Basic Bookkeeping for small business
Basic Bookkeeping for small business
As a small business owner, any task that is not essential to generating revenue moves to the bottom of the ‘to-do’ list. No task is more despised by Australian small businesses than bookkeeping, however with the right strategy, training, and tools it can be a much more pleasant experience, with surprising benefits.
The joy of good bookkeeping practices
Bookkeeping is more than a way of managing your cash flow. It’s a statutory requirement to make sure that you are meeting your compliance requirements as a business owner and employer. It’s also an important way to keep an eye on the details of how your business is going. Tools such as Xero software make this whole process easier and provide you with important business insights at a glance. Saying it can become a ‘joyful’ experience may be a stretch. However, it’s exciting when you can see the impact of the business decisions you make simply looking at your Xero dashboard.
Choosing the right Small business Bookkeeping software
Your choice of accounting software is a very important decision and the software is one of the foundation stones in your business ‘wall’. When it comes to accounting software, one size certainly does not fit all businesses. When recommending the most appropriate accounting software program for clients we always address these key questions:
What does your business need? Do you need solutions for payroll, inventory, debtors, creditors, invoicing or Job Costing? What is your level of accounting skill?
Cloud or Conventional Bookkeeping Software – What’s better?
Cloud-based accounting software is fast becoming the preferred option for Australian small business. The main reasons Small business prefer this model is they provide ‘pay as you go’ options, as well as deliver greater security and availability through mobile devices, and importantly no internal IT infrastructure. Bizally provides support for the Cloud based Small business Bookkeeping software solutions Xero (pronounced zero) and Saasu.
The consequences of selecting the wrong Bookkeeping software
All too often Bizally inherits clients who are using the wrong software in their business. This software is often little more than a ‘computerised shoebox’. Often this software is used because ‘it was cheap’, or it was the software used by the previous owner. Clinging to this software can dramatically increase the cost of compliance, both in your time and additional accounting fees. Avoiding unnecessary accounting costs is core to Bizally’s principle of reducing compliance costs. For that reason (as a Bizally client) we can offer you training on the best, easiest to use and most cost effective Small Business Bookkeeping software solutions, such as Xero Accounting software.
The Small business Bookkeeping software supported by Bizally
Your choice of accounting software will depend on your business needs and level of accounting skill. For this reason, Bizally supports a number of Small business Bookkeeping software including Xero, MYOB, and Reckon (QuickBooks).
Xero Bookkeeping software
Xero’s Cloud-based Bookkeeping software allows you to login anytime from anywhere on your Mac, PC, tablet or smartphone. Xero also provides you with a real-time view of your cash flow.
Customise your Xero software to streamline your business processes
The Xero ‘add-on marketplace’ lets you customise Xero for your business, with powerful add-ons for CRM, inventory management, job flow, job costing and debt collection. Bizally can help you decide which add-ons will give your business the vital edge over your competitors.
Business on the move
Increasingly Bizally’s clients are choosing Cloud-based Bookkeeping solutions, as it lets you run your business from anywhere, at any time. All you need is an Internet connection. You can then access your record keeping online and invite your accountant or bookkeeper to view the same records. This means you can get valuable advice and solve problems in real-time.
Solutions such as Xero Bookkeeping software also allow you to work on multiple operating systems, on multiple devices and platforms such as Mac, Windows or Linux. Some Small business Bookkeeping software solutions even provide a mobile version specifically designed for iPhone, Android and Blackberry smartphones.
Security for your small business accounts
Security for your small business is increasingly a priority. With cloud-based Bookkeeping software, your data is secure, even if your computer or mobile device is lost or stolen.
With Cloud based Bookkeeping software, all of your invited users have access to the latest version of your financial data. As your software is in the cloud, you no longer have the responsibility of installing updates.
Training for Xero and other Bookkeeping software solutions
While there are many Cloud-based small business accounting software programs available to Australian small businesses, Bizally emphasises the need to have an understanding of double entry accounting or undertake basic training before you go down this pathway.
The Xero ‘add-on marketplace’ also allows you to customise Xero for your business with powerful add-ons for CRM, inventory management, job flow, job costing and debt collection. Bizally can help you decide which add-ons will give your business the vital edge over your competitors.
Outsourcing your Bookkeeping
In many cases, our clients prefer to focus their efforts on the activities that generate revenue, which is why Bizally also provides advice on outsourcing your Bookkeeping services. Alternatively, if you appoint your own external bookkeeper, Bizally are happy to liaise and work with them.
If you would like to spend less time on bookkeeping, better manage your bookkeeping or learn how to use your bookkeeping software to improve profitability, or just learn about the benefits of Xero software for your small business, contact Bizally today to arrange a discussion.
Contact us today for more information.