There’s no better time than the beginning of a new tax year to improve efficiencies in your business – and we suggest you begin with your accounting system.
Using a manila folder to keep your invoices, receipts and bank statements together until you meet with your accountant is fast becoming a thing of the past. So too is the frustrating (and time-consuming) to-ing and fro-ing to chase up missing information that usually follows.
Instead, consider the multiple advantages of cloud-based accounting. The first is that your accountant can become an integral part of your management team through real-time online access to your business finances… and this can open up a whole new world of efficiencies in your business.
5 Advantages of Cloud Accounting
#1 Accuracy
Manual processing of financial information is not only tedious, it’s also error-prone and could lead to compliance risks for your business. With cloud-based accounting, duplicated entries, irregular transfers such as fraud and other discrepancies are more easily detected as cloud-based systems and processes are fully automated. Improved accuracy also means you save time locating and fixing errors.
#2 Collaboration
Whereas traditional accounting software usually only allows access for a single user, often at a designated desktop computer, cloud-based programs allow multiple users. So key members of your team, your bookkeeper and your accountant can access the figures at any time, from any location, as long as they have a smart device and internet connection. Improved collaboration with your accountant not only means your BAS and tax returns will be lodged on time, but it also helps to have us run our eyes over your KPI’s in real time to spot any irregularities as they occur, not six months later when we next catch up.
#3 Automatic Updates
With cloud-based accounting, there’s no need to manually download and install newer versions of the software. Updates are done online and automatically as part of your subscription – simple!
#4 Secure Backups
Secure and comprehensive data backups are also provided as part of your subscription to cloud-based accounting and, because your data is stored in the cloud, it’s safe and backed up even if your device is lost or stolen.
#5 Real Time
Having access to business data such as bank statements in real time puts you in a very strong position as the business owner. You will become aware of problematic changes in key business numbers as they occur, with the ability to take action immediately to address emerging trends. For instance, you will be able to monitor cash flow daily and, where necessary, take steps to chase customers for payment or spread out payments to suppliers.
Make your financial new year’s resolution to improve efficiencies in your business.
To find out more about how cloud-based accounting could help you, please contact us and we’ll provide advice and support to implement the systems you’ll need to achieve your business goals. Call 07 5479 5499 or email info@vbatax.com
At VBA we specialise in strategic tax advice, offering tax and financial reporting for individual income earners, family businesses, tradies and construction companies.
Victor Bimrose Accountancy Pty Ltd (ASIC No. 1259423) ABN 53 010 957 294 is a Corporate Authorised Representative of Merit Wealth Pty Ltd ABN 89 125 557 002, Australian Financial Services Licence Number 409361.
General Advice Warning: This information has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation or needs.
