If you can’t measure it, you can’t manage it.

The most basic requirement for a successful small business is good accounting records.
This is well illustrated by the following Australian survey that showed a business’s very survival depends largely on accurate and timely records .
How accurate are your records ?
How timely are your records ?



Unfortunately many “time poor” business owners tend to ignore this seemingly non-essential area of their business, until it is too late.

The most important reason for Good Accounting Records is, that they provide you with vital management information needed to increase profits and grow your business.

By law the Tax Office requires you to keep and maintain business records for 5 years. Failure to do so may result in high penalties.

You will need Good Accounting Records to demonstrate your financial position to banks, other lenders and prospective buyers some time in the future. These parties will want to track your historical performance for the past three to five years.