What are the most important accounting issues for a small business to consider?

What are the key areas in accounting that typically give the most headaches to small business owners? How do you mitigate this?

Top voted answer
Warren Cottis

Warren Cottis, Director at 360 Email Marketing

maintaining adequate cash flow

Stuart Reynolds

Stuart Reynolds, Partner at

There's plenty of different matters to sort through, but here's a start....
How to get your tax obligations in order - https://www.fullstack.com.au/understanding-your-accounting-obligations/
Getting the corporate structure right - https://www.fullstack.com.au/should-you-choose-a-trust-or-a-company/
Managing your cashflow effectively - https://www.fullstack.com.au/7-steps-to-managing-cash-flow-better/

Stephanie Mellick

Stephanie Mellick, Accountant, Consultant & Strategist at

Reconciling services / products provided with cash received 
Choosing the right software 
Managing cash flow 
Managing accounts payable 
Forecasting sales for the month and year ahead 
Sitting down with your adviser on a regular basis to go over the numbers and make sure the business is tracking to forecast/business plan