Accounting for small business isn’t just about meeting end-of-year tax obligations—it’s about building strong financial practices that support long-term success. At Lee and Associates, we specialise in bookkeeping and BAS services that provide accurate reporting, clear cashflow insights, and confidence in your compliance.
What Counts As A Small Business?
In Australia, a small business is generally defined as one with an annual turnover of less than $10 million. This includes sole traders, partnerships, companies, and trusts operating at a modest scale but still managing employees, contractors, or property investments.
Even though the size of these businesses may be smaller, their compliance obligations remain significant. Accurate record keeping, timely BAS lodgements, and payroll duties all play a major role. With the right accounting support, small businesses can meet these obligations and stay focused on growth.
Key Responsibilities Every Small Business Must Manage
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Accurate record keeping – keep detailed financial records of income, expenses, and payroll.
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BAS lodgements – report GST, PAYG withholding, and instalments on time.
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Payroll obligations – pay employees and contractors correctly, including superannuation contributions.
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Cashflow monitoring – track day-to-day finances to ensure stability.
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Compliance with tax laws – meet deadlines and claim entitlements.
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Financial planning – use reports to guide decisions and prepare for growth.
These tasks may feel overwhelming. However, with the right systems in place, small businesses can remain compliant and maintain control over their finances.
Accounting For Small Business: What Is BAS And Bookkeeping?
Bookkeeping is the process of recording daily transactions, tracking income and expenses, and preparing regular reports. It gives business owners real-time visibility over financial health.
BAS, or Business Activity Statement, is the report submitted to the ATO that summarises GST, PAYG, and other obligations. When bookkeeping and BAS align, all figures are accurate and ready for timely lodgement.
At Lee and Associates, we work with all major software platforms including Xero, MYOB, Saasu, and QuickBooks. This approach ensures efficiency and allows us to tailor solutions to each client’s needs.
For more advice on managing business transactions, the Australian Taxation Office provides practical tips.
Accounting For Small Business: How It Helps You Succeed
Strong bookkeeping and BAS management are critical to success. Accurate records highlight opportunities for deductions, support better decision-making, and provide a clear view of cashflow. Regular lodgements also reduce the risk of penalties and protect businesses from unnecessary stress.
In addition, having a complete financial picture helps owners plan ahead, invest wisely, and respond to challenges with confidence. At Lee and Associates Accountants, we combine fast turnaround times, personalised service, and fair pricing. As a result, bookkeeping and BAS become more than compliance—they transform into tools that support long-term success.
Looking for tailored support for your small business? Get in touch with us today.