When running a business, it’s important to regularly keep track of how your business is going. As a business owner, there are a variety of financial reports and statements you can use to track your business.

1. A year in business

2. Regular business and tax reporting
When running a business, it’s important to regularly
keep track of how your business is going. As a business
owner, there are a variety of financial reports and
statements you can use to track your business. These
reports can help you to:
• keep track of your business finances
• make business decisions
• set goals for your business
• apply for finance for your business (such as
approaching an investor or a bank for a loan).

3. To help you get started, learn how to create a budget
using our free financial templates.
Tip: Most businesses will also need to lodge business
activity statements (BAS) every month or quarter for
tax purposes.

4. Did you know?
If your business is a company, you will be sent
an annual statement to complete around the
anniversary of the date you registered your company.
End of Financial Year (EOFY) reporting
There are a number of reports and tasks you can
complete at the end of your financial year (30 June, for
most businesses) for reporting and tax purposes. These
reports and tasks are useful to track how your business
is going year by year, and include:

5. • summarising your income and expenses in a profit
and loss statement
• conducting a stocktake
• summarising your record of debtors and creditors
• pulling together any records of asset purchases or
money you spent on improvements to your existing
assets over the year, so you can calculate
depreciation expenses to claim for capital gains tax
purposes
• completing and lodging your income tax return to
report your business income and claim deduction

6.  Tip: to avoid delays in processing your return,
make sure you use the correct Business industry
code – see the Australian Taxation Office
(ATO) Business industry code tool
 pay super contributions for your employees
and send the data electronically –
read SuperStream for more information about
reporting and paying super electronically
 lodging other yearly reports or returns, such
as PAYG withholding, fringe benefits tax
(FBT), Goods and Services Tax (GST), and
the taxable payments reporting system.

7. Did you know?
• If you operate a business as a sole trader, you need
to lodge a tax return including the supplementary
section – business and professional items schedule
for individuals – regardless of your income.
• Find out more
• Find out more about essential tasks at end of
financial year (EOFY).
• Find out what reports and returns to lodge with the
ATO.
• Check out our information on income and
deductions and business activity statements.

8. Growing your business
As a business owner, it’s important to plan for your
business’s future, including ways to grow your business.
The coronavirus (COVID-19) has impacted the growth
opportunities for many businesses, so finding ways to
grow your business will help keep it going, for example:

9. • creating or offering new products
• using new business processes to make you more
efficient or save costs
• entering new markets and expanding your customer
reach.
It’s important to update your business plan as your
business goals change. This will help you to grow in a
way that is sustainable for your business, taking into
account the resources you have and what opportunities
are best for your business.

10. Find out more
• Have a look at the South Australian Department of
State Growth’s information on Growing your
business.
• Check out our Growing a business checklist, which
takes you through the different methods and issues
you should consider when growing your business.
Advertising your business

11. Advertising can help you to reach a larger audience and
attract more customers to your business. There are a
number of ways to advertise your business, including
through:
• having your own business website – provides a way
for people to reach your business and details in their
own time and location. You may even be able to set
it up so you can sell your goods or services directly
from your website
• social media – engage with your customers and
advertise your business by sharing your messages
with your audience online

12. • email newsletters or blogs – regularly create content
related to your business to keep your audience
engaged. If using an email newsletter, it’s important
that you get permission before you send emails to
people
• newspapers and magazines – have a print
advertisement or list your services within the
classifieds
• television – advertising on television can be costly,
but can help you reach a large audience

13. • radio – similar to advertising on television, though
the cost is usually less and the audience reach is
more localised
• mail – dropping advertisements in mailboxes can be
a simple cost effective way to reach your local area
• phone books and directories – have your business
listed on various business directories so you can be
found by potential customers when they’re looking
for a service.

14. When choosing the best way to advertise your
business, consider the audience you are trying to reach,
as well as the costs involved. You don’t have to spend a
lot of money to advertise and promote your brand, so
choose what is likely to be the most effective for your
business.

15. Find out more
• Check out our advertising page for more information
on advertising your business.
• Read more about Ways to advertise your business on
the Business Victoria website.
• Not sure where to start? Here are some tips and
tools to help you develop a marketing strategy.
• Read about some things to consider before
you promote your business.
Read about marketing your business during COVID-19
and how to keep your customers loyal during the
pandemic.

16. MARKETING
Saving money on energy costs
Reviewing the energy usage in your business is a great way
to help you save on costs. While it seems like a necessary
expense, you can often find ways to save through:
• understanding how energy is being used in your business
and where you can reduce your usage
• reviewing your contract and searching or negotiating for
better deals
• upgrading to more energy efficient equipment – while
this may be a big cost upfront, it may save you money in
the long run.

17. Being environmentally conscious in your business can
also boost your business and brand reputation to the
public.
Find out more about environmental management in
your business.
If your business is struggling with energy bills due to
COVID-19, find out what help you can get with your
energy bills.

18. SAVING ON YOUR ENERGY BILL
Planning for exiting your business
Even though you may not want to think about selling or
closing your business, it’s important to plan properly
for when and if you do.
There can be many reasons why you decide to exit your
business, including:

19. • your business is no longer viable to keep running
• you are looking to retire or pursue other
opportunities in life and no longer want to run your
business
• you have achieved your business goals and are ready
to close or pass the business on
• your business is forced to close as it has become
insolvent.
Whatever your circumstances are for exiting, planning
your exit ahead of time will help make what can be a
difficult and emotional process easier.

20. Watch the journey of selling or closing a small business
video series for help through the process of exiting
your business.
Tip: If you are selling or closing your business you
should cancel your ABN.
Did you know?
You can call the ATO if you sell or close your business,
to find out if you need to finalise any GST, employee,
contractor or other obligations, and what records you
need to keep.

21. Find out more
• Read about the important things to consider
when deciding whether to sell or close your business.
• Find information on tax issues to consider
when changing, selling or closing your business on
the ATO website.
• Check out these suggested steps to guide you
through the process of closing your
business or selling your business.

22. • Find out more about closing your
company and cancelling your business name with the
Australian Securities & Investments Commission
(ASIC).
https://www.ikeep.com.au/