As a business owner you sometimes have to be the ‘jester’ and juggle many roles including receptionist, general manager, marketing manager, production manager and shipping clerk. Having said that, most business owners also have to fill the important role as 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.
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 software program we always address these three key questions:
- What does your business need? Payroll, inventory, debtors, creditors, invoicing or 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?
As such, 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).
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’. 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 training to use the software of choice.
Of course, in some instances you might be too busy to juggle the bookkeeping function so we also offer you a full bookkeeping service. We can handle the record keeping so you can spend more time working ON your business and your marketing. Alternatively, if you appoint an external bookkeeper we are happy to liaise and 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. You can then access your record keeping via the internet and invite your accountant or bookkeeper to view your accounts at the same time. This means you can get bookkeeping assistance and valuable advice in real-time.
Cloud based programs like Xero and Saasu 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 cashflow 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.
All your invited users have access to the latest version of your financial data and you never need to worry about installing software or updates. 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, call us today on (02) 4389 7500 or complete your details in the box at the top of this page.