First Class Accounts - Wanneroo

Every successful business tells a story.

The question is... can you read it?

Your financial reports aren't just documents you hand to your accountant at tax time. They're one of the most powerful tools you have as a business owner.

They tell you:
📈 Whether your business is actually making a profit.
💰 Where your money is going each month.
📉 Which expenses are increasing.
📊 Whether your cash flow is healthy.
🚀 Whether you're in a position to grow, hire, or invest.

Without accurate bookkeeping, those insights become blurred.

You're left making decisions based on instinct rather than information.

And while experience is valuable, data gives you confidence.

Think about it this way: if you were driving across the country, you wouldn't cover the dashboard and hope you're headed in the right direction.

Your financial reports are your dashboard.

They help you understand where your business is today, identify problems before they become expensive, and make informed decisions about where you're headed next.

That's why bookkeeping isn't just about staying compliant or preparing for tax time.

It's about giving you the information you need to run your business with confidence.

Because when you understand the language of your business, you make better business decisions.

📩 If your reports feel more confusing than helpful, we can help you turn your numbers into insights you actually understand.

FAQ: How much money should I be setting aside for tax?

This is one of the most common questions we get from small business owners and for good reason.

The honest answer is:

It depends on your business.

How much you should set aside will vary based on factors like:
• Your business structure (sole trader, company, trust, etc.)
• Your income and profit
• Whether you're registered for GST
• Whether you have employees
• Your deductible business expenses

That said, a good habit is to set aside a percentage of every payment you receive into a separate tax savings account.

Many businesses choose to put aside around 25–30%, but the right amount for you may be higher or lower depending on your circumstances.

The biggest mistake we see isn't setting aside the wrong percentage...

It's not setting aside anything at all.

When tax money stays in your everyday business account, it's easy to mistake it for money that's available to spend. Then BAS or tax time arrives, and suddenly you're trying to find funds you no longer have.

A separate tax account helps you:
✔️ Stay prepared for BAS and income tax
✔️ Avoid unexpected cashflow pressure
✔️ Know what money is actually available to run your business
✔️ Reduce stress when tax deadlines roll around

A simple system can make a big difference.

Every time an invoice is paid, transfer your chosen percentage into your tax account and leave it there until it's needed.

It's one of the easiest financial habits you can build and your future self will thank you for it.

📩 If you're unsure how much you should be setting aside, we'd be happy to help you work out a figure that's appropriate for your business.