One of the main reasons businesses fail is because there is no good bookkeeping and accounting system to help you to know if you are running out of cash. Once your business grows, you will have an increased volume of paperwork, bank statements, tax invoices, credit card statements, payroll records and the information listed on these documents are important for your tax purpose and it is almost impossible to keep track or calculate your GST, PAYG withholdings and superannuation manually. Finding the right system and what to do can seem overwhelming.
Having the right accounting system can help to streamline your finances and can be instrumental in the success of your business. We work with you to explore and understand your needs, and those of your business, to ensure that you receive the best accounting system we can offer.
Should you be registered for GST? How do you keep track of how much you owe? What about superannuation? Is there a software to help me to do my invoices and keep track of who owes me money? How do I know how much to pay my employees? What about the tax I need to pay the ATO for my employees? What are my obligations?
The following are some indications that you might need an accounting software:
- You’re in start-up mode and want to put efficient systems in place right from the beginning of your business journey.
- Your business is growing rapidly, and you need confidence that your system can handle your future expansion.
- Your current system doesn’t give you immediate, easy access to accurate financial and operational information.
- You’re trading online or internationally and using workarounds because your current system wasn’t designed with your needs in mind.
- You’re repeatedly spending time on inefficient processes such as re-keying data to duplicate it from one system to another.
- You’re contemplating hiring staff and realise that your existing system won’t cope with your payroll requirements.
- You realise that your current system is way more complicated than you need and contains many features you’re unlikely to ever use – and that you’re paying annual upgrade fees for the privilege.
Having a good accounting software will help you to:
- Deliver ongoing efficiency and productivity enhancements that minimise repetitive administrative tasks.
- Provide information about your business that is accurate, up-to-date and enable you to make insightful business decisions.
- Improve your cash flow by enhancing transparency about your accounts receivable, accounts payable and inventory requirements.
- Allow your business to easily scale up to cope with more customers, more products, more sales and more staff.
At Webbooks we can set you up on the cloud with Xero or Saasu. It is important to set up correctly from the start to ensure all your transactions are reconciling to the bank and credit card accounts, and to ensure all your transactions are reconciling to the bank and credit card accounts, and that your chart of accounts is tailored to your needs. We can also consult with your Tax Accountant on your business structure to ensure it is set up with their guidelines. Plus we offer you training on your system.