When you have a business running around, you are burdened with many responsibilities and small tasks that keep you busy and working day and night. In such times, it can become quite impossible to manage the forecasting of your financial books and maintain a steady accounting book for the business. It often gets pushed to the side for this very reason as people think it is a tedious task to manage.However, there is one thing you didn’t quite know, you can manage your own books without having to hire a tax consultants adelaide for the job. Here is how,

Manage receivables there and then 

The most important tip for the people wanting to handle their own books is to observe the receivables with close attention. When there are a large amount of customers coming to you, it may be hard to track all the receivables. You might not be able to mark the paid ones apart from the unpaid ones. But this small feat of struggles saves you a trouble lot when it comes to accounting.

Keep a receipt for expenses 

When it comes to your expenses, it is important that you keep track of all the receipts in one place. This could come in handy when you receive a tax statement and there is no tax consultant to guide you about how the expenses built up from your business into increased amounts of taxes. To avoid that surprise, either pay your expenses through a card or keep a picture of all the receipts of the expenses from your business.

Difference between invoice and receipts 

A common mistake that can cause a lot of trouble for people managing their finances without a tax consultant is that they mix up the receipt and invoices. This is a nightmare as it could cause days of anxiety accompanied with the stress from managing the finances. What you need to learn is that the invoice means the bill that the customer owes you. And the receipts are the completed transactions that complete the service.

Keeping personal account apart from the business account 

Another important thing that people often forget but is a silly common mistake is that they keep one account for their personal and business finances. This may appear as quite a neat trick in the books but is not at all handy when you are handling the taxes at the end of the day. What you must do is open different accounts for both purposes so you do not lose sight of either of the finances and they do not jumble up to ruin a perfectly good day in your business. This will help you keep track of where the business payments are transferred without messing them up with the personal finances.