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The following describes some other accounting issues that need consideration:

Record keeping:

Record keeping is an essential part of running your business effectively. There are legal requirements that must be adhered to when recording your business transactions. Record keeping also has the benefits of making business decisions and managing the business easier as the information is kept up to date, allowing for a more informed decision.

By law, the Australian Taxation Office requires you to:

• Keep business records and documents that identify and explain all transactions.
• Retain these records for a minimum of five years.
• Record in English or in a form that tax officers can understand in order to determine your tax liability.

You may be subjected to a penalty for not adhering to these requirements, so refer to the ATO website for more information. Some of the business records that you must have include:

• sales records 
• purchases/expenses records
• income tax records.

A full list of records that must be retained for taxation purposes can be found on the ATO website.

Pricing structure:

Price is the monetary value for a product that the customer is required to give up to purchase the product.  As a business owner you will want to cover the costs the business incurs to produce the product, as well as make a profit on top of this. Therefore a solid pricing structure is important. The way you price your product will also depend on your business, whether it is a manufacturer, retailer, or primary producer. Each has different types of costs that need to be accommodated for. 

For more information on pricing visit the Department of State and Regional Development "Pricing and Costing: managing for a profitable business" tutorial.

Inventory control:

Managing inventory is an important aspect of maintaining your business. It ensures the efficient flow of resources throughout the production process as well as the inventory that is generating the big sales for your business.

There are four main types of stock that need to be managed:

• raw materials and components - ready to use in production
• work in progress - unfinished goods
• finished goods ready for sale
• consumables - for example, fuel and stationery.

Inventory systems can be electronically controlled (e.g. perpetual inventory systems) or manually controlled (e.g. Periodic). Inventory control systems software is widely available. Therefore, when developing such a system, ensure the system meets the needs of your business.