Keeping your books in order shouldn’t feel like a fight. Yet for a lot of small business owners, it often does. Between client work, staff, and the never-ending admin, bookkeeping slips down the list before you know it. The good news? A few steady habits can keep things in shape, save you hours, and ease the panic when tax time rolls around.
Here are five habits that’ll help keep your finances sorted all year.
1. Keep your records up to date regularly
It sounds easy, but it’s the one most people skip. Leaving it until the end of the month, or worse, the end of the quarter, just builds confusion and invites mistakes.
Try to:
- Reconcile your bank accounts every week or fortnight
- Upload or scan every receipt and invoice
- Record cash payments when they happen
- Check unpaid bills or invoices often
Doing it bit by bit keeps your records cleaner and helps you catch errors before they turn into bigger issues.
Tip: If you’re using cloud software like Xero, turn on bank feeds so your transactions flow in automatically. It cuts out manual entry and saves hours of fiddling around.
Not sure how to start? The bookkeepers at Tall Books in Melbourne can walk you through setting it up.
2. Separate business and personal expenses
Mixing business and personal money is a recipe for trouble. It might feel harmless at first, but when BAS time comes, you’ll regret it.
Here’s how to keep it straight:
- Open a business bank account and a card, if you need one
- Label transfers properly (use Owner Drawings, not just Transfer)
- Avoid paying for business costs with personal funds, even small ones
It keeps your records clean and helps your accountant find deductions quicker. You’ll also save yourself a lot of sorting when the financial year ends.
3. Go paperless and back up your data
The shoebox full of receipts is history. Digital records are faster, safer, and easier to keep in line with ATO rules.
To go paper-free without losing control:
- Store files in Google Drive, Dropbox, or something similar
- Keep digital copies of receipts, invoices, and bank statements
- Use apps like Dext to capture files automatically
- Back up your accounting data often
Pro tip: The ATO’s fine with digital copies, as long as they’re clear, complete, and kept for at least five years, so there’s no reason to keep the paper.
Need a hand setting up a paperless system? Tall Books can help you get the right tools in place for your business.
4. Schedule bookkeeping and stick with it
Don’t wait until you “get around to it.” Bookkeeping needs a spot in your week, just like client work.
Try this:
- Block an hour every Friday for reconciliations
- Set reminders each month to follow up invoices and run reports
- Do a quarterly check on GST, payroll, and super
The key’s consistency. When it becomes part of your routine, it stops feeling like a chore. You’ll stay ahead and skip the scramble when tax time hits.
If your business is growing and you’re falling behind, outsourcing helps. Partnering with Tall Books, a team of trusted Australian bookkeepers, keeps your records right while you focus on what you do best.
5. Review your reports and plan ahead
Bookkeeping isn’t just about data entry; it’s about knowing what the numbers mean. Checking reports regularly gives you a better sense of how your business is tracking.
Make it a habit to:
- Check your Profit and Loss each month
- Watch your cash flow, especially if you invoice clients
- Compare your actual results to your budget
- Review aged receivables and payables to stay on top of payments
These habits help you make smarter decisions, spot trends early, and plan for what’s next.
Insight: A good bookkeeper doesn’t just crunch numbers; they help you understand them. With Tall Books, you’ll always have someone who can explain what’s going on and guide your next step.
Building habits takes time
You don’t have to fix everything at once. Start with one or two habits and build from there. The more consistent you get, the easier it becomes.
Remember:
- Consistency beats perfection
- Automation helps
- The right support changes everything
At Tall Books, we help small and growing Australian businesses keep their books simple and organised. Whether it’s payroll, reconciliations, or cloud setup, our Melbourne-based bookkeepers make the numbers make sense.
Get in touch today to see how we can help your business stay organised, all year round.