Talking Cents

Essential Accounting Tip From Melbourne Small Business Accountants

We are now into the new financial year so it’s a great time to set new fresh goals for the new financial year and it are the perfect time to review your business’ accounting practices and systems. Here is a tip from Melbourne small business accountant, MAS Accountants.

Always remember that your business is a separate entity to you, so you always keep track of what your business spends and what you personally spend!

The business you are running is yours. If you run that business through a structure such as a company, trust or partnership, then sometimes there is a tendency to blur the lines between yourself and the business. The entity running the business owns its own assets and incurs its own liabilities, and its business activities are separate to the owners. Ensure that you are purchasing items in the business entity name. Obtain the receipt and claim a business expense so that monies you take from the business are being accounted for correctly.

If you are incurring expenses on behalf of the business, ensure you are being reimbursed by the business, so you are not out of pocket.

Do you need help from a business accountant in Melbourne? Contact MAS Accountants now! With over 40 years of experience in accounting, we are sure that we provide only the best small business accounting services in Melbourne.