As a business owner, you may have to juggle many roles including receptionist, general manager, marketing manager, production manager and possibly shipping clerk. In addition, most business owners also have to fill the important role of bookkeeper.
While bookkeeping is a statutory requirement, knowing your numbers is a critical part of running a successful business. In fact, up to date records lets you make informed business decisions and do year-end tax planning that could save you lots of money.
Your choice of accounting software is a very important decision and it is one of the foundation bricks in your business 'wall'. When it comes to accounting software, one size certainly doesn't fit all businesses so when recommending the most appropriate accounting software program we always address these three key questions:
- What does your business need - payroll, inventory management, debtors, creditors, invoicing? Do you need a full blown general ledger that lets you produce your own financial statements?
- What is your level of accounting skill?
- Do you want to use a cloud based program or a desktop bookkeeping solution?
Your choice of accounting software will depend on your business needs and level of accounting skill. For this reason we support a number of programs and have a preference for cloud accounting solutions like Xero (pronounced zero), MYOB and QuickBooks.
All too often we inherit clients who are using the wrong software in their business and as a consequence, they produce records that are nothing more than ‘computerised shoeboxes.’ The records look organised but in reality, they are full of misclassifications and errors. This creates frustration and additional costs which conflicts with our client brief of helping you reduce the cost of compliance. For that reason, we also offer you software training.
Of course, in some instances you might be too busy to juggle the bookkeeping function. We can put you in touch with a range of independent bookkeeping service providers with whom we are happy to liaise and work with. This will free up your time, allowing you to focus on what you do best and work ON your business! Alternatively, if you appoint an external bookkeeper, we are more than happy to work with them.
CLOUD or CONVENTIONAL?
Increasingly our clients are opting for cloud based bookkeeping solutions because they let you run your business from work, home or on the go. All you need is an internet connection and your password to access your record keeping via the internet. You can then invite your accountant or bookkeeper to view your accounts at the same time which means you can get bookkeeping assistance and valuable advice in real-time.
Cloud based programs like Xero, MYOB and QuickBooks Online allow you to log in anytime from anywhere on your Mac, PC, tablet or smart phone. You can get a real-time view of your cash flow and while there are several cloud based accounting software programs on the market, we emphasise the need to have an understanding of double entry accounting or undergo some training before you go down this pathway.
There are numerous advantages of cloud based (online) bookkeeping. You can work on any system (Mac, Windows or Linux) plus, in some cases, there’s a mobile version specifically designed for smartphones like iPhone and Android. Your data is secure, even if your computer is lost or stolen. You have the freedom to view your financial data from wherever you are, no matter the device and there’s no more waiting to update your financial records on the office computer. Your data is never out-of-date and software updates are free and automatically available when you log-in, saving you the need to purchase the newest version of the software. There’s no need for back-ups as they are automatically done for you and all your invited users have access to the latest version of your financial data. Ultimately the idea is to let you spend more time working ON your business and less time doing your books.
We invite you to book a FREE, one hour introductory consultation to discuss your bookkeeping requirements. To book a time, contact us today on (03) 5224 1133 or complete your details in the box at the top of this page.