It’s one of the most common questions business owners ask—and for good reason. Choosing the wrong method can lead to unexpected tax bills, compliance issues, or cash flow problems. The best approach depends on your business structure: sole trader, company, or trust. Here’s what you need to know to stay compliant and get paid the smart way.

Whether you're just starting out or have been in business for years, tracking your financial health is a key part of operating a sustainable, profitable business. By monitoring key financial elements regularly, you can spot trends, identify issues early, and uncover opportunities for growth.