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Branded First Class Accounts and Busy01 Consulting graphic showing Renae, owner of First Class Accounts Ovens & Murray, working at a desk with a laptop, calculator and financial paperwork.

Keeping your tax and expenses in check


Keeping your tax and business expenses in check when you are self-employed

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Key takeouts

  • Keep accurate records of business income and expenses throughout the year rather than trying to reconstruct them at tax time.
  • Understand which expenses relate to your business and keep the records needed to support what you claim.
  • Use accounting software and suitable business apps to reduce manual administration and keep financial information current.
  • Set aside money for tax, GST, PAYG and other obligations that apply to your business so upcoming payments are factored into your cashflow.
  • Keep business and personal transactions separate so you can see what is happening in the business and make bookkeeping easier.
  • Review your numbers regularly so you can identify changing expenses, quieter periods and upcoming commitments before they become a problem.

Running your own business means juggling multiple roles, building relationships, managing time, marketing your services and, of course, delivering the work.

One important aspect that should not be overlooked is how you keep your tax, expenses and financial records in check when you are self employed.

Establishing good financial habits from the start helps create a strong foundation for your business. It also gives you a better understanding of what is coming in, what is going out, what needs to be set aside and what financial commitments are coming up.

Keeping your records current throughout the year also means you are less likely to face a rush at tax time trying to find receipts, identify transactions or work out what different expenses were for.

Below, we explore practical steps for managing your business expenses, keeping the right records and preparing for tax obligations throughout the year.

Understand your deductions 

Knowing what you can and can’t claim as a business expense is important, and it starts with understanding which costs genuinely relate to running your business.

The Australian Taxation Office generally requires a business expense to be connected with earning business income. If an expense has both business and private use, only the business portion can generally be claimed. You also need records that support the expense.

The types of expenses you incur will depend on your business and how you operate.

For instance, if you run your business from home, you may be able to claim eligible running expenses associated with using your home for business purposes. Depending on your circumstances, these could include a business portion of electricity, phone and internet costs or the decline in value of equipment. Different rules can apply when part of the home is specifically set aside as a place of business, including possible capital gains tax implications when the property is eventually sold.

If your business requires travel, eligible costs may also be deductible where they are genuinely connected with business activities. Where a trip combines business and private travel, appropriate records are needed to separate the business portion from private expenses.

Keeping good records throughout the year makes this much easier. Receipts, invoices and supporting information should be captured while the transaction is still fresh, rather than leaving yourself or your accountant to work out what happened several months later.

It’s easy to miss legitimate business expenses when records are incomplete or transactions have not been properly identified. First Class Accounts Ovens & Murray can help keep your bookkeeping records accurate and current so the right information is available when your accountant or registered tax agent prepares your tax return.

Understanding your expenses also helps with planning. When transactions are recorded correctly, you can see where money is being spent, compare costs over time and understand how changing expenses are affecting your cashflow.

Regular bookkeeping means tax time becomes part of an existing process rather than a major exercise in reconstructing the previous financial year.

Get a system sorted 

One of the smartest moves you can make as a business owner is to set up a reliable system for tracking your finances. This includes recording expenses, managing invoices, keeping track of income and making sure transactions are reconciled regularly.

A well organised financial system saves time, reduces errors and gives you a much better view of what is happening in the business.

There are now many accounting platforms and business apps available to small businesses. The important part is choosing software that suits the way your business actually operates.

Accounting software can connect with business bank accounts, assist with invoicing and help keep income and expenses organised. Other apps can support receipt capture, expense management, time tracking, job management, inventory, payments or other parts of your workflow.

Adding more apps does not automatically make a business more efficient. The systems need to work together, and the information flowing between them needs to be accurate.

This is where business app advice can make a difference. First Class Accounts Ovens & Murray can help assess the way information currently moves through your business, identify unnecessary manual steps and recommend apps that fit your existing processes and accounting system.

By staying on top of your finances daily or weekly, you can avoid the end of year rush to get everything in order. Current records also reduce the chance of duplicated transactions, missing expenses and unidentified payments.

Another benefit of maintaining an accurate system is the information it gives you throughout the year.

Rather than waiting until tax time to find out how the business performed, current bookkeeping can help you monitor income, expenses, outstanding invoices and upcoming commitments. Reports can also help identify seasonal changes, increasing costs or areas where spending has shifted.

That information can then support decisions about spending, pricing, staffing and when additional cash may need to be kept available.

Stash that cash 

One of the most common problems for self employed people is failing to set aside enough money for upcoming tax obligations.

When you earn business income, tax may not be withheld automatically in the same way it is from an employee’s salary. Depending on your circumstances, you may also have GST, PAYG instalments, PAYG withholding, superannuation and other liabilities to manage.

A practical approach is to set up a separate savings account for tax and other business obligations. Regularly transfer money based on your expected liabilities so those funds remain available when payments fall due.

You may also be required to make PAYG instalments. These are regular prepayments towards the expected tax on business and investment income and can help spread tax payments across the year rather than leaving a larger amount to deal with after lodging your tax return.

This is also where accurate bookkeeping and cashflow planning work together. Your bank balance alone does not tell you how much money is genuinely available to spend. Some of that money may already be needed for GST, tax, suppliers, wages, super or other upcoming commitments.

Having current figures makes it easier to see those commitments before making decisions about spending.

Superannuation also needs to be considered. If you are a sole trader, you do not pay yourself super guarantee in the same way an employer pays an employee, although you can choose to make personal super contributions. Eligible personal contributions may be tax deductible where the relevant requirements are met, so discuss your contribution strategy and tax treatment with your accountant or financial adviser.

If you employ staff, payroll obligations also need to be built into your cashflow planning. From 1 July 2026, payday super changed the timing of super guarantee payments, which means employers need to account for super contributions alongside their regular payroll cycle.

Budgeting for quieter periods is another important part of managing cashflow. Your income may fluctuate throughout the year, so building a financial buffer can help you manage slower months and unexpected expenses without immediately putting pressure on other commitments.

It is also worth keeping business and personal finances separate. For sole traders, a separate business bank account is not generally mandatory for tax purposes, although the ATO recommends separating transactions because it makes business and personal activity easier to identify. Other structures, including companies, partnerships and trusts, have different banking and record keeping requirements.

If you operate as a sole trader, money you take from the business for yourself is generally treated as drawings rather than salary or wages. Keeping those drawings separate and recorded properly gives you a more accurate view of how much cash the business itself is using.

Taking the headache out of your finances 

Managing your finances does not have to become a major task every time a tax or reporting deadline approaches. By setting up a reliable system, understanding your business expenses and planning for upcoming obligations, you can keep your financial records current throughout the year.

Good bookkeeping also gives you useful information about the business itself. When your accounts are current, you can see how much customers owe you, what bills are coming up, whether expenses are increasing and what cash needs to remain available for tax and other commitments.

If your bookkeeping has become difficult to keep on top of, or your current system involves too much manual administration, First Class Accounts Ovens & Murray can help.

We can assist with reliable bookkeeping, review the way your accounting system and business apps work together, and help improve the processes behind your financial records.

That means you have accurate information available when you need it, while your accountant or registered tax agent has better records to work with when tax time arrives.

Talk to First Class Accounts Ovens & Murray about setting up a bookkeeping system that keeps your tax, expenses and financial records organised throughout the year.


Frequently Asked Questions about keeping expenses in check when you are self-employed


What business expenses can I claim when I am self employed?

