Monthly Bookkeeping Tasks & Legal Obligations Checklist for Australian Sole Traders & Small Businesses

Monthly Bookkeeping Tasks & Legal Obligations Checklist for Australian Sole Traders & Small Businesses

1. Bank Reconciliation

• Task: Regularly reconcile your bank, credit card, and loan accounts to ensure your financial records match your actual bank statements.

• Due Date: Weekly or monthly, depending on your transaction volume.

• Why It Matters: Accurate bank reconciliation helps you spot errors and keep your cash flow in check, ensuring your books are up-to-date.

2. Invoice Management

• Task: Send out invoices promptly and follow up on outstanding payments.

• Due Date: Ongoing; review weekly.

• Why It Matters: Timely invoicing improves cash flow and reduces the risk of overdue payments.

3. Expense Tracking

• Task: Record all business-related expenses, including receipts.

• Due Date: Weekly.

• Why It Matters: Detailed expense tracking ensures you claim all possible deductions and aids in accurate financial reporting.

4. BAS Lodgement

• Task: Prepare and lodge your Business Activity Statement (BAS) with the ATO, covering GST, PAYG withholding, and other taxes.

• Due Date: Quarterly on the 28th of the month following the end of the quarter; monthly if registered.

• Why It Matters: Lodging BAS on time avoids penalties and keeps your business compliant with tax regulations.

5. Superannuation Payments

• Task: Calculate and make superannuation payments for employees.

• Due Date: Quarterly, by the 28th of January, April, July, and October.

• Why It Matters: Timely super payments avoid fines and keep your business compliant with legal obligations.

6. Payroll Processing

• Task: Ensure all employees are paid accurately, including taxes, superannuation, and other deductions.

• Due Date: On each payday, typically weekly, fortnightly, or monthly.

• Why It Matters: Accurate payroll processing prevents disputes and ensures compliance with employment laws.

7. Cash Flow Review

• Task: Monitor your cash flow to ensure your business can cover its operating expenses.

• Due Date: Monthly.

• Why It Matters: Positive cash flow is crucial for business sustainability and growth.

8. Budget Review

• Task: Compare your actual income and expenses against your budget and make necessary adjustments.

• Due Date: Monthly.

• Why It Matters: Regular budget reviews help you stay on track with your financial goals.

9. Backup Financial Records

• Task: Ensure all financial records are securely backed up.

• Due Date: Monthly.

• Why It Matters: Protects against data loss and ensures all documentation is available for tax time.

How Ricaud Bookkeeping Can Help:

• Comprehensive Services: We manage all your bookkeeping tasks, ensuring compliance and accuracy every month.

• BAS & GST Compliance: Our team ensures timely and accurate BAS lodgements.

• Superannuation & Payroll: We handle your payroll and superannuation obligations, so you don’t have to worry about deadlines or fines.

• Cloud-Based Solutions: Using Xero, we simplify your bookkeeping, making it easy to stay organized and on top of your finances.

Contact us today to discover how we can keep your bookkeeping in order and your business compliant with Australian tax regulations.