6. Online web-based options are also becoming very popular. i.e. Xero

7. However, you can use a simple spreadsheet or literally keep ‘books’ where you write down the money flowing in and out of your business under different headings. i.e. Excel spreadsheets.

8. All have advantages and disadvantages – you need to work out what suits your business and what will work best for you.

10. Debtors are the people who owe you money for goods or services you have supplied to them.

14. You buy on credit, therefore you are a creditor, and the credit purchases that you have yet to pay are part of your liabilities.

17. If you purchase goods and services from someone who's GST-registered, you'll be charged GST and you'll be able to claim it back sooner than waiting until your income tax return is filed.

23. business insurances

24. phone, heating and lighting costs

25. annual licensing fees

26. office supplies