Updated for the 2025–26 income year (tax returns lodged from 1 July 2026), with 2026–27 changes noted. Reviewed 19 October 2026.
Record keeping (bookkeeping) is no one's favourite task. But if you own a small business, good records are vital – and required by law. Many start-ups and established businesses leave it until the end of the financial year, then scramble. Here are six simple tips to make bookkeeping easier all year.
1. Set aside time every week
A regular weekly session to code transactions, file receipts and check unpaid invoices keeps you on top of cash flow and avoids a pile-up before BAS is due.
2. Open a separate business bank account
Keep business and private transactions apart. It makes reconciling simpler and your GST and deductions easier to prove. Consider a business credit card used only for business costs.
3. Use accounting software that suits your business
Cloud software such as Xero, MYOB or QuickBooks connects to your bank feeds, lets you snap receipts on your phone, and gives your bookkeeper or accountant secure access. We're certified advisors in all three and can help you choose and set up the right one. Whatever you use, make sure your data is backed up.
4. Get your registrations and obligations right
- Register for an ABN if you're carrying on a business.
- Register for GST once your GST turnover reaches $75,000 ($150,000 for non-profits) – or from your first dollar if you provide ride-sourcing (taxi-type) services.
- If you employ staff: register for PAYG withholding, report pay through Single Touch Payroll, and pay super at 12%. From 1 July 2026, Payday Super means super must be paid with each pay run.
- Lodge your BAS on time – quarterly BAS are due 28 October, 28 February, 28 April and 28 July (agents may have extra time).
5. Keep every receipt – digitally
You need records to claim expenses and GST credits, and you must generally keep them for 5 years. A clear digital copy is fine. Tax invoices are needed to claim GST credits on purchases over $82.50 (including GST).
6. Reconcile and review monthly
Reconcile bank and credit card accounts, review your profit and loss, and check aged receivables and payables. Monthly reviews catch errors early and show you how the business is really going.
Prefer to hand it over? Our bookkeeping service covers data entry, reconciliations, payroll and BAS.
Frequently asked questions
How long do I need to keep business records?
Generally 5 years from when you prepared or obtained them, or completed the transactions, whichever is later.
When do I have to register for GST?
When your GST turnover reaches $75,000 ($150,000 for non-profit organisations), or from the start if you provide ride-sourcing services.
Which software is best: Xero, MYOB or QuickBooks?
All three work well for small businesses. The best choice depends on your industry, payroll needs and budget – we can recommend one after a quick chat.