In business it is critical to keep track and manage your cash flow. In fact, it is one of the main reasons so many businesses have to close their doors. Poor cash flow management impacts a company’s ability to grow or even just stay afloat.
In Australia, we also have a number of compliance requirements with the Australian Tax Office (ATO) for the business activity statement (BAS); PAYG tax; and for your employees superannuation. That is why having the right accounting systems and a bookkeeper in place will help you reduce the stress on compliance and keep you on track for positive cash flow.
We continue to speak with businesses every day that use Excel Spreadsheets to track invoices, quotes and their financial position. This is time consuming and could be costing your business.
Yet so many business owners continue to be use ‘out dated’ systems to manage their cash flow. In todays fast past technology boom, there have many tools that can make running a business easier and less stressful.
Cloud Accounting Solutions
The new cloud accounting software options such as Xero and QuickBooks Online help you understand your numbers better and can generate reports fast. These systems automatically link with your bank account meaning reconciliation time of your accounts is quicker. Image the time you will save.
Business Owners still feel there is a need to collect every receipt. They or their bookkeeper then spends hours every month going through and entering the information into a system. According to the ATO guidelines, all receipts can be captured as a ‘soft copy’, which means you can have an email copy or an electronic version.
So tracking receipts for restaurants, petrol, hotels, taxis and more is made easier with online applications such as Receipt Bank. This is a system developed to help you scan your receipt using your mobile phone and then automatically transferring the data into the cloud accounting system. The automated process of Receipt Bank will help you streamline the process and save you money, as a bookkeeper or yourself will not need to enter every receipt or keep a pile of receipts stored in cabinets.
All the latest software is based in a secure cloud system. These new accounting systems mean you can access information from anywhere including your mobile phone or tablet. As information is at your finger tips, you are able to use financial numbers to help make better decisions for your business and manage your cashflow.
Unfortunately most business owners are not across these tools and are using old systems and methods to track financial performance of their business.
Knowing which systems and how to implement them in your business is as easy as picking up the phone and speak with the team at iKeep. Choosing the right accounting software can help you save time and money. We can help you identify the best way to make financial management of your business easy for you.