Do you have a business?
- Yes. You need a bookkeeper.
- No. Stop reading.
No, really just kidding ;) though there is an element of truth to this. When we start out in business, we rapidly realise that we need to be an instant expert in Marketing, Sales, Accounts, Finances, PR, HR along with actually doing the work and trying make some money!
Bookkeeping, or more to the point, using proper Accounting software tends to be something many new business owners think they can do without, and honestly they probably can. However, you do have to find some way to invoice your customers, receive payments, pay your bills, track your money and look after those dreaded "taxes". Makeshift invoicing methods and using Excel spreadsheets or even the old ledger book work just fine, but how long will it take you each week, month and quarter? Perhaps that time could be better spent creating income?
The other problem with makeshift books is when it comes to tax time. Your Accountant will then have to piece your system together before they can lodge with the ATO and unfortunately you will have to pay for that service.
Setting up and using online Accounting software will save you way more than the $40 odd dollar monthly subscription. If set up correctly, many of the repeated tasks can be automated, so doing your own books will get faster and easier. Then, when it comes to tax time, all you do is invite your Accountant into your file where they can glean all the information they need. No double handling, no doing all the work, then paying someone else to sort it out for you!
So where do I start you ask?
