I’ve got a hot tip for all you business owners out there! If you want to see your business succeed you MUST have an efficient bookkeeping system.
A great idea is a key component to business success, but having the right financial systems and day-to-day financial tracking and management in place is vital.
Technology has really removed a lot of the excuses I used to hear about keeping on top of the bookkeeping. Using a system like Xero makes the process so much less painful than it used to be. Some examples include:
- Your bank transactions are there waiting to be reconciled each day (no more logging in to get your bank transactions and enter the data).
- You Payroll information can be directly lodged with the ATO (no more sending off paperwork to the ATO when you get a new employee)
- You can pay your Employees Superannuation directly through the software (no more completing paperwork for different funds and sending off several payments or logging into separate software).
- You can see at a glance how much money people owe you and when it is due and how much you owe others and when you need to pay them.
Once all your information is correctly coded and reconciled in your system you both have access to key metrics that you can then utilise to drive your business decisions rather than flying blind.
In addition, if you are looking to expand your business and would like a loan, having clear, accurate and timely financial records will go a long way to gaining your approval – and quickly! In fact Xero are working heavily with the financial industry to help small business have quick access to funding, but key to this is having the business accounts up to date.
Love Miss EBS
If you’d like to ensure your bookkeeping is efficient we encourage you to get in touch today!
- Posted by admin
- On March 30, 2016
- 0 Comments