember due dates. It’s your business!
Forecasting cash flow can be a difficult task. At Lend Me, we help small business owners manage their cashflow and grow with quick and easy access to business loans from $5k to $250k. We can approve most applications in 24 hours and you can have funds in your account within 3 business days*.
If you already have or are expecting a FY15/16 ATO debt, call us anyway as we can help you find a solution here too.
Call for a chat on 08 6234 6400 to see if we can help your business grow.
How can we help you today?
*Applications are subject to approval and Terms & Conditions apply. Speak to us for more information.