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Complete regular and mandatory financial tasks

On-time reporting and financial tasks reduce fines and keep money coming in.

On this page

  • Financial tax tasks to complete so your business stays legal
  • Superannuation tasks
  • Business loan compliance tasks
  • Monthly financial tasks to keep money coming in


Business Activity Statement (BAS), GST, PAYG (for employers) and income tax (for sole traders) are mandatory for every business. You will be fined if you are late.

Mandatory GST, BAS, PAYG and income tax

Victorian businesses need to complete GST, Business Activity Statement (BAS), PAYG (for employers) or income tax (for sole traders).

How to do it

  1. complete all data entry into your bookkeeping system
  2. at the beginning of the month run reports to show what tax payments are outstanding from the previous month
  3. prepare your monthly tax compliance returns such as BAS and PAYG.
To help you manage these mandatory financial tasks:
  • open a separate bank account and transfer tax payments due from income received. Then they're ready for payment when tax is due
  • having the right bookkeeping system for your needs is important. Get help to choose the best accounting software.

Mandatory superannuation tasks for employers

You must complete these tasks if your business employs people.

How to do it

  1. keep accurate records of all superannuation allocated at each pay date for each employee
  2. at the end of the month run a report that summarises all superannuation due.

To help you stay compliant:

Tasks if you have a business loan

You only need to complete these tasks if you have a business loan.

How to do it

  1. review your business and personal loan summary document
  2. prepare any compliance requirements to send to the bank
  3. ensure all loan repayments have been made for the previous month.

If you're struggling to pay your loan, it's best not to ignore it. Talk to your bank before you default on your loan.

Update cash flow position monthly

If you're looking at your cash flow you'll be able to see potential problems before they happen and work to avoid it.

How to do it

  1. complete bank reconciliation for each business bank account so bank statement balances match your bookkeeping bank balance
  2. update your cash flow forecast.
Update your cash flow forecast at least once a month with actual cash flows so the forecast remains current and useful.

Collect outstanding debts from customers

Most cash flow problems come from late payments from customers. Having procedures will improve payment times.

How to do it

  1. run a report that shows all outstanding income from customers (in most bookkeeping systems this is called an 'Aged Debtor Report')
  2. review and highlight customers with overdue payments
  3. prepare customer statements from your bookkeeping system and send to all customers with outstanding debts.

To make debt collection easier:

  • make sure new customers sign your terms and conditions for supply of goods or services and list them on each invoice for good invoicing practice
  • have followup debt recovery procedures, including a phone call and email 
  • consider stopping supply or payment plans for extreme late payers or larger bills.

Prepare profit and loss statement

Review key activities against your monthly profit and loss statement to see issues quickly and save money. Compare previous periods or industry benchmarks to find additional key areas to focus on.

  1. run a profit and loss report from your bookkeeping system for the previous month
  2. compare this report to last month, last season and/or last year results for the same period or industry benchmarks. If you don't know how to read a profit and loss statement or prepare budgets attend a financial management workshop
  3. update profit and loss budget for the actual months results and review if the budget profit is still achievable.
Set aside a day to do all your monthly tasks - after a few months it will take less time as you'll be quicker at identifying issues and there will be less to do after taking action.

Back up all business data and locate offsite

If you have a fire, flood, IT failure or theft you'll get your business running again much faster if you have a backup of data you can restore

How to do it

  1. choose your method of data backup. Your accounting software may be able to do this for you automatically
  2. run your data backup process once a week or check the automated process is working.

When it comes to data backup:

  • keep a copy in a separate geographic location in case of bushfires (try using 'cloud' storage, using the internet)
  • see if your accountant offers data backup services.