Are you still using paper-based accounting systems for your business? Did you know there are many accounting software programs on the market that can help you with your bookkeeping? It not only saves your time but keeps a more accurate record.
Some people may be concerned about the security of the cloud-based accounting products because the data is saved online instead of on your own computer. However, the advantages for those cloud-based programs are your ability to access them anywhere, as well as letting your bookkeeper or accountant login to your account to check the transactions.
Before you make your decisions, let’s have a look at the functions available on the software.
Invoicing
Invoices are involved in everyday transactions; business owners will receive payments and make payments regularly, so it is very important that your accounting software can generate a correct invoice for your clients.
Inventory
You might need the inventory function to help you to keep track of the products you sell and purchase.
Bank transactions
Bookkeeping is more about daily data entry, if all your expenses are paid by your visa card or credit card, then it’s helpful that your bank account can be linked with your accounting software. Some products have this function, and they automatically match a bank transaction and can save you time.
BAS reports
If your business registers for GST and you need to report the BAS form regularly. Some products may even remind you at BAS time, avoiding an overdue BAS and penalties.
Payroll
It’s not imperative to have a payroll function if you have very few employees in your accounting software. You can calculate the payments manually. However, if you are operating a medium- sized business or even a large business, it’s better to have a payroll system to calculate the payroll, including tax withheld, super, etc.
All accounting software comes with a fee for users, but most charge a reasonable price. It is also deductible on your tax return.
If you are thinking the paper-based accounting system gives you more confidence and security, we can also provide you with an Excel spreadsheet with formulas, all you need to do is to input your monthly income and expenses, and it will work out the GST for you.
If you are looking for accounting software but not sure which product suits your business, you can ask us. Should you have any further questions about your accounting needs, please contact us on 07 5444 1022 or email at info@gpla.com.au.