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SmallBusiness Accountant
  • Total posts: 19

Hi MickB,

If you have two separate businesses operating under the one ABN, Xero and other providers allow you to use tracking/ jobs. This means that you can separate out the income and expenses for each business and account for each business in the one file. The software can provide you P&L’s for each different business once it is all setup correctly. There are a few youtube videos which explain the concept should you wish to look into it further.

Regarding setting up two separate companies, I wouldn’t necessarily do this if the primary reason is to make it easier to account for the each business separately. If I was going to do something like that, I would want a good reason, as your accounting costs are only going to increase with two companies.