Why Small Businesses Should Embrace Online Accounting
A business owner is one who must be knowledgeable, be flexible, and be able to maintain impeccable records which accurately shows their company’s inflow and outflow of cash. Knowing what needs to be recorded, what statements are necessary and how the data must be entered into the books is a large part of bookkeeping which often mystifies business owners.
Using an online accounting software program can take a lot of the mystery away from how and what should be recorded.
Why Use An Online Accounting Software Program
The Australian Tax Office (ATO) allows businesses to maintain their records electronically over the Internet as long as you select an online accounting system which conforms to the ATO’s standards.
The ATO has supported the usage of approved online accounting programs of a number of reasons.
It’s Helpful. Not only does using an accounting software allow you to easily record cash flow and other relevant transactions such as payments to employees, stock and asset details, income and expenses. The software will tally and calculate amounts for you and it minimises the loss of important documentation as many of these services regularly back up all electronic data.
It Makes Tax Time A Breeze. ATO-approved programs will automatically be updated with the latest tax laws (such as superannuation laws, minimum wages rates and Paid Parental Leave). These systems will produce invoices and summaries which adhere to these rules for income tax and GST purposes.
It Saves You Time. Using an online accounting software system means being able to electronically lodge and submit records to the ATO.
Using an online system also helps you save space by nearly – if not completely – eliminating paper records.
A Bookkeeper And Online