What accounting tasks can small business owners do themselves?

While complex accounting and tax work should always be managed by professionals, there are several financial tasks that small business owners can and should do themselves. 

Understanding these helps you make better decisions for the business and know exactly when it is time to call Rise Accountants. 

If you ever need support, Rise Accountants is here to help. We are your trusted small to medium business accountant in Brisbane, ready to provide personalised advice and practical solutions for every stage of your business journey. 

1. Basic Bookkeeping and Expense Tracking 

Maintaining your books gives you a real time view of how your business is performing. Tracking expenses yourself helps you understand cash flow patterns, manage spending and avoid year end surprises. 

How to do it right: 

• Use cloud based software such as Xero, MYOB or QuickBooks 

• Reconcile transactions weekly to stay organised and to catch discrepancies early 

When to call Rise: If your bookkeeping starts to feel overwhelming or time consuming, Rise Accountants can help you streamline the process with system integrations and setup support. 

2. Budgeting and Cash Flow Monitoring 

Budgeting keeps you proactive, allowing you to see where money is going and where you can save or reinvest. 

Tip: Set aside time each month to review your cash flow. Identify recurring expenses, high revenue months and areas where you can tighten spending. 

When to call Rise: If you are planning major changes such as hiring, expansion or equipment purchases, Rise Accountants can create detailed forecasts and growth projections tailored to your goals. 

3. Invoicing and Payment Follow ups 

Cash flow starts with invoicing and prompt follow ups. Managing your own invoicing helps maintain client relationships and ensures you are paid on time. 

Best practices: 

• Send invoices immediately after completing a job 

• Use digital templates with clear payment terms 

• Automate reminders through your accounting software (Xero, MYOB or QuickBooks) 

When to call Rise: If you are spending too much time chasing payments or struggling with overdue invoices, our team can help you set up efficient systems and cash collection strategies. 

4. Tracking Business Performance Through KPIs 

Tracking key performance indicators (KPIs) such as gross profit margin, cost to revenue ratio and average sale value, helps you make quick, data driven decisions. 

• Built in dashboards in Xero or QuickBooks 

• Simple Excel or Google Sheets tracking 

• Regularly compare your results month on month 

When to call Rise: When you are ready to turn those numbers into growth strategies, Rise Accountants can analyse your performance metrics and help you maximise profitability. 

5. Understanding Your Tax Basics 

A basic understanding of Australian tax rules helps you stay compliant year round. You do not need to be a tax expert to know the essentials. 

Quick checklist: 

• Keep digital records of receipts and invoices. Use your accounting systems receipt capture feature (Xero has Hubdoc as their receipt capture feature) 

• Understand which expenses are deductible  

• Stay updated on GST and BAS obligations  

• Use the ATO’s Small Business Resources   

When to call Rise: Once it is time to lodge returns or if your structure changes, such as becoming a company or trust, it is best to leave it to Rise Accountants. Rise ensures compliance, accuracy and tax savings where possible. 

Call RISE Accountants on (07) 31308057 or book a discovery call to discover how we can help you simplify, strengthen and scale your business finances.