Managing Business Expenses in the Cloud

 

It’s only a matter of time before paperless offices become the norm rather than the unusual. With technology and software the way it is these days, it’s easier than ever to do away with the administrative headache a paper trail can bring.

Recent research found that 35% of the businesses surveyed had adopted paperless policies and were consuming less paper and increasing productivity as a result
And consider how we work these days. So many of us have ‘mobile’ offices or work remotely. Hard copies of business expense material whether it be invoices, receipts or payslips is just not a practical solution anymore.

There’s a really interesting theory we read about recently called ‘The Theory of Constraints’ (TOC). TOC says that a system is controlled by a number of constraints and the secret to improved productivity is to identify the major constraint and then focus resources on fixing that constraint.

When we speak to our clients, one of the big constraints they identify is managing expenses because of the paper trail they create. Especially at this time of year (tax time!) when people are scrambling around for copies of receipts, bank statements and invoices they’ve paid.

Here are the benefits of creating a paperless office and managing business expenses in the cloud:

§  Less spend on storing archives and records through saving money on offsite storage costs or even on archiving material such as filing cabinets, storerooms, folders and binders

§  Save on office stationery costs with less copy or printing paper required

§  Easy access to real time information for the accounts payable team

§  More space in your office and less clutter

§  Higher productivity levels amongst employees

§  Digital copies of receipts stored in accounting software and transferred to the profit and loss statement with less data entry requirements

§  Minimise human error by automating expense payments and bank reconciliation capture

That’s a pretty convincing list of benefits. And of course you’re helping the environment too.

So get yourself out from under that pile of paperwork and streamline the productivity of yourself and your business.

Xero and Intuit QBO have some user-friendly expense management software that will make the transition to a paperless office painless. Or use smart apps such as Hubdoc and Receipt Bank will change the way you capture business expenses.

Chat to us or your accountant about ways you can go paperless. Starting with streamlining your financials will not only de-clutter your office, it will de-clutter your business process which means more space for growth, development and a healthy bottom line.

https://www.ikeep.com.au/


Comments

Post a Comment

Popular posts from this blog

It’s 2024 fringe benefits tax (FBT) time!

  As the 2024 fringe benefits tax (FBT) period approaches, it’s essential to note key dates and obligations. Employers who have provided fringe benefits to their employees or their associates between April 1, 2023, and March 31, 2024, are required to lodge and pay their 2024 FBT returns promptly.  Notable dates to remember include: The conclusion of the 2024 FBT year on March 31, 2024. The deadline for lodging FBT returns and settling any outstanding liabilities to avoid penalties and interest is May 21. For electronic lodgments through tax practitioners, the due date for lodging and payment is June 25. Employers new to lodging with a tax practitioner must ensure inclusion on their FBT client list by May 21 to be eligible for the June lodgment and payment timeline. Even if no FBT return is necessary, registered employers must inform the Australian Taxation crucial, the ATO recognizes exceptional circumstances and encourages proactive communication for those experie...
Read more

Managing Cashflow for Small Business

  Any business owner will tell you that managing business cashflow can be a real juggling act. Cashflow is one of the most common problems that cause business owners to lose sleep. Gaining control of your small business’ cashflow will go a long way to improving your peace of mind and reducing stress. So  how Can a Business Improve its Cashflow ? Identify Identifying certain triggers in particular sales and payments will make a significant difference to cashflow management. Analysing outgoing payments and noting when they regularly occur will go a long way to ensure strong cashflow. Some of the key areas to consider are: Payroll for staff Supplier payment terms and conditions Australian Tax Office Utilities Finance including bank fees and loans Rent Payment to suppliers Customer payments including refund policies There are number of business costs that must be accounted for to help create better cashflow management for your small business. Becoming aw...
Read more

Federal Court Decision on Employer’s Failure to Pay Annual Leave Entitlements

  The Federal Court of Australia recently ruled on a case involving an employer’s failure to pay a worker’s accrued annual leave entitlements upon termination, underscoring the importance of compliance with the Fair Work Act 2009 (Cth) and the severe repercussions of non-compliance. Case Background The case focused on the worker’s claims that the employer had dismissed him for exercising his “workplace rights,” imposed unreasonable working hours, and failed to pay his accrued entitlements upon termination. The court found the employer in breach of section 90(2) of the Fair Work Act for not paying the worker the amount equivalent to his accrued but untaken annual leave when his employment ended on December 9, 2021. The owed amount of $8,022.82 was paid only on March 30, 2022, nearly three months after the termination. Seriousness of Breaching the NES The court emphasized the seriousness of breaching the National Employment Standards (NES), stating that “any breach of the NES...
Read more