Getting your accounting system up and running doesn’t have to be complicated. Follow these simple steps to create a setup that works for your business and keeps your finances on track:

1. Pick your accounting software

Choose a tool like QuickBooks or Xero that fits your business needs and makes tracking finances easy.

2. Create a chart of accounts

Set up categories for your income, expenses, and other financial details to stay organised.

3. Open a business bank account (if you haven’t already)

Keep your personal and business money separate—it’s better for your records and tax time.

4. Set up invoicing and payments

Use templates for professional invoices and make it easy for clients to pay you on time.

5. Establish routines

Schedule regular times to reconcile accounts, review reports, and handle payroll.

6. Get expert help if needed

Consult with a bookkeeper or accountant to make sure your setup is accurate and ready for growth.

A solid system means less stress and more focus on your business. Need a hand? We’re here to help every step of the way!

Ideal Calculations is a family-owned bookkeeping service based in Melbourne, Victoria, providing expert financial support to small and medium-sized businesses across Australia. While based in Melbourne, we efficiently service clients nationwide through remote bookkeeping solutions.

Explore our website to learn more about our comprehensive bookkeeping services, and feel free to contact us for tailored financial assistance that meets your business needs.