It’s no surprise to most business owners that one of the most important business tools is also one of the most neglected.
Maintaining a good record system is essential if your business is to succeed. Now there is a new technology to make it easier and much more time efficient to do so.
Cloud Accounting or online bookkeeping is new technology that helps business record income and expenses and is easily accessible from anywhere at anytime. It is just another tool that helps record more details in terms of tracking debtors and creditors, paying wages and suppliers.
These type of systems are designed to maintain good business records but also provide your business with all the detail that is required by the ATO and its auditors if ever needed.
Some of the benefits include:
- Up-to-date and accurate statistics help you make informed business decisions.
- Well-organised information assists your accountant to prepare financial statements quickly and accurately.
- A good record of costs to your business allows you to quickly identify any abnormal expenses.
- Problems in the business can be more easily identified, allowing for appropriate and timely reparative action.
- Systematic record keeping reduces the chance of internal theft.
- Great records keep you bank ready. You can quickly provide your banker with up to date and relevant trading results to assist with finance application for equipment or business growth.
- Great records keep you investor ready. If your goal is to sell your business at some time in the future, regular and accurate records provide valuable information and details about your business to help achieve a maximum sale price.
Taggart Partners is working with a number of clients to assess record keeping requirements and make recommendations that suit their resources and objectives.
I would be very pleased to assist you improve your current systems.
Melanie Hamilton
Associate