Old Accounting Systems Cost You Time And Money

Cash flow management is crucial to any business. Poor cash flow management impacts a company’s ability to grow or even just stay afloat, and is one of the main reasons so many businesses eventually close their doors.

Compliance requirements with the Australian Tax Office such as Business Activity Statement (BAS), PAYG tax, and employee’s superannuation necessitate having the right accounting systems and a bookkeeper in place. Both will reduce stress over compliance and keep cash flow on track. Yet so many business owners continue using out-dated systems such as Excel spreadsheets to manage their cash flow when there are a variety of tools that make these tasks less stressful. Tracking invoices, expenditure and a business’ financial position using a simple spreadsheet is time consuming and costs your business.

Cloud Accounting Solutions

New cloud accounting software options such as Xero and QuickBooks Online are powerful applications that automate many business tasks and generate reports quickly, helping you understand your position better. These systems securely link with your bank account meaning reconciliation is quicker too. Imagine the time you will save.

Being securely cloud-based, these cutting-edge systems allow you to access information from anywhere on any device. Accessing real-time financial data gives businesses greater control and allows better business decisions to be made.

Stockpiling paper receipts?

Business owners don’t need to collect every receipt! Forget spending hours every month collecting and entering receipt information. According to ATO guidelines, receipts can be captured as a ‘soft copy’, which means you can have an email or an electronic version.

Tracking receipts for restaurants, petrol, hotels, taxis and other business costs is made easier with applications such as Receipt Bank. Scan your receipt using your mobile phone and Receipt Bank sends the data to your cloud accounting system. This automation streamlines the process, saving you and your bookkeeper time and money.

Most business owners are not across these tools and continue using old systems and methods to track the financial performance of their business.

Identifying which systems will work for your business needs and learning how to implement them simply requires contacting a cloud-based bookkeeping consultancy.

Cornerstone makes your business’ financial management easy.

Contact iKeep for bookkeeping services.

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