You can generally claim eligible expenses that relate to earning your business income. If an expense has both business and private use, you generally need to separate the business portion. You also need records to support the expense. The exact treatment will depend on the type of expense and your circumstances, so your accountant or registered tax agent should confirm what can be claimed.

How long do I need to keep business expense records?

Most business records need to be kept for at least five years, although some records may need to be retained for longer. Keeping receipts, invoices and supporting records electronically can make them easier to retrieve and helps ensure your bookkeeping records can support amounts reported in activity statements and tax returns.

Should I have a separate bank account when I am self employed?

If you operate as a sole trader, a separate business bank account is generally not required for tax purposes, although separating business and personal transactions can make bookkeeping much easier. Partnerships, companies and trusts have different requirements and generally need a separate bank account for the business. Keeping transactions separate also makes it easier to understand business cashflow and identify personal drawings.

Sources

ATO business deductions guidance

ATO PAYG instalments guidance

ATO personal super contributions guidance

First Class Accounts Ovens & Murray team member speaking with a client over coffee, beneath the heading “Card Surcharge Ban: What businesses need to know before 1 October 2026”, with First Class Accounts and Busy01 Consulting logos.

Card surcharge ban


Card Surcharge Ban

What businesses need to know before 1 October 2026 

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Key takeouts


  • From 1 October 2026, eftpos, Mastercard and Visa will introduce rules that remove card surcharging on their debit, prepaid and credit card transactions. 

  • Businesses will still pay fees to accept card payments, so those costs need to be reviewed as part of pricing, margins and cashflow planning.

  • Lower interchange fee caps are also due to take effect, although interchange is only one part of the total merchant fee charged by a payment provider.

  • Businesses that currently surcharge should review merchant statements, payment providers, pricing, payment systems, invoices and staff procedures before the change takes effect.

  • Accurate bookkeeping will make it easier to understand what card acceptance is actually costing the business and whether any pricing adjustment is needed.

What's happening

From 1 October 2026, the way Australian businesses recover the cost of accepting card payments is changing.

Businesses will no longer be able to apply a surcharge to debit, prepaid and credit card payments on designated eftpos, Mastercard and Visa networks.

For businesses that currently add a card surcharge at the point of payment, there is more to review than the wording on a payment terminal. Merchant fees still need to be paid, so businesses need to understand what those fees currently cost, whether pricing needs to change and how any adjustment could affect margins and cashflow.

If you are unsure what your business currently pays in merchant fees, First Class Accounts Ovens & Murray can help you review the figures in your bookkeeping records and merchant statements before you make changes.

Surcharging explained 

A card surcharge is an additional amount charged to a customer because they choose to pay using a particular card. Businesses have used surcharging as one way to recover some or all of the cost of accepting card payments.

As a basic example, say you order a $5 cup of coffee and pay by card. While the advertised price is $5, a 2 per cent card surcharge would add 10 cents, bringing the amount paid to $5.10.

Applying a surcharge is optional, but around 16% of Australian businesses currently collect card surcharges. What’s more, the RBA estimates that Australians pay around $1.6 billion of card surcharges every year, which is no small change. 

For a business, the percentage charged to a customer is only one part of the picture. Merchant service fees, terminal charges and other payment costs can sit across different statements and accounts. Having these expenses recorded accurately makes it easier to see the actual cost of accepting card payments and assess whether your current payment arrangement still makes sense. 

What’s changing? 

From 1 October 2026, businesses will no longer be able to apply card surcharges to debit, prepaid and credit card payments made on designated eftpos, Mastercard and Visa networks.

According to the Reserve Bank of Australia’s research, the current surcharging system is no longer working as intended. Both consumers and businesses have reported finding the rules complex and confusing, while surcharges are not always clearly disclosed.

The changes form part of a broader package of payment reforms. These include:

• Lower maximum interchange fees for domestic debit, prepaid and consumer credit card transactions from 1 October 2026.

• A new cap on interchange fees for foreign issued card transactions from 1 April 2027.

• Greater publication of fee information by card networks and large payment acquirers so businesses have more information available when comparing payment providers.

Interchange fees are one component of the cost of accepting a card payment. A reduction in the interchange cap does not necessarily mean the total merchant fee charged by a payment provider will fall by the same amount. Payment providers can also charge for transaction processing, terminal rental and other payment services.

This is one reason businesses should review their own statements and actual costs before making decisions about pricing or changing payment providers.

Does this mean that all card payment fees will go away? 

No. Businesses will continue to incur costs when customers pay by card. Payment providers may charge for processing transactions, terminal rental and other payment services, and these charges are separate from the surcharge a business may currently add to a customer’s transaction.

From 1 October 2026, businesses that currently recover those costs through card surcharges will need to decide how they will manage the expense. The RBA notes that card acceptance costs can be reflected in a business’s overall pricing. Businesses can also continue to offer discounts for particular payment methods where appropriate.

The RBA does not currently regulate surcharges on non card payment methods. Other payment methods can have different provider rules and pricing requirements, so businesses using services such as PayPal or buy now pay later should check the terms that apply to those services rather than assume the new card rules apply in the same way.

This makes a review of your payment costs useful even if your business does not currently surcharge. If merchant fees are increasing, your bookkeeping data should show what those costs are doing over time and whether they are having a material effect on margins or cashflow.

First Class Accounts Ovens & Murray can help you identify these costs in your accounts and understand what your bookkeeping data is showing before you make decisions about pricing or payment providers.

Prepare early 

Businesses that currently surcharge should review their payment arrangements before 1 October rather than waiting until the change takes effect.

A practical review can include:

  • Review your most recent merchant statements. Identify the total fees you pay to accept card payments. Look beyond the headline transaction percentage and include terminal fees and other payment service charges where relevant.
  • Confirm where surcharging is currently switched on. This could include payment terminals, online payment systems, invoicing software and any payment apps connected to your accounting system.
  • Ask your payment provider what will change on 1 October 2026. Some providers have indicated they may disable surcharging functionality from that date, so find out whether your settings will change automatically and whether you need to take action yourself.
  • Review your pricing and margins. If you currently rely on surcharges to recover card acceptance costs, work out the annual value of those costs and assess whether they need to be reflected in your overall pricing.
  • Consider the cashflow impact. A relatively small payment fee can become a meaningful business expense when it is applied across a large volume of transactions. Reviewing the annual cost gives you a stronger basis for deciding how to manage it.
  • Compare payment providers and plans. The RBA is introducing measures intended to make payment fees easier to compare, and there may be lower cost arrangements available that better suit your transaction mix.
  • Review invoices that may be paid after 1 October. The RBA advises that if a card payment is made on or after 1 October 2026, surcharging may no longer be available even if the invoice was issued before that date. Check with your payment provider and make sure your invoicing process is ready for the change.
  • Update staff procedures and customer information. Anyone taking payments should know what is changing, when it applies and what customers will see at the point of payment.

Your bookkeeping records can help with several of these decisions. First Class Accounts Ovens & Murray can help you identify merchant fees in your accounts, review how those costs are being recorded and provide the figures you need to assess pricing and cashflow before the new rules begin.

If your payment systems are connected to your accounting software, it is also worth checking that any changes to surcharging or payment settings continue to flow through correctly. A change at the checkout can create reconciliation problems if the payment system and bookkeeping records no longer match.

If you would like help reviewing your merchant fees, bookkeeping records or payment processes ahead of 1 October 2026, speak with First Class Accounts Ovens & Murray.


