If you’re in the majority of Small Business owners who struggle with making technology work…
Bookkeeping Made Easy
Bookkeeping today is both easy and more convenient for Small Business owners.
The good news is that with artificial intelligence (AI) becoming more and more sophisticated, it can only get easier and cheaper from here. Realistically, how can a Small Business owner start getting their business records completed easily?
Startup bookkeeping tips.
When you first start out in business, you will be reinvesting most of your income into your business. Ensure that you use your smartphone or laptop to record every receipt you pay for.
Record keeping is as easy as keeping a folder in your file cabinet titled 2017/18 tax receipts, bank statements, invoices and as a precaution storing them also in an online folder with Google Drive, Dropbox, Evernote or the MyDeductions app from the Australian Taxation Office if you are a Sole-Trader.
Established GST registered Small Business owners.
To correctly and accurately provide reporting for your monthly, quarterly or annual GST reporting online cloud accounting software is both easy to use and convenient.
There are many advantages, and I will list them all below:
- Bank feeds.
You can connect your online account software to your online banking so that your daily bank transactions seamlessly update for you. The bank and software only share the data flowing into your account. Your privacy or particulars are not seen by either supplier. This saves you time with data entry.
You can invoice and email your customers anywhere, anytime via your laptop or mobile device.
Most software except MYOB will have mobile apps that will allow you to take a photo and code in what you spent the money on. Alternatively, you can automate this process by using an add-on like receipt bank, Hubdoc or Expensify that integrate with your accounting software to code and match your receipt to your bank records. Making data entry a thing of the past. These are best setup initially by a cloud specialist to ensure the tax codes are correct.
- BAS reporting.
It is always wise to consult a professional when it comes to tax matters, but there is the ability to produce reports and even lodge them directly to the Australian Taxation Office using your online cloud software.
We live in exciting times.
Technology is becoming more intelligent all the time to the point eventually AI will be able to do all your data entry and simple tax returns for you. While this is fantastic and cost effective for business owners, AI’s will never replace the human element of connection, advising and planning.
With technology completing the tedious and often time-consuming area of data, BAS agents and tax agents will be able to focus more on personalised service. Helping you, the business owner, grow your business, meet your profit margins and achieve your lifestyle goals. Their insight and expertise will be even more valuable and hands on.
The future is quickly changing, and it’s up to you as a business owner to keep up to date, competitive and profitable. Use technology to empower both your own and your family’s future.
“The opinions expressed by Smallville Contributors are their own, not those of www.smallville.com.au"
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