Time to make sure that your business accounts are in order for the tax man. The best time to start or change your MYOB or Xero system is now, in good time for the new financial year. The KISS principle should be applied – keeping it sweet and simple – or, if it ain’t broke don’t fix it.
If you use an exercise book and it works, stick with it.
If you use a standard pre-printed accounts format and that works well for you – don’t change.
If you use eRecord the ATO provided software, be aware it is no longer supported.
Have your registered for GST and now need to do quarterly BAS reports – if so then it can save lots of time and hassle by choosing a simple, web based, accounting system such as MYOB Essentials or Xero.
Is your internet signal a bit dodgy? If so you need a system that lives on your computer but accesses the internet occasionally to download Bank Feeds.
What are Bank Feeds I hear you ask? (not to be confused with bank fees that we all know about J)
Bank Feeds are one of the latest game changers and save many people up to 10 hrs a month in bookkeeping.
The info shown on your bank statements is automatically downloaded into your accounting programme. All you have to do is to allocate it to an expense or income category and the job’s done! Now, how easy is that?
In this way you can save time yourself, or if you have a bookkeeper they can spend less time.
I am passionate about small businesses doing their own bookkeeping so that they have a more intimate feel for their finances. However many people have an allergy to bookkeeping work and much prefer to hand it on to someone else. Whichever way works best for you, still a great way to save time and money!
Call someone who specialises in small business systems, get some free advice, and see whether you would like to explore your options in more detail.
Until next time
Geoffrey Colwill, $mallBizFit