As a business owner, you already have a lot on your plate, juggling different roles within your company.
One important role that cannot be overlooked is bookkeeping.
It's not only a statutory requirement but also a critical component of running a successful business. Up-to-date records allow you to make informed business decisions and do year-end tax planning, potentially saving you lots of money.
Choosing the right accounting software for your business is a crucial decision, and it is the foundation of your business's finance system.
We understand that one size does not fit all, and that's why we ask important questions before recommending the most appropriate software program for your business.
We take into account your specific needs such as payroll, inventory management, debtors, creditors, invoicing, and your level of accounting skill. We work together to decide whether you need a full blown general ledger that lets you produce your own financial statements, and whether a cloud based program or a desktop bookkeeping solution is best for you.
If you have a registered tax or BAS agent, consider if choosing software that is compatible with theirs will also meet your needs.
Additionally, we offer training to help you get the most out of your chosen software.
Cloud-based bookkeeping solutions
Cloud-based bookkeeping solutions like Xero, MYOB, and QuickBooks are increasingly popular among our clients. They provide the flexibility to run your business from anywhere, all you need is an internet connection and your password to access your record keeping via the internet.
You can also invite your accountant or bookkeeper to view your accounts in real-time, which allows you to get bookkeeping assistance and valuable advice when you need it.
Moreover, cloud-based bookkeeping offers numerous benefits such as the ability to work on any system, enhanced security, automatic updates, and data backups.
All invited users have access to the latest version of your financial data, and you can spend more time working on your business instead of doing bookkeeping.
More and more business owners are turning to cloud-based bookkeeping solutions to manage their finances. With cloud-based software like Xero, MYOB, and QuickBooks Online, you can access your financial records from anywhere with an internet connection. This means you can work on your business from home, the office, or on the go.
You can also invite your accountant or bookkeeper to view your accounts in real-time, so you can get the assistance you need when you need it.
One of the main advantages of cloud-based bookkeeping is that you can access your financial data from any device, including Macs, PCs, tablets, and smartphones like iPhones and Androids. This means you can get a real-time view of your cash flow and update your financial records whenever and wherever you need to. And with automatic software updates and backups, your data is always up-to-date and secure.
However, before choosing a cloud-based bookkeeping solution, it's important to have a basic understanding of double-entry accounting or undergo some training. This will help you get the most out of your software and ensure that your financial records are accurate and reliable.
In the end, choosing a cloud-based bookkeeping solution can save you time and money. By spending less time on bookkeeping, you can focus on growing your business and doing what you do best.
How to choose suitable record-keeping accounting software
You should choose record-keeping software that:
you can understand and operate easily
enables you to meet your record-keeping requirements
enables you to report digitally to the ato.
Make sure the package you choose will meet your business's needs now and in the future. Consider what functions you need your software to do, for example:
record sales, voids, refunds and exchanges (per employee, over a period of time)
track and managing stock, work in progress, customers' orders, jobs or other task management requirements
produce invoices and receipts
payroll requirements, including wages, annual leave, long service leave
Single Touch Payroll reporting obligations
keep track of money taken from your business (often referred to as 'drawings')
manage multiple bank accounts or businesses
deal with foreign currency
do budgets or forecasting cash flow
get regular reports
back-up processes and security.
It's a good idea to regularly review whether your software package is keeping up to date with the functions you need to:
run your business as it grows and changes
interact with us, for example, Single Touch Payroll (STP), Taxable payments annual reporting
take up new digital opportunities as they become available, for example, eInvoicing.
If you use a registered tax or BAS agent, they will be able to advise you on things that your software should be able to do to ensure you can meet your tax, super and employer obligations, including any recent changes to law.
Remember, your records need to be an accurate reflection of your business transactions. Electronic sales suppression tools, which manipulate records, are illegal.
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