Frequently asked questions

When does the card surcharge ban start in Australia?

The new rules take effect from 1 October 2026 for designated eftpos, Mastercard and Visa card transactions. American Express has also decided to remove surcharging from the same date.

Will businesses still have to pay merchant fees after 1 October 2026?

Yes. Businesses will still pay the costs charged by their payment provider for accepting card transactions. The change affects the ability to add a separate card surcharge to eligible card payments. Businesses may need to review their overall pricing, merchant plan and payment provider to decide how those costs will be managed.

Can I surcharge an invoice issued before 1 October 2026 if the customer pays after that date?

The RBA advises that if the card payment is made on or after 1 October 2026, surcharging may no longer be available even where the invoice was issued earlier. Businesses should check with their payment provider and update invoicing and payment settings before the change takes effect.

Sources:

RBA removal of payment surcharges FAQs

RBA Review of Merchant Card Payment Costs and Surcharging conclusions

Branded graphic titled “6 questions to ask during a business health check”, with First Class Accounts and Busy01 Consulting logos above Renae reviewing business figures at a meeting table using a calculator, notes and laptop.

6 questions to ask during a business health check

6 questions to ask during a business health check

Key Takeaways


  • Payroll accuracy affects more than pay day – inconsistent processes, unclear employee details, or manual errors can erode trust and disrupt cash flow planning.
  • Profit doesn't guarantee cash on hand – healthy sales figures mean little if invoicing, collections, and payment timing aren't managed with GST, PAYG, and super obligations in mind.
  • More apps isn't automatically better – technology only helps when it's chosen for a clear purpose; duplicate tools and double data entry add complexity, not efficiency.
  • Timely, accurate reports drive better decisions – if you can't quickly access a clear profit and loss, cash flow report, or aged receivables/payables, you're planning with outdated information.
  • Long-term planning depends on current records – a five-year vision for your business is only realistic if it's built on reliable financial data.
  • Business and personal finances are connected – clearly recording wages, drawings, and distributions gives you and your advisers what's needed to support your personal financial goals.
  • A health check starts with the bookkeeping foundations – current records and completed reconciliations make every other part of the review more useful.

Running a busy business can leave little time to step back and review how well its financial and operational processes are working. Regular review is still important when you want to improve cash flow, support your team, make informed decisions or prepare for future changes.

A practical business health check can begin with the areas that affect day-to-day stability, including payroll, cash flow, financial reporting, business apps and the quality of the information available to you.

Accurate bookkeeping supports each of these areas. When records are current and processes are consistent, you can see what is happening, identify issues earlier and make plans using information you can trust. First Class Accounts Ovens & Murray can help you review these foundations and improve the systems that support them.

The following six questions are a practical place to start.

1. Are your payroll processes supporting your workforce?

Your employees rely on the business to pay them correctly and on time. Payroll problems can affect trust, particularly when pay rates, leave balances, allowances, deductions or superannuation are wrong or unclear.

Ask whether payroll is being processed consistently, whether employee details are current and whether corrections are regularly required after a pay run. It is also worth reviewing how timesheets, leave requests and payroll approvals move through the business. Manual data entry, missing information and unclear handovers can create extra work and increase the chance of errors.

The payroll process also affects cash flow planning. Wages, PAYG withholding and superannuation need to be visible alongside supplier payments, tax obligations and other commitments.

First Class Accounts Ovens & Murray can review your payroll setup and ongoing processes, manage payroll and superannuation tasks, and help improve the systems used to collect and approve payroll information.

2. Are you meeting your cash flow goals?

A healthy sales figure or a profitable month does not necessarily mean the cash is available when payments fall due. Cash flow depends on the timing of money entering and leaving the business, which makes accurate, current records essential.

Review whether invoices are raised promptly, overdue accounts are followed up consistently and supplier payments are scheduled with upcoming payroll, GST, PAYG and superannuation obligations in mind. It is also useful to check whether your cash flow forecast reflects current trading conditions, expected customer payments and known expenses.

Your bank balance gives you one part of the picture. Current bookkeeping, aged receivables, aged payables and a practical cash flow forecast provide more useful context for decisions about spending, hiring and payment timing.

First Class Accounts Ovens & Murray can keep your records current, improve the information used for cash flow reporting and help maintain a forecast that shows what is expected to come in, what needs to go out and when.

3. Are your business apps and technology improving the way you work?

Technology can save time and reduce manual handling when it is selected for a clear purpose and set up around the way the business operates. Problems arise when several apps perform similar tasks, data is entered more than once or systems do not share information properly.

Look at the processes that take the most time each week. This may include collecting timesheets, approving bills, managing expenses, tracking jobs, monitoring inventory, issuing invoices or preparing reports. Consider where information is delayed, repeated or difficult to access.

AI tools may also have a place in some workflows, although they need to be assessed carefully for accuracy, privacy, access and how they fit with your existing systems. Introducing technology without reviewing the underlying process can add complexity and cost.

First Class Accounts Ovens & Murray can help you assess, select and implement business apps for functions such as expense capture, approvals, time tracking, job management, inventory, point of sale and reporting. The focus is on finding tools that suit your workflow and give your accounting system better information.

4. Do you have access to the numbers you need?

Business decisions are easier when the information behind them is current, accurate and relevant. If reports arrive late, transactions are coded inconsistently or key accounts have not been reconciled, it becomes harder to understand what is changing and why.

Useful reports may include a profit and loss statement, balance sheet, cash flow report, aged receivables, aged payables and payroll liability reports. The right mix depends on the business and the decisions you need to make.

Ask how soon you can access reports after the end of the month, whether you understand the main movements and whether you can compare actual results with your budget or forecast. It is also worth checking whether the reports show enough detail to identify changes in sales, costs, margins, customer payments and upcoming obligations.

First Class Accounts Ovens & Murray can improve the quality and timing of your reporting, explain what the figures show and help you establish a regular reporting process that supports practical decisions.

5. Have you thought about where your business will be in five years?

Daily demands can take priority over longer-term planning, especially when the financial information needed for planning is incomplete or out of date. A five-year view gives you a reason to consider what you want the business to look like and what needs to change along the way.

Think about the size of the team, the products or services you expect to offer, the systems the business will require and the level of involvement you want to have. You may also need to consider equipment, premises, funding, succession or a future sale.

Reliable financial records help you assess whether your plans are realistic and what resources may be required. They also give your accountant or business adviser better information for forecasts, tax planning and scenario discussions.

First Class Accounts Ovens & Murray can keep your reporting accurate, help identify financial patterns and prepare the information needed for longer-term planning with your accountant and other advisers.

6. Does your business support your personal financial goals?

The financial performance of the business can affect the choices available to you outside it. Your plans may include paying down debt, building superannuation, reducing your working hours, supporting family or preparing for retirement.

Start by looking at how money moves between the business and your personal finances. Wages, drawings, distributions, superannuation and personal expenses paid through the business need to be recorded clearly. This gives your accountant and licensed financial adviser accurate information when they provide tax, investment, superannuation or wealth advice.

It is also useful to consider whether the business can fund your current commitments while maintaining enough cash for payroll, suppliers, tax and operating expenses. Reliable reports help you have a more informed discussion about what the business can support.

First Class Accounts Ovens & Murray can keep the underlying records accurate, separate business and personal transactions correctly, and provide current reports for discussions with your accountant and financial adviser.

