Exceeding Business 2025. All rights reserved

1. Separate Business and Personal Finances

Mixing personal and business expenses is one of the most common financial mistakes we see. Open a dedicated business bank account and credit card from day one. This simple move will save you hours during tax season and make cash flow tracking clearer.

2. Choose the Right Bookkeeping System

Your business needs a bookkeeping method that works for you. Options include:

• Manual spreadsheets – okay for very small setups but prone to error

• Cloud-based software – like Xero, QuickBooks, or MYOB, ideal for automation and ATO compliance

• Hiring a bookkeeper – like us! Ideal if you want to focus on growth, not data entry

Pro Tip: Cloud systems also integrate with your bank, making reconciliation a breeze.

3. Stay on Top of Invoices and Receipts

Create a weekly routine to track:

• Outstanding invoices (money you're owed)

• Supplier bills (money you owe)

• Receipts for all business purchases

Use apps like Hubdoc or Dext to snap receipts and sync them directly to your accounting software.

4. Monitor Cash Flow (Not Just Profit)

Many profitable businesses fail due to poor cash flow management. Keep an eye on:

• How much cash is coming in weekly or monthly

• When large payments are due (rent, wages, tax)

• If clients are paying on time

Tip: Set up automated payment reminders or offer early-payment discounts.

5. Schedule BAS and Tax Obligations

In Australia, BAS reporting can sneak up on you — especially if you’re busy. Mark key ATO deadlines on your calendar and allocate savings monthly for GST and PAYG obligations.

Better yet, partner with a registered BAS agent (like us!) to make sure your business stays compliant and stress-free.

6. Review Monthly Reports

Every month, take 15–30 minutes to review your:

• Profit and Loss Statement

• Cash Flow Report

• Outstanding Invoices

This small habit can help you make smarter business decisions and avoid surprises.

Need Help Organizing Your Books?

If bookkeeping is eating up your time or stressing you out, let Exceeding Business take over. We offer affordable, reliable bookkeeping services designed especially for Melbourne small business owners and startups.

👉 Get a FREE consultation here

A little organization goes a long way when it comes to your business finances. Follow these steps to take control, stay compliant, and grow with confidence.

Need help setting things up? We’re just a click away.