Making a Start - Accounting

Making a Start - Accounting

I recommend you practice basic accounting at the start of your business to keep track of your income and expenses and get into some good habits with recording and record keeping. For example, I set up a basic Excel spreadsheet to track my early expenses (bring on revenue tracking soon, too!!!). This spreadsheet contained columns for date, description and amount. I also ensured I recorded all amounts in Australian dollars from my credit card statement rather than the currencies I bought some resources.   

I haven’t focused on GST so far, as I don’t need to report it under $75K in business revenue. Remember to save all your receipts in a physical folder/envelope and a virtual folder for emailed receipts.  

I will use MYOB or QuickBooks once I start earning and spending more to track income, track expenses, reconcile my bank account and run profit and loss reports easily. I will also potentially hire a bookkeeper so I can stay focused on my revenue-generating tasks. Though I have an Accounting degree, it will likely be better to outsource this so I stay focused on content creation and marketing.