Guide
How to do accounting when you're busy running the business
A practical, NZ-ready rhythm that keeps your books clean, your GST sorted, and your time focused on customers—not spreadsheets.
Quick rhythm
- Daily: log receipts and tag spend by category.
- Weekly: reconcile bank feed to invoices and expenses.
- Monthly: review P&L, cash flow, and GST preview.
- Quarterly: file GST and follow up slow payers.
1) Set up the basics
Separate business banking from personal spending. Create three buckets: operating expenses, tax/GST, and owner pay. Add your bank feeds into your accounting tool, then set default categories for common spend types (fuel, software, contractors, materials).
2) Capture every expense
Keep evidence while it is fresh. Snap each receipt and tag it before you leave the cafe, supplier, or job site. Log mileage and home-office allocations weekly so you do not scramble at year end.
Set up your money buckets
Open separate accounts for operating expenses, tax/GST, and owner pay. Keep business and personal spend apart from day one.
Capture every receipt in real time
Snap photos on your phone and tag them by category. No inbox dumping—log the spend while it is fresh.
3) Reconcile weekly
Set a 30-minute block every Friday. Match bank transactions to invoices and receipts, split mixed spends, and tag anything you need to revisit. Consistency here prevents messy year-end cleanups.
Reconcile weekly, not yearly
Match bank feeds to invoices and expenses once a week. Short sessions keep the ledger clean and stress-free.
Stay GST-ready
Track GST on each transaction, run a quick return preview monthly, and set aside cash so filing is just a click.
4) File GST without panic
Track GST on each transaction. Run a GST return preview monthly so you can spot errors early. Transfer the expected GST amount into a separate account every month. When filing day arrives, you are just confirming the numbers, not hunting for invoices.
5) Close each month
Run your profit and loss, cash flow, and aged receivables. Check who owes you, chase slow payers, and confirm your tax/GST stash matches what you owe. Note any spikes in spend categories and adjust next month’s budget.
Review reports monthly
Scan P&L, cash flow, and aged receivables. Look for slow payers and categories that are creeping up.
Year-end checklist
- ✔ Reconcile final month and lock the period.
- ✔ Count inventory or confirm stock levels if relevant.
- ✔ Export P&L, balance sheet, and general ledger for your accountant.
- ✔ Check fixed assets and add new purchases for depreciation.
Want this done for you?
Wootz can keep your bank feeds clean, match receipts, and prep GST in the background. You keep selling; we keep the ledger tidy.