• Matthew Harm

Don't leave your record keeping until tax time

Do you leave your bank statements and receipts in a pile? Do you only access it once a year, or every three months to complete your annual tax or business activity statement?

Bookkeeping with no paper.

What if you could have your invoices and receipts saved regularly as a digital copy?

Imagine this:

1. You send your invoices directly to your customer's email inbox. They can click a link, and pay you with Paypal or their credit card.

2. You buy some hardware and receive your receipt on thermal paper. You pull out your mobile phone, take a photo, send it to your accounting software. No worrying about your receipt fading.

3. The end of the month is approaching, and you need to pay 15 different suppliers and their invoices. You sit on your laptop, tick the bills you want to pay, and upload the banking instruction via internet banking to make payment on the last day of the month.

4. At the end of each week, your employees need to be paid. You spend 5 minutes entering the time they have worked. Your cloud accounting system calculates the tax to withhold, Superannuation, deducts any sick leave or annual leave. A few more clicks later, you have emailed all staff their weekly payslips.

Is your financial information readily available? Can you answer this in 30 seconds:

1. How much money do you have in your bank account?

2. How much money do you owe your suppliers?

3. How much money are you waiting on customers and clients?

4. Is your business making a profit?

With online cloud accounting, and regular bookkeeping, you will have that knowledge readily available for you, not months after the end of the year. This will let you take action and make decisions before it becomes a problem.

Time for action.

Time for action. Send me a quick email, or give me a call this weekend.

1. Introduce yourself and your business;

2. Explain what is your current system of record keeping;

3. Tell me:

a. Do you want me to train you, so that you can learn a new way of doing business? or

b. Do you need someone to help you complete your bookkeeping?

The record keeping of your business does not have to be a painful experience. Take action, ditch your reliance on paper, and enjoy a fresh start with digital books.

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