Module 27

Accounting, bookkeeping and tax time

6 lessons, 33 stepsOne instruction at a time, each with the result to expect. Tick steps as you go; Helix remembers.

Outcome: you have the right helpers, your store and your books agree each month, your stock and product costs are recorded properly, and tax time in June (Australia) or the new year (US) is a checklist, not a panic.

Related: Module 26 Tax, GST, sales tax and duties, Module 14 Inventory, cash and the year plan, Module 1 Daily profit foundations, Module 24 Payments, fraud and chargebacks

In plain words

Stage: Grow (keep more of every sale, then scale). Every lesson below is tagged with its stage; see Attract, Convert, Grow.

What it is: Keep clean books, record stock properly and make tax time a checklist.

Why it matters: Messy books hide your real profit and make tax time slow and expensive.

Do this:

Pick a registered accountant and bookkeeper who know online stores.

Record each payout as one summary entry and reconcile every week.

Count stock at year end and follow the tax dates Helix puts on your calendar.

Words to know:

Reconciliation: Matching the money in your bank with the sales, fees and refunds in your books.

Clearing account: A holding account in your books where a payment provider's sales and fees sit until the payout lands in the bank.

Stocktake: Counting every unit you hold, usually at the end of the financial year, so your books match the shelf.

Landed cost: What one unit really costs once it reaches your warehouse: product, freight, duties and fees.

All words are explained in the glossary.

General information, not tax or legal advice. Check with a registered tax agent or accountant before you act. Your structure, state and situation change the answer.

Lesson 27.1: Choose your structure and your helpersGrow

General information, not tax or legal advice. Check with a registered tax agent or accountant.

Why this matters

Your business structure changes how you pay tax and what you are personally liable for. A good accountant pays for themselves, while a poor bookkeeper can cost you a year of clean-up.

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Step 1 of 5

Learn the two roles: a bookkeeper keeps records up to date weekly or monthly; an accountant or tax agent prepares returns, gives tax advice and helps you plan.

Expected result

You know which helper you need for what.

Lesson 27.2: Connect your store to your books cleanlyGrow

General information, not tax or legal advice. Check with a registered tax agent or accountant.

Why this matters

Copying every order into your accounting software creates thousands of lines that never match your bank. Recording each payout as one summary instead keeps your books clean and quick to check.

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Step 1 of 6

Use one accounting system, such as Xero or QuickBooks.

Expected result

All records live in one place.

Lesson 27.3: Cost of goods and stock in your booksGrow

General information, not tax or legal advice. Check with a registered tax agent or accountant.

Why this matters

Stock you hold is an asset (something you own), not an expense, until it sells. Getting this right is the biggest difference between your books' profit and your real profit.

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Step 1 of 5

Record stock purchases at landed cost: product price plus freight, duty and broker fees, without claimable GST.

Expected result

Stock values are complete and ex GST.

Lesson 27.4: Records and the monthly closeGrow

General information, not tax or legal advice. Check with a registered tax agent or accountant.

Why this matters

A short monthly routine, called the monthly close, keeps tax time simple and gives you numbers you can trust. Aim to finish within two weeks of month end.

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Step 1 of 6

Reconcile all bank accounts, cards and payment clearing accounts.

Expected result

Every balance matches.

Lesson 27.5: End of financial year in AustraliaGrow

General information, not tax or legal advice. Check with a registered tax agent or accountant.

Why this matters

The Australian financial year ends on 30 June. Helix puts these steps on your calendar from May so nothing is rushed.

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Step 1 of 6

In early May, book a planning chat with your accountant about expected profit and tax.

Expected result

The meeting is booked.

Add it to your calendar

Lesson 27.6: Year end and tax season in the USGrow

General information, not tax or legal advice. Check with a CPA or enrolled agent.

Why this matters

Most US stores run on the calendar year. Helix puts these dates on your calendar for US stores.

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Step 1 of 5

In December, count stock and review sales tax registrations against each state's threshold.

Expected result

Stock is counted and registrations are current.

Words to know in this module

GST: Goods and services tax: 10% in Australia (15% in New Zealand), added to most sales once you are registered.
Sales tax: In the US, a tax set by each state (and some cities) that the seller collects at checkout.
Duties: Taxes charged by a country on goods coming in from overseas.
Profit: What is left from sales after product cost, shipping, payment fees, discounts, refunds and ads. This is the number Helix cares about most.
Chargeback: When a customer asks their bank to reverse a card payment. The bank takes the money back until you prove the sale.
Payout: The money your payment provider sends to your bank, after taking its fees, refunds and any held amounts.
Reconciliation: Matching the money in your bank with the sales, fees and refunds in your books.
Clearing account: A holding account in your books where a payment provider's sales and fees sit until the payout lands in the bank.
Stocktake: Counting every unit you hold, usually at the end of the financial year, so your books match the shelf.
Landed cost: What one unit really costs once it reaches your warehouse: product, freight, duties and fees.
Product cost: What one item costs you to make or buy, including freight to your warehouse.
BAS: Business activity statement: the form Australian businesses lodge with the ATO to report and pay GST.
CPA: Cost per acquisition: how much ad money it took to get one sale.
Buy now pay later: Payment options like Afterpay or Klarna that let shoppers split the cost.

All words to know