Start with the financial foundations

These six questions can help you identify where the business is working well and where its processes or information need attention. A business health check is more useful when it is based on current records, completed reconciliations and reports that reflect the way the business operates.

First Class Accounts Ovens & Murray can review your bookkeeping, payroll, reporting and business app setup, then help address practical gaps. This may include bringing reconciliations up to date, improving the payroll process, establishing clearer reporting or introducing apps that reduce repeated handling.

Get in touch with First Class Accounts Ovens & Murray to arrange a review of your bookkeeping and systems.


Frequently asked questions about business health checks

What is a business health check?

A business health check is a structured review of the financial information, systems, payroll processes, reporting and plans that support a business. It can help identify inaccurate data, inefficient processes and obligations that are difficult to track, giving you a clearer list of priorities.

How often should a business health check be completed?

The right timing depends on the business and the pace of change. A review may be useful as part of quarterly or annual planning, before a period of growth, after a significant system change, or when cash flow, payroll or reporting problems begin to appear.

Can a bookkeeper help with a business health check?

Yes. A bookkeeper can review the accuracy of your records, the information used for cash flow planning, payroll processes, reporting and connected business apps. They can also prepare reliable information for discussions with your accountant, business adviser or licensed financial adviser.

Three women meet around an office table to review business finances, with a calculator and paperwork, beneath First Class Accounts Ovens & Murray and Busy01 Consulting branding.

Regain control of your business

How to take control of your business finances

Growth is not the only measure of a successful business. You may want a business that provides a reliable income, supports your employees, gives you time with your family and allows you to contribute to your community. You may also want fewer financial surprises and more confidence that upcoming payments are covered.

Whatever you want your business to provide, having control depends on accurate information and practical planning. You need to understand where the business is now, where you want it to go and whether the money coming in will support the commitments you have made.

Three tools can help you do this:

  1. A practical business plan

  2. A cash flow forecast

  3. Regular financial reporting and accountability

These tools work together. Your business plan sets the direction, your forecast tests whether the numbers support that direction, and regular reporting shows whether the business is progressing as expected.

For these tools to be useful, they need to be built on accurate, current bookkeeping. When transactions are missing, accounts have not been reconciled or payroll liabilities are incomplete, the reports cannot give you a reliable picture of the business.

A practical business plan

Your business plan does not need to be a lengthy document that is written once and then forgotten. It needs to be practical, easy to review and relevant to the decisions you make throughout the year.

A concise plan can define what you want from the business, including the income it needs to provide, the time you want to spend working, the responsibilities you want to delegate and the outcomes you want to achieve.

It should also identify the financial and operational measures that will show whether you are progressing. These may include revenue, gross profit, operating expenses, outstanding invoices, available cash, payroll costs, job profitability or another measure that is relevant to the way your business operates.

The measures you choose should help you make decisions. Tracking a large number of figures can create more work without giving you useful information. It is usually better to choose a smaller group of measures that relate directly to your priorities and review them consistently.

Your annual goals can then be divided into quarterly actions. These might include improving the invoicing process, reducing overdue accounts, reviewing supplier costs, implementing a more suitable business app, improving payroll procedures or establishing a regular reporting schedule.

A plan also needs to reflect the resources available to the business. Before committing to a new employee, piece of equipment, service or project, consider the effect on cash flow, workload and existing obligations. Your current financial information can help you assess whether the business is ready to proceed.

First Class Accounts Ovens & Murray can help ensure the financial information used in your planning is accurate and up to date. We can also help you identify the reports and business data that are most useful for monitoring the plan.

Use a cash flow forecast throughout the year

A cash flow forecast estimates when money is expected to enter and leave your business. It can help you determine whether you are likely to have enough cash available to pay employees, suppliers, tax obligations, superannuation, loan repayments and other operating costs when they are due.

A forecast should be useful to you throughout the year, rather than prepared only when a bank or lender requests one. It can identify periods when cash may be tight, show when significant payments will occur and help you plan before a shortfall creates pressure.

Your forecast may include:

  1. Expected customer payments

  2. Regular operating expenses

  3. Wages and payroll related costs

  4. Superannuation payments

  5. GST, PAYG withholding and other ATO obligations

  6. Loan and finance repayments

  7. Planned purchases or investments

  8. Owner drawings or distributions

  9. Seasonal changes in income and expenses

From 1 July 2026, Payday Super changes the timing of superannuation payments for employers. Super guarantee payments move closer to the payroll cycle rather than being managed as a quarterly outgoing. This makes it important to include superannuation in short term cash flow planning and ensure payroll processes, software and payment arrangements are ready for the change.

The forecast should also allow for realistic payment behaviour. An invoice issued today does not necessarily become available cash today. Customer payment terms, overdue accounts, seasonal slowdowns and unexpected costs can all affect the timing of cash receipts and payments.

It is useful to prepare different scenarios where the outcome is uncertain. You might assess what happens if revenue is lower than expected, a major customer pays late, expenses increase or a planned purchase is brought forward. This allows you to identify options before you need to use them.

A forecast loses value when it is based on incomplete records or left unchanged for the rest of the year. It should be updated using actual results so that it continues to reflect current trading conditions.

First Class Accounts Ovens & Murray can help you maintain accurate records, track upcoming commitments and prepare useful cash flow information. We also provide forecasting support using business apps such as Futrli to give you clearer visibility over future performance. This gives you a stronger basis for scheduling payments and discussing future decisions with your accountant or other advisers. 

Review accurate reports regularly

The value of a business plan and cash flow forecast comes from using them. Regular reporting allows you to compare actual results with your expectations and determine whether your actions are producing the intended outcome.

Depending on the business, reporting may be completed monthly or more frequently. The reporting schedule should give you enough time to respond when something changes.

Useful reports may include:

  1. Profit and loss reports

  2. Balance sheets

  3. Cash flow reports and forecasts

  4. Accounts receivable reports

  5. Accounts payable reports

  6. Payroll and leave liability reports

  7. Budget compared with actual results

  8. Job, project, department or location performance

Reliable bookkeeping is the foundation of useful reporting. Bank accounts need to be reconciled, transactions need to be categorised correctly and payroll information needs to be complete. Reports produced from inaccurate or outdated records can lead to poor decisions.

Your reports should also help you ask specific questions. If sales have increased but cash has fallen, you may need to review payment timing, stock purchases, expenses or outstanding invoices. If payroll costs have increased, you may need to compare staffing levels, hours worked and revenue. If a service appears profitable, you may need job or project data to confirm whether all associated costs have been included.

The apps used across the business can affect the quality of this information. Accounting software, payroll systems, time tracking tools, job management platforms, inventory systems and point of sale software need to exchange information correctly. Poor setup can create duplicated work, missing data and reporting errors.

First Class Accounts Ovens & Murray can review how your bookkeeping and operational apps work together. We can recommend suitable apps, assist with setup and integration, and provide training so your team understands the required process. The aim is to reduce unnecessary handling and give you more reliable information.

Regular review meetings help ensure that important tasks are completed, financial issues are addressed early and decisions are based on current information. 

Turn your plan into useful financial information

A business plan, cash flow forecast and regular reporting process each serve a different purpose. Together, they help you understand what you want from your business, whether its finances can support that outcome and what needs attention along the way.

They are most useful when the underlying bookkeeping is accurate and completed on time. Regular reconciliations, reliable payroll processing, organised payment information and properly connected apps make it easier to understand what is happening in the business.

