Advice
Which accounting software?
Clients ask me all the time about which accounting software they should choose, and my answer is always Xero. It’s fast, easy, and doesn’t require any software updates. Easy decision.
Do you even need software?
If you’re starting a new business, already have an invoicing solution, aren’t registered for GST and don’t have any employees then probably not. If this sounds like you then try this spreadsheet template as a way to summarise your accounting information at the end of the year. Just review your banking records and enter each amount (whether income or expense) in the relevant column of the spreadsheet.
Finance broking
Personally I think brokers can be great, and when a client of mine is interested in applying for a loan my advice is to chat to a broker first. They won’t always be able to provide a better deal than your bank, but it’s worth a quick phone call to see if they can help. I’ve had a lot of clients use Crunch Finance in Bangalow, and Tyson in particular is fantastic.
Crypto reports
It’s really important to keep thorough records if you’ve been buying and selling crypto throughout the year. My suggestion is to purchase a report from Crypto Tax Calculator (or similar alternatives) to summarise your trades during the year. Again, I don’t receive anything for mentioning their services, I’ve just had heard positive things from clients that have used them in the past.