Get your Accounting System Sorted this Lockdown
I get it, you have more important things to do in your business than accounting right? While most people find doing their bookkeeping and accounting tiresome it is important to the overall health and wellbeing of your business. So, if you are using paper or excel and have been thinking of accounting softwares we’re here to tell you why it’s good to set up during this quiet time so you’re ready for the post lockdown business.
Here are my top 5 reasons why you need to be using an accounting software:
1. Saves time and money
This has to be an important reason. As small business owners time is precious and anything that is going to save time is important. Once you get the hang of accounting software they can be very easy to use. Sending invoices and reconciling expenses can be done with a click of the button.
2. It does the hard work
Managing payroll and GST can be tricky. These are things you don’t want to get wrong because the consequences can be drastic. With an accounting software it will calculate how much GST is owing, and calculate the tax and superannuation for you.
3. Controls Cashflow
Cashflow is the number one concern for most small businesses, and the reason for business failure. A good accounting software will allow you to monitor unpaid invoices, see in one place all of the bills you have and invoices owing. You can also use your software to automatically follow up with customers their unpaid invoices. Accounting software can also integrate with your bank accounts and credit cards so you have a full picture of your business finances.
4. Taxes made easy!
Doing BAS can be as simple as running a report. When using cloud accounting software your accountant or bookkeeper can access the information directly from the cloud so no need to send over files or have them come on site.
5. It is customisable
Every business is different. You have different accounting methods, payroll and staffing arrangements are different from one business to another. Your accounting software can be versatile and you can customise it to meet your requirements. You can add your logos and information so that clients receive personalised invoices and messages from you and your business.
At Sum and Substance we are passionate about helping businesses run smoothly and efficiently and will work with you to choose the best systems. If you would like our support in setting up your accounting systems or training your team on the software please contact us. We can be reached at (03) 9424 9447 or email. You can directly book in a time to chat by clicking here.