The benefits of accounting software, explained by our small business accountants

We’ve all got our New Year’s resolutions: go to the gym more, learn a new language, repaint the living room… you know the drill.

But have you thought about New Year’s resolutions for your small business?

If you ask us, the Christmas and New Year period is the best time to start implementing new systems and procedures at your business.

Everyone’s feeling refreshed and ready to learn, and the slow return to work gives you more lead time than other parts of the year.

But what sorts of resolutions should you be making for your small business?

Our small business accountants in Melbourne have one suggestion to get the ball rolling: if you’re still doing all your accounting by hand, we strongly encourage you to make implementing accounting software one of your resolutions!

Modern accounting software, explained

Modern accounting software has come a long way in the last couple of years – if the last time you used any sort of accounting software was circa 2007, you might want to think about giving it another shot!

One of the biggest developments in recent years has been cloud computing.

Here are some of the advantages of cloud software:

• No need to store files or install programs locally
• Remote access from any compatible device
• Instant, real-time file-sharing and collaboration

Chances are, many of the apps, programs and online services you use utilise cloud technology in some way, shape or form!

And that includes today’s accounting software.

By implementing accounting software at your small business, you can…

Save time

Small business owners are busy people – according to some research, a full 26% of small business owners spend more than 50 hours a week at work, and 34% don’t get a Christmas break at all!

That leaves precious little time for administrative tasks such as accounting.

In addition to reducing mistakes (thereby cutting the amount of time needed to find and correct errors), accounting software also automates much of the bookkeeping process.

Data entry? Don’t sweat it. Bank reconciliations? Done. Report writing? No problem.

All of these accounting processes and more can be dramatically sped up, and even completed automatically – all you have to do is get the right accounting software set up for your business.

Not to mention, since cloud technology allows remote access and instant collaboration, you needn’t drive all the way to your small business accountant’s office to go over the numbers – all you need is your phone, an internet connection and a time that works for both of you.

Avoid mistakes

One of the most common services our small business accountants in Melbourne perform? 

Account clean-ups.

All too often, we encounter business records that are:

• Disorganised
• Inaccurate
• Full of errors

We understand that small business owners like you tend to have a very hands-on, “can do” attitude towards your business.

However, there are some things that you simply may not be equipped to deal with!

Luckily, accounting software can help by helping you to avoid input mistakes and calculation errors.

Save space on your computer

It’s always good to have backups of files in your system, just in case.

While they may not take up physical space like a paper-based accounting system does, they do take up computer space that could be used for other just as important things!

Since everything is hosted in the cloud, you won’t need to clog up your computer with years and years of previous reports.

You won’t even have to take up disc space either, as many modern systems don’t require an install.

Instead, the software can be accessed through any web browser. So all you need is an internet connection!

Make tax accounting easier

BAS and IAS statements. Tax rates. Deductions. Accounting software assists in calculating each of these for you, helping ensure that your tax affairs are accurate.

What’s more, since most platforms are cloud-based, they can be updated as tax rates, deductions and exemptions change (as they tend to do).

That means don’t have to worry about providing out-of-date reports either.

Side View Of Businessman’s Hand Calculating Invoice At Workplace

There’s still a role for a small business accountant

We’re big believers in helping small business owners help themselves.

Good accounting systems and software are a crucial part of that.

Of course, while accounting software can help give you a more accurate picture of your financial position and tax obligations, what it can’t do is tell you what you should do to improve your situation.

Only a small business accountant can help with that!

Accounting is about more than just presenting the numbers – it’s a proactive profession that focuses on finding meaning in the numbers, and creating plans that get you to where you want to be.

In addition to telling you what your finances and tax obligations look like, we’ll also give qualified advice regarding your situation, and how you can achieve your business goals and further reduce your tax burden.

Looking for a small business accountant in Melbourne?

Bruce Edmunds & Associates have been helping small businesses throughout Melbourne since 1966 with tailored solutions and advice.

And that help has increasingly been taking the form of accounting software.

We’ll set you up with powerful, time-saving and effective solutions for all your accounting requirements, such as:

• Xero
• MYOB
• Reckon

We’ll set up and train you on accounting software, and also provide the sorts of accounting services and advice that only a small business accountant can provide, including non-software services like tax audit insurance.

On top of that, we continue to offer a wide range of small business accounting services – just tell us what your business needs, and we’ll do it for you.

Looking to bring your accounting into the 21st century?

Our small business accountants in Melbourne can be reached on (03) 9589 5488 or at this link.