How do you feel about bookkeeping? Keeping track of invoices, receipts, and payments can be tough when you are a small business. After all, you already have inventory to manage, orders to fill, or maybe livestock to sell. For many people, trying to sort out financial statements and taxes involves handing a stack of papers to their accountant and hoping that they can make sense of it all.
However, this method involves quite a bit of your accountant’s time, and often quite a bit of your time as well because your accountant will often come back to you asking you to locate missing receipts or deductions.
There’s an easier way to do it.
Modern, online accounting software can save you and your accountant considerable time and reduces the time you’ll spend digging through papers. Most programs can hook up directly to your bank transactions and can allocate common expenses accurately and automatically—no need to worry about reconciling your bank transactions before preparing your BAS! The software can also often link directly to your accountant, allowing them to get in and help you if you get stuck, or easily access all of your information to quickly prepare tax returns, BASs, or financial statements.
Because of these advantages, we often recommend online accounting software to our clients. However, there are a few things to consider before you take the leap.
In general, it’s always a good idea to chat to your accountant before making the switch to accounting software. Your accountant might be able to get you a discount on the software and can advise on which program will work best for you. However, make sure that you’re not buying something that your accountant will get more perks from than you do. Ultimately, the choice is yours—in terms of both brand and whether to purchase a software package in the first place.
However, there are also other options that we are happy to discuss with you! Contact us for more info.