Best,Reports,Monitor,Your,Micr business, insurance Best Reports to Monitor Your Micro Small Business Australia
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Below is a list of reports that you should monitor to track to your Micro Small Business: Balance Sheet: Lists all the Assets, Liabilities and Owners Equity Profit & Loss Report: Shows your Income & Expenses for a particular period and the resulting Profit or Loss Aged Receivables: A list of amounts owing to you by your Customers Aged Payables: A list of amounts that you owe to your Suppliers GST Summary: Shows your GST Liability at any point in time Sales Summary Report: Shows your Sales totals for a particular period Why is it important to review your Balance Sheet? Often Business Owners ignore this report and just concentrate on their Profit and Loss Report. The Balance Sheet holds crucial information as it shows all the Assets owned by your business, any Liabilities incurred by your business and the Owners Equity. The ratio between Assets and Liabilities is important. The total Assets should always be greater than the total Liabilities. Think of this report as a snapshot of your business at a particular date. Any assets that you purchase or liabilities that you incur should be added to the this report. For example if you purchase a new Motor Vehicle to use in your business it needs to be added to the Balance Sheet as an asset. If you take out a loan to pay for the Vehicle, the loan needs to be listed as a liability. What is a GST Summary Report? As a Micro Small Business owner you need to be aware that the money you receive as Goods & Services Tax does not belong to you, you are just looking after it for the Tax Office! You should check your GST Summary report each month to see what your GST liability is. Ideally you could then transfer this amount to a separate Bank Account (High Interest Account is good!) Then when the time comes to pay your GST to the tax office you will not be struggling to find the cash! Find out more at http://www.beyourownbookkeeper.com/
Best,Reports,Monitor,Your,Micr