First Class Accounts Ovens & Murray provides fully contracted bookkeeping, payroll and business app advisory services. This means the work continues when someone is away, without leaving gaps in your bookkeeping or reporting schedule.

We can help you:

  1. Keep your bookkeeping accurate and current

  2. Maintain payroll and superannuation records

  3. Improve the information used for cash flow planning

  4. Prepare regular financial reports

  5. Review the apps and processes supporting your financial data

  6. Work with your accountant and other advisers when needed

If your reports arrive too late to guide decisions, your forecast is out of date or your financial processes are taking too much time, contact First Class Accounts Ovens & Murray to discuss the support your business needs.


Frequently asked questions about taking control of your business finances

How can I take control of my business finances?

Start with accurate bookkeeping, a practical business plan and a cash flow forecast. Review your actual financial results regularly against your forecast and investigate significant differences before they become larger problems.

What is a business cash flow forecast?

A business cash flow forecast estimates the timing of money coming into and leaving your business. It can help you plan for wages, suppliers, tax, superannuation, loan repayments and other expenses.

How often should a cash flow forecast be updated?

A cash flow forecast should be reviewed regularly and updated when actual income, expenses or payment timing differs from the original assumptions. Monthly reviews may suit some businesses, while businesses with tighter cash flow may need to update the forecast weekly.

What financial reports should a business review?

The reports will depend on the business, but common reports include the profit and loss statement, balance sheet, cash flow report, accounts receivable, accounts payable, payroll liabilities and budget compared with actual results.

Can a bookkeeper help with cash flow management?

A bookkeeper can help keep your financial records current, provide accurate reports, track payment commitments and prepare information for cash flow planning. A registered BAS agent can also assist with relevant BAS services and obligations within the scope of their registration.

How can business apps improve financial reporting?

Appropriate business apps can reduce duplicate data entry and improve the flow of information between invoicing, payroll, job management, inventory, time tracking and accounting systems. The apps need to suit the business and be configured correctly to produce reliable information.

How will Payday Super affect business cash flow?

From 1 July 2026, employers need to manage superannuation payments closer to the timing of employee wages. This means super needs to be included in each payroll cycle’s cash flow planning rather than treated mainly as a quarterly outgoing.

First Class Accounts Ovens & Murray and Busy01 Consulting branded image showing three women speaking outside an office, with the heading “How outsourced bookkeeping support helps protect your business.”

Safeguard your business

How outsourced bookkeeping support helps protect your business 

Small business is built on relationships. You rely on your team, your suppliers, your customers, and the people who help keep your business running.

When those relationships work well, business feels easier. When something goes wrong, especially with money, payroll, supplier payments, refunds, or cash flow, the impact can be significant. It can affect trust, daily operations, and the confidence you have in the information you are using to make decisions.

Good bookkeeping systems do not mean you distrust your team. They mean you have simple checks, clear processes, and accurate records in place so everyone knows what needs to happen, when it needs to happen, and who is responsible.

First Class Accounts Ovens & Murray provides outsourced bookkeeping, payroll and reporting support, so these processes are handled consistently without adding more pressure to your team.

Know where your money is going

Good systems make business activity easier to follow. They help you see what has happened, who approved it, and where the record is stored.

Start with the everyday financial tasks that happen in your business. This might include customer refunds, supplier payments, payroll changes, new supplier setup, staff reimbursements, cash handling, invoice approvals, or credit notes.

The system does not need to be complicated. It needs to be documented, followed consistently, and easy for the right people to access. For example, when a customer refund is processed, there should be a clear reason for the refund, approval from the right person, and a record kept in your bookkeeping or point of sale system.

Checklists can also help because they make the process easier for staff to follow. This is especially useful when tasks are shared across a team, when someone is away, or when a new staff member is learning the role.

First Class Accounts Ovens & Murray can take these bookkeeping processes off your plate, including reconciliations, payroll support, supplier payment processes, reporting and app workflows. This means the financial details are handled consistently without needing you to manage the bookkeeping yourself.

Use accurate reports to spot issues early

Regular reporting gives you a better chance of spotting issues early.

Reports do not need to sit untouched in your accounting software. They should help you notice what has changed in the business. Look for unusual customer refunds or credits, new suppliers you do not recognise, supplier payments that have increased, payroll changes, unpaid invoices, late payments, changes in cash sales, or a gap between sales and money received.

Your reports can also help you understand timing. A business can be profitable and still have cash flow pressure if money is going out before money is coming in. This is why cash flow forecasting, payment scheduling, and regular bank reconciliations matter.

Benchmarking can still be useful, but it should be treated as a guide, not a final answer. If your profit, wages, stock, materials, or overheads look different to what you expected, the next step is to ask why. Sometimes there is a reasonable explanation. Sometimes the reports show a process problem that needs attention.

With First Class Accounts Ovens & Murray managing your bookkeeping and reporting, you can spend less time chasing figures and more time using accurate information to make decisions. The work is handled consistently, so your reports are based on current and reliable records. 

Reduce the risk of gaps, errors, and missed payments

A yearly review is a good starting point, but some systems need to be checked more often.

Your business changes over time. You may add staff, change payroll software, start using new apps, introduce online payments, work with new suppliers, or change the way invoices are approved. Each change can affect your bookkeeping systems and financial controls.

In 2026, payroll and super processes also need close attention. From 1 July 2026, employers need to pay super so it is received by the employee’s super fund within 7 business days after payday to avoid the super guarantee charge. That means payroll systems, cash flow planning, and payment timing need to work together.

A regular review can help you check whether your systems still suit the way your business operates. It can also help identify gaps before they become expensive, stressful, or time consuming.

If this raises concerns, it may be time to stop carrying the bookkeeping risk internally. First Class Accounts Ovens & Murray provides outsourced bookkeeping, payroll, reporting and app support, so key financial tasks are handled accurately, consistently and without gaps. 

Need reliable bookkeeping support?

Bookkeeping, payroll, reporting and app processes can become too important to manage around spare time, staff changes or internal capacity.

First Class Accounts Ovens & Murray provides outsourced bookkeeping support that keeps essential financial tasks moving. Your reconciliations, payroll processes, reports, payment workflows and app systems are managed consistently, so the work is completed accurately and on time.

If you want the bookkeeping handled properly without adding more internal pressure, talk to First Class Accounts Ovens & Murray about ongoing support.


FAQs about business bookkeeping systems

How do bookkeeping systems protect a small business?

Bookkeeping systems help protect a small business by keeping accurate records, documenting approvals, tracking payments, and making it easier to see where money is going. Good systems also reduce errors, support cash flow planning, and help owners spot unusual activity earlier.

What financial controls should a small business have?

A small business should have clear approval processes for refunds, supplier payments, payroll changes, new suppliers, credit notes, and staff reimbursements. It should also have regular bank reconciliations, up to date reporting, secure record keeping, and a clear process for payroll, super, GST, PAYG, BAS and IAS obligations.

How often should a business review its bookkeeping systems?

A business should review its bookkeeping systems at least once a year, but more often if it has changed staff, software, payroll processes, supplier arrangements, payment methods, or business apps. Regular reviews help make sure the system still suits the way the business operates.

Branded First Class Accounts and Busy01 Consulting image showing a person working at a desk with Xero open on a computer screen. Text reads “GST for small business: What you need to know.”

The low down on GST and your small business

GST for small business

What you need to know

GST is one of those business responsibilities that needs accurate records behind it.

