What’s one of the biggest challenges successful Property Developers face? Keeping track of everything from a record-keeping perspective when they have multiple projects either on the go or completed. That’s a problem I'm sure a lot of beginning Property Developers want to have!
Because like it or not, if the Australian Taxation Office comes knocking on your door to do an audit, answering "I'm not a detail person" isn't going to cut it as a response. They aren't going to like the stereotypical shoebox full of receipts approach either.
Finance providers are also much friendlier when your tax returns and bookkeeping are up to date. Once your property development business grows, you can certainly employ someone to look after the nitty gritty of the ins and outs, but the earlier you get into good habits, the easier it is to outsource the task later down the road.
So what do you need to do to make sure you've dotted every "i" and crossed every "t" when it comes to keeping track of the financial side of your property developments?
Because like it or not, if the Australian Taxation Office comes knocking on your door to do an audit, answering "I'm not a detail person" isn't going to cut it as a response. They aren't going to like the stereotypical shoebox full of receipts approach either.
Finance providers are also much friendlier when your tax returns and bookkeeping are up to date. Once your property development business grows, you can certainly employ someone to look after the nitty gritty of the ins and outs, but the earlier you get into good habits, the easier it is to outsource the task later down the road.
So what do you need to do to make sure you've dotted every "i" and crossed every "t" when it comes to keeping track of the financial side of your property developments?