Accounting 101 – Balance sheets, GST, expenses & bank accounts

In this Australian Business Podcast episode, Jordan Kidis sits down with Daniel Chand of Grey Space Advisory to go through their 101 accounting tips for business owners and small businesses to set you up for success.  Chapters (approximate) (00:00) Introduction (03:40) Revenue, Profit & Cash Flow (07:52) Business Expenses (09:58) Balance Sheets (14:09) Profit & Loss Statement (16:32) GST & BAS (20:16) Superannuation (22:26) Separate Bank Account (23:12) Cash Vs. Accrual Accounting Methods (25:16) Personal and Business Bank Account (28:06) Tax Tracking (31:50) Tax Structuring (33:07) Limited Liability Topics covered today: – Essential Accounting Terms to know – Setting Up Your Accounting the Right Way – Tax Tips for Small Businesses Resources mentioned in this episode: – Book a free strategy call – Free community – Ask a question (select the Business podcast) Rask Resources All services: https://bit.ly/R-services Financial Planning: https://bit.ly/R-plan  Invest with us: https://bit.ly/R-invest  Access Show Notes: https://bit.ly/R-notes  Ask a question: https://bit.ly/R-quest  DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg Learn more about your ad choices. Visit megaphone.fm/adchoices