How to Do Accounting When You're Busy Running the Business
A step-by-step, no-jargon walkthrough of a simple accounting rhythm for NZ sole traders, from invoices to GST returns.
By the Wootz team · Updated Oct 2026 · 7 min read
You do not need an accounting degree to keep clean books. You need a simple rhythm. This one keeps your GST sorted and your time focused on customers, not spreadsheets.
The quick rhythm
- Daily: log receipts and tag spend by category.
- Weekly: reconcile bank transactions to invoices and expenses.
- Monthly: review your P&L, cash flow and GST preview.
- Each GST period: file your return and follow up slow payers. Most small businesses file every two months.
1. Set up the basics
Separate business banking from personal spending. Create three buckets: operating expenses, tax and GST, and owner pay. Bring your bank transactions into your accounting tool, then set default categories for common spend such as fuel, software, contractors and materials.
2. Capture every expense
Keep evidence while it is fresh. Snap each receipt and tag it before you leave the cafe, supplier or job site. Log mileage and home-office allocations weekly, so you do not scramble at year end.
3. Reconcile weekly, not yearly
Set a 30-minute block every Friday. Match bank transactions to invoices and receipts, split mixed spends and flag anything you need to revisit. Consistency here prevents messy year-end clean-ups.
4. File GST without panic
Track GST on each transaction and run a return preview monthly, so you can spot errors early. Move the expected GST into a separate account every month. When filing day arrives, you are confirming numbers, not hunting for invoices. Our free GST calculator helps with one-off sums.
5. Close each month
Run your profit and loss, cash flow and aged receivables. Check who owes you, chase slow payers and confirm your tax stash matches what you owe. Note any spikes in spending and adjust next month's budget.
Year-end checklist
- Reconcile your final month and lock the period
- Count inventory or confirm stock levels, if relevant
- Export your P&L, balance sheet and general ledger for your accountant
- Check fixed assets and add new purchases for depreciation
Want it to be simpler?
Wootz keeps your income, expenses and GST in one place from $12/mo + GST. See how it works for sole traders.
