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Running a small business is exciting—but let’s face it, the numbers side can be overwhelming. If you're a business owner trying to wrap your head around bookkeeping, you're not alone. Whether you're aiming to save money by doing it yourself or simply want to understand your business finances better, knowing the basics of bookkeeping is a game-changer.

At Exceeding Business, we support small businesses with reliable bookkeeping services—but we also love helping owners get confident with their numbers. Here's a beginner-friendly guide to help you get started with your own bookkeeping.

What is Bookkeeping?

Bookkeeping is the process of recording all the financial transactions of your business—from sales and purchases to expenses and payments. It’s the foundation of good financial management and helps you track your cash flow, prepare for tax time, and make informed decisions.

Why It Matters

Keeping your books in order helps you:

• Stay compliant with ATO requirements

• Track profit and cash flow

• Prepare accurate tax returns

• Make better business decisions

• Avoid penalties and surprises

Good bookkeeping can mean the difference between growing your business or unknowingly running it into the red.

Bookkeeping Essentials: What You’ll Need

Here’s what you need to start doing your own bookkeeping:

✅ 1. A Business Bank Account

Keep your personal and business finances separate. This makes tracking income and expenses much cleaner.

✅ 2. A Simple Bookkeeping System

Start with a spreadsheet or cloud-based software like Xero, MYOB, or QuickBooks. These tools are beginner-friendly and designed for small businesses.

✅ 3. Track Every Transaction

Record all business income, expenses, invoices, receipts, and bills. Tip: Save digital or physical copies of all your documents.

✅ 4. Categorise Your Expenses

Organise your spending into categories (e.g., utilities, rent, supplies, marketing). This helps with tax deductions and budget planning.

✅ 5. Reconcile Monthly

Match your records with your bank statements every month. This ensures your books are accurate and complete.

✅ 6. Know Your Tax Obligations

Depending on your business structure, you may need to track GST, PAYG, BAS, and superannuation. It's important to stay on top of your tax requirements.

Common Mistakes to Avoid

• Mixing business and personal expenses

• Forgetting to track small cash purchases

• Not saving receipts

• Waiting too long to update records

• Ignoring overdue invoices or bills

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Pro Tip: Start Simple and Stay Consistent

You don’t have to be a numbers whiz to manage your books. Start with the basics and build your confidence over time. Set a weekly schedule to review and record your transactions.

Need Help? We’ve Got Your Back.

If bookkeeping still feels overwhelming—or you’d rather focus on growing your business—Exceeding Business offers affordable, professional bookkeeping services tailored for small businesses and startups.

Let’s make your numbers work for you, not against you.

📞 Book a free consultation today📧 info@exceedingbusiness.com🌐 www.exceedingbusiness.com