If your small business is registered for GST, or getting close to the point where registration may need to be reviewed, your bookkeeping needs to keep up. That means your sales, expenses, tax invoices, GST coding and BAS information all need to be recorded properly.

GST is not extra income sitting in the bank. It is collected and reported through your activity statement, so it needs to be tracked as part of your regular bookkeeping process.

First Class Accounts Ovens & Murray is a registered BAS Agent and supports small business owners with GST bookkeeping, BAS preparation and lodgement, cash flow timing and practical record keeping.

When GST registration needs attention

For most Australian businesses, GST registration is required once GST turnover reaches $75,000 or more. Taxi and ride sourcing drivers need to register for GST regardless of turnover, and non profit organisations have a higher threshold of $150,000. Once a business is required to register, the ATO states it generally needs to do so within 21 days.

From a bookkeeping perspective, the important part is keeping your records current enough to see when turnover is changing. If your books are behind, it becomes harder to know whether GST needs to be reviewed.

First Class Accounts Ovens & Murray can help monitor the numbers in your accounting software, keep records up to date, and provide accurate information for GST and BAS purposes. If broader tax advice is needed, that can be discussed with your accountant or tax adviser.

GST turnover is not profit

The $75,000 GST threshold is based on GST turnover. This means gross business income, with some exclusions. It does not mean profit.

This matters because a business can have strong sales and still have tight cash flow. If you are only looking at the amount left in the bank after wages, suppliers, rent, stock and other expenses, you may not have an accurate view of your GST position.

Regular bookkeeping helps you see what is happening before it becomes urgent. Current records make it easier to track sales, review GST turnover, and plan for BAS payments.

GST records need the right setup

Once GST applies to your business, your accounting software needs to record it properly.

That includes using the correct GST codes, setting up invoices correctly, recording expenses with the right tax treatment, attaching tax invoices and receipts where needed, and keeping bank reconciliations up to date.

This is where small mistakes can cause bigger headaches later. If GST codes are inconsistent, invoices are set up incorrectly, or receipts are missing, BAS preparation can take longer than it should.

First Class Accounts Ovens & Murray can review your bookkeeping setup, check GST coding, reconcile accounts and prepare BAS information so your records are accurate and ready for lodgement.

GST and BAS support for small business

GST is easier to manage when your bookkeeping is current, accurate and set up around the way your business works.

The ATO notes that BAS is used to report and pay GST, PAYG instalments, PAYG withholding and other tax obligations. Registered BAS agents can also prepare, lodge and revise activity statements using ATO online services.

First Class Accounts Ovens & Murray provides reliable bookkeeping and BAS Agent support for small business owners who want their records maintained properly, their BAS prepared accurately, and their payment obligations easier to manage.

If your GST records are behind, your BAS feels rushed, or your accounting software is not giving you useful information, it may be time to review the process.

Get in touch with First Class Accounts Ovens & Murray to talk through GST bookkeeping, BAS lodgement and record keeping support for your business.


Common GST questions for small business owners

What bookkeeping records do I need for GST?

You need records that show your sales, expenses, tax invoices, receipts, bank transactions and GST amounts. Your accounting software should also be set up so GST is coded correctly and BAS information can be prepared accurately.

Is GST turnover the same as profit?

GST turnover is based on gross business income, with some exclusions. It is not based on profit. This is why regular bookkeeping matters, because your bank balance alone may not show whether your turnover needs attention.

How can a bookkeeper help with GST?

A bookkeeper can help keep records up to date, review GST coding, reconcile bank accounts, organise tax invoices and receipts, prepare BAS information, and provide reports that show upcoming GST and BAS obligations. If GST registration advice or transaction specific tax advice is needed, your bookkeeper can work alongside your accountant, registered tax adviser or BAS agent.

First Class Accounts and Busy01 Consulting branded image with the text, “Are your small business systems ready for flexible work?”, above a notebook, pen and coffee cup on a desk.

Introducing remote working?

Are your small business systems ready for flexible work?

Flexible work is no longer a new idea for many Australian businesses. For some teams, working from home is part of the usual weekly routine. For others, it only happens when someone is travelling, unwell, caring for family, or needs a quiet day to get through focused work.

Either way, the question for business owners has changed. It is no longer about whether remote work exists. It is about whether your small business systems can support people working from different locations without creating delays, gaps, duplicate admin or unnecessary risk.

If payroll relies on one person being in the office, supplier invoices sit in someone’s inbox, receipts are still being passed around manually, or approvals only happen when someone remembers to ask, flexible work can become harder than it needs to be.

A staff member working from home should not stop bookkeeping, payroll, approvals, reporting or cash flow tasks from moving forward. This is where the right systems matter. Cloud bookkeeping, connected apps, clear processes and reliable support can help your business keep operating whether your team is in the office, at home, or spread across several locations.

Why flexible work needs reliable systems behind it

Flexible work can support staff retention, recruitment and day-to-day productivity, especially when the work can be done from different locations. It can help a business keep good people through changes in family responsibilities, travel, relocation or other personal circumstances.

However, flexible work only works well when the business has structure behind it. If your systems are messy in the office, they are usually harder to manage when people are working remotely.

Common issues include:

  1. Invoices waiting for approval because the process is unclear
  2. Payroll information being sent through different channels
  3. Receipts missing from the accounting software
  4. Bank reconciliations falling behind
  5. Supplier payments being delayed because only one person knows the process
  6. Staff using different versions of the same document
  7. Business owners not having access to current numbers when they need them

These issues do more than create admin frustration. They can affect cash flow, payroll accuracy, supplier relationships and business decision-making. When a business owner cannot easily see what has been invoiced, what has been paid, what is due, and what still needs attention, it becomes harder to manage the business properly.

Start with payroll, bookkeeping and approvals

Before allowing work to happen across multiple locations, it is worth reviewing how your business actually operates. This does not need to be complicated, but it does need to be practical.

Start with the work that must happen on time.

Payroll is a good example. If timesheets, leave requests, pay approvals or superannuation information are handled manually, there is a higher risk of delays and mistakes. Your team needs to be paid correctly and on time, regardless of where the person processing payroll is working from.

Bookkeeping is another area to review. If receipts, supplier invoices, bank transactions or approvals are sitting outside your accounting software, it can be difficult to keep your records accurate. This can affect BAS preparation, reporting, cash flow planning and your ability to answer simple questions about the business.

You may also need to review:

  1. Who has access to each system
  2. How invoices are approved
  3. How timesheets are submitted
  4. How payroll changes are recorded
  5. How staff expenses are captured
  6. How supplier payments are scheduled
  7. How financial documents are stored
  8. How reporting is completed each month
  9. How backup support works when someone is away

The goal is to make sure the business does not rely on memory, inboxes or one person knowing how everything works.

Review your business apps before adding more software

Business apps can make flexible work much easier, but only when they are chosen and set up properly.

For many businesses, cloud accounting software is the starting point because it gives the right people access to current financial information. From there, connected apps may support payroll, rostering, time tracking, job management, inventory, document collection, approvals and reporting.

The important part is choosing apps that suit the way your business works. Adding more software does not automatically fix the problem. In some cases, it creates more admin because the systems do not share information properly, or staff are unsure which tool to use for each task.

A better approach is to review your current process first.

Ask yourself:

  1. What is being done manually?
  2. Where are mistakes happening?
  3. Which tasks are being repeated?
  4. Where does information get stuck?
  5. Which reports are difficult to produce?
  6. Which processes rely too heavily on one person?

Once you understand those issues, it becomes easier to choose apps that reduce manual handling, improve accuracy and give better visibility across the business.

First Class Accounts Ovens & Murray provides business app advisory and implementation support to help business owners assess their current systems, choose suitable apps, and set them up properly. This can include app selection, integration support, training and ongoing process improvement.

Keep business information secure

Remote and flexible work can also increase the need for stronger cyber safety practices. If staff are accessing business systems from home, while travelling, or from different devices, you need to know how business information is being protected.

This may include:

  1. Using secure passwords and multi factor authentication
  2. Limiting access to the systems each person actually needs
  3. Removing access quickly when someone leaves the business
  4. Keeping software and devices updated
  5. Making sure business data is backed up
  6. Avoiding public internet connections for sensitive business tasks
  7. Having clear rules for saving and sharing documents
  8. Checking that personal devices are not being used in risky ways

Cyber safety does not sit separately from your bookkeeping and payroll processes. Payroll records, supplier information, customer details, bank data and employee information all need to be handled carefully.

When the right systems and access controls are in place, your team can work more flexibly without creating unnecessary risk.

Make communication and responsibilities clear

Good communication still matters, but communication alone will not fix poor systems.

If your team is working across different locations, expectations need to be written down. This helps people understand what needs to happen, when it needs to happen, and who is responsible.

For example, your business may need clear expectations around:

  1. When timesheets are due
  2. Who approves leave
  3. Who approves supplier invoices
  4. How urgent payroll changes are submitted
  5. Where financial documents are saved
  6. How often bookkeeping tasks are completed
  7. Who checks reports before key payment dates
  8. What happens when the usual person is unavailable

It is also worth setting expectations around communication. Email, phone, video meetings and messaging platforms all have a place, but they need to be used in a way that supports the work rather than adding noise.

Regular check-ins can also help staff stay connected, especially if they are working from home often. These check-ins do not need to be long, but they should give people a chance to ask questions, raise issues and stay aligned with what the business needs.

Protect cash flow visibility

One area often missed in flexible work discussions is cash flow visibility.

When your systems are spread across too many places, it can be harder to know what is happening financially. You may not have a clear view of what has been invoiced, what is overdue, what needs to be paid, and what cash is likely to be available in the coming weeks.

This can create pressure around:

  1. Paying staff
  2. Paying suppliers
  3. Meeting ATO obligations
  4. Planning for GST, PAYG and superannuation
  5. Managing seasonal income changes
  6. Making decisions about hiring, stock, equipment or business growth

Reliable bookkeeping helps give business owners the information they need to make better decisions. It also helps your accountant work with accurate records when tax, compliance or advisory work is needed.

If your team works flexibly, your financial information should still be current, organised and easy for the right people to access.

Plan for backup support when someone is away

Flexible work also gives business owners a chance to think about continuity. If someone is away, unwell, travelling, or suddenly unavailable, can the essential work still be done?

This is especially important for payroll, supplier payments, BAS preparation, reporting and month end bookkeeping. These tasks are time sensitive. If they are delayed, the impact can be felt quickly by staff, suppliers and the business owner.

A strong process should make it clear:

  1. What needs to happen
  2. Who is responsible
  3. Where information is stored
  4. Which systems are used
  5. What the deadlines are
  6. Who can step in if needed

First Class Accounts Ovens & Murray works through a contract service model, which means bookkeeping and payroll tasks are not dependent on one person being available. The work is covered, the process is documented, and the business has reliable support in place.

Make flexible work easier to manage

Flexible work can be useful for many businesses, but it needs the right systems behind it.

If your team works from different locations, or you want to make your business less dependent on manual processes, it may be time to review your setup.

First Class Accounts Ovens & Murray can help you look at how your bookkeeping, payroll, apps, approvals and reporting processes are working now, and where they may need to improve.

We can support you with cloud bookkeeping, payroll processes, business app advisory, app implementation and practical process improvement, so the right work keeps moving wherever your team is working.

Contact First Class Accounts Ovens & Murray to review your systems and make sure your business is set up to work properly in 2026 and beyond.


FAQs about small business systems

What systems does a small business need for flexible work?

A small business usually needs cloud accounting software, secure access controls, clear payroll processes, document storage, approval workflows, reporting systems and communication tools. The exact setup depends on the business, industry, team structure and the type of work being completed.

How can cloud bookkeeping support remote or hybrid work?

Cloud bookkeeping helps the right people access current financial information from different locations. It can support bank reconciliations, invoice processing, receipt capture, payroll records, reporting and BAS preparation, provided the system is set up properly and used consistently.

Why should payroll processes be reviewed before flexible work is introduced?

Payroll processes should be reviewed because staff still need to be paid correctly and on time, regardless of where people are working. Timesheets, leave requests, pay changes, approvals, superannuation and payroll records need clear processes so mistakes and delays are less likely.

Three First Class Accounts Ovens & Murray team members standing together beneath a business continuity planning heading, highlighting succession planning, business continuity and operational preparedness for small businesses.

Business continuity planning

Business continuity planning.

What happens if the person who keeps everything running suddenly can't?

Most business owners spend a lot of time planning for growth.

They plan for new staff, new equipment, larger premises and bigger workloads. They put systems in place to improve efficiency and help the business move forward.

What many business owners do not plan for is the unexpected.

What happens if the person who manages your bookkeeping, payroll, client relationships, systems, passwords and key business knowledge suddenly becomes unavailable?

It is not a pleasant topic to think about, but it is an important one.

A business continuity plan helps ensure your business can continue operating during unexpected circumstances. It provides a roadmap for key people to follow, reduces confusion and helps protect your clients, employees, suppliers and business reputation.

Why business continuity planning matters

Many businesses rely heavily on one person.

That person may be the owner, a manager, a bookkeeper or an administrator. They know where everything is, understand the systems and have access to the information needed to keep the business running.

The challenge is that much of this knowledge often sits with that individual rather than being documented.

If that person becomes unavailable due to illness, injury, incapacity or another unforeseen event, the impact can be immediate.

Invoices may stop being issued, payroll may not be processed and ATO obligations may be missed. Client enquiries can go unanswered, while important business information may become difficult to access.

Without a documented plan, family members, employees and advisers are often left trying to piece together information during an already stressful time.

A business continuity plan is more than a disaster plan

When people hear the term disaster recovery, they often think about fires, floods or cyber attacks.

While those risks should be considered, business continuity planning also focuses on people.

A good plan outlines what should happen if a key person cannot perform their role for an extended period.

It identifies who takes responsibility, where important information is stored, who should be contacted and how business operations can continue with minimal disruption.

The goal is to create a practical guide that allows others to step in and keep things moving.

What should be included in a business continuity plan?

Every business is different, but there are several areas that should be documented.

Key contacts and responsibilities

Your plan should identify who takes responsibility for different areas of the business.

This may include:

  • Accountant

  • Bookkeeper

  • Legal adviser

  • Financial adviser

  • IT support provider

  • Marketing consultant

  • Business partners

  • Key employees

Include names, contact details and a summary of their role.

If someone needed to access support quickly, they should know exactly who to contact.

System and software access

Many businesses now operate almost entirely online.

Accounting software, payroll platforms, cloud storage, customer databases and communication systems all play an important role in day to day operations.

Document:

  • Business software used

  • Password management systems

  • Cloud storage locations

  • Email administration details

  • Website hosting information

  • Multi factor authentication requirements

Access procedures should be secure, but they should also be available to authorised individuals when required.

Financial information

Financial continuity is essential.

Your plan should document:

  • Banking arrangements

  • Payment approval processes

  • Insurance information

  • Accountant details

  • Tax and compliance obligations

This helps ensure suppliers, employees and statutory obligations continue to be managed appropriately.

Client communication procedures

Clients appreciate honest and timely communication.

A business continuity plan should include guidance on how clients will be notified if a significant event affects the business.

This may include a template communication explaining the situation, outlining who clients should contact and reassuring them that their information remains secure.

Having this prepared in advance removes pressure during a difficult time.

Compliance obligations

Businesses have ongoing obligations with organisations such as:

  • Australian Taxation Office

  • Australian Securities and Investments Commission

  • Tax Practitioners Board

  • Superannuation funds

A continuity plan should identify who is responsible for maintaining compliance and what actions need to be taken if key personnel become unavailable.

The role of documentation

One of the most valuable parts of any business continuity plan is documentation.

The more information that exists outside a person's head, the easier it is for others to provide support when needed.

This does not mean creating lengthy manuals that nobody reads. It means documenting the important information that allows the business to function.

Simple, organised records can save significant time and stress when they are needed most.

Why regular reviews matter

A business continuity plan should be reviewed regularly to keep it accurate and useful.

Changes to staff responsibilities, software, business operations and contact details can quickly make information outdated.

An annual review helps ensure the plan reflects how the business currently operates and highlights any gaps that need attention.

Even a brief review can identify gaps that should be addressed before they become a problem.

Planning ahead protects your business

No business owner likes to think about worst case scenarios.

However, planning for unexpected events is part of running a responsible business.

A business continuity plan provides reassurance that your employees, clients and business operations can continue to be supported if something unexpected occurs.

It also reduces the burden on family members and trusted advisers who may need to step in during difficult circumstances.

Having the right documentation, processes and support in place means important decisions can be made more quickly and with greater confidence.

At First Class Accounts Ovens & Murray, we help business owners create reliable systems, maintain accurate records and build processes that support business continuity. If you would like assistance reviewing your bookkeeping processes, system documentation or operational procedures, contact our team to discuss how we can help.


FAQs about business continuity plans

What is a business continuity plan?

A business continuity plan is a documented process that outlines how a business will continue operating if a key person, system or service becomes unavailable. It includes responsibilities, contacts, system access information and procedures to minimise disruption.

Why is business continuity planning important for small businesses?

Small businesses often rely on a small number of people to manage critical tasks. Business continuity planning helps ensure payroll, bookkeeping, client communications and compliance obligations continue if a key person cannot perform their role.

How often should a business continuity plan be reviewed?

A business continuity plan should be reviewed at least once a year and whenever there are significant changes to staff, software, systems, advisers or business operations. Regular reviews help ensure information remains accurate and useful.

First Class Accounts Ovens & Murray team members standing together outside office with text “Choosing business apps starts with your workflow”

Choosing business apps starts with your workflow

Choosing business apps starts with your workflow

Choosing business apps should make your day to day work easier. In practice, many businesses end up with too many tools, poor setup, and systems that do not work together properly. That is where time gets lost and mistakes start to build up.

Before looking at any software, the first step is understanding how your business actually operates. The right apps come from that, not the other way around.

This is where business app advisory makes a difference. It is not just about recommending tools. It is about making sure those tools fit your workflow and are set up to support it properly.

What apps does my business need?

Most businesses do not have an app problem. They have a process problem.

Before deciding what apps you need, look at how work moves through your business:

  • How does a job or task start?
  • What steps does it go through?
  • Where is information recorded?
  • Who is responsible at each stage?
  • Where delays or errors tend to happen?

This gives you a clear view of where systems are breaking down.

From there, you can identify gaps. For example:

  • Manual data entry that could be reduced
  • Information stored in multiple places
  • Lack of visibility over jobs, invoices, or payments
  • Delays between work being completed and invoiced

Only once these issues are clear should you start looking at apps to solve them.

How do I choose apps?

Once you understand your workflow, choosing business apps becomes far more straightforward.

Start with how your business runs

Apps should follow your process, not force you to change it.

If a system requires you to completely change how your team works, it often creates more problems than it solves. The goal is to support your existing workflow and improve it where needed.

Identify the specific problem first

Avoid choosing apps based on features.

Instead, ask:

  • What problem are we trying to solve?
  • What part of the process needs to improve?

Then assess whether an app actually addresses that issue.

Choose apps that connect properly

Disconnected systems are one of the biggest causes of inefficiency.

If your apps do not integrate with your accounting system, you will end up entering the same data more than once. That increases the risk of errors and slows everything down.

This is why starting with Xero integrations is a practical step. It helps ensure your systems can share data and stay aligned. As a Xero Gold Partner, we are experienced in selecting, implementing, and supporting Xero-connected apps so they work properly within your business.

Keep your system simple

Every app you add introduces:

  • Another subscription
  • Another system to maintain
  • Another process your team needs to follow

If it does not clearly improve how your business runs, it should not be part of your system.

Avoiding overcomplication starts before you choose

Overcomplication rarely comes from the apps themselves. It usually comes from skipping the assessment stage. Common patterns include:

  • Adding new apps without reviewing existing processes
  • Keeping old systems alongside new ones
  • No clear ownership of how apps are used
  • No consistent way of entering or managing data

The result is a system that looks advanced but does not function well.

A simpler, well-structured setup will always outperform a complex one that has not been thought through.

Where this links back to your current setup?

Before adding anything new, it is worth reviewing what you already have in place. Ask:

  • Are your current apps being used properly?
  • Are they set up correctly?
  • Are they solving the problems they were introduced for?

If not, the issue may not be the app itself, but how it has been implemented.

If you have not reviewed this before, it is worth assessing your current setup in detail before adding anything new, as most issues sit in how systems are configured and used.

What works when choosing business apps?

Choosing business apps should lead to:

  • Clear, consistent processes
  • Less manual handling of information
  • Fewer errors across your systems
  • Better visibility over what is happening in your business

That only happens when the apps are chosen based on how your business runs, not based on what looks useful.

This approach reflects how First Class Accounts Ovens & Murray works with business owners. The focus is on understanding your processes first, then selecting and implementing the right tools to support them properly.

Getting your systems working the way they should

If your current systems feel harder than they should be, or you are unsure what apps your business actually needs, it is worth reviewing your setup before adding anything new.

First Class Accounts Ovens & Murray provides app implementation support to help you assess your current processes, choose the right apps, and make sure they are set up and working properly from the start. 

Get in touch to review your current systems and implement the right setup for your business.


FAQs about choosing business apps

What apps does my business need?

Your business needs apps that support how your work is actually done. Start by mapping your workflow, identifying where delays or manual work occur, and then select apps that solve those specific issues. Most businesses only need a small number of well integrated tools rather than multiple disconnected systems.

How do I choose apps for my business?

Choose apps by first understanding your processes, then identifying the exact problem you need to solve. Look for tools that integrate with your accounting system, are easy for your team to use, and fit your existing workflow. Avoid selecting apps based on features alone.

Should I review my current apps before adding new ones?

Yes. Many issues come from poor setup or underused systems rather than missing software. Reviewing your current apps helps identify whether they are configured correctly and being used properly before introducing anything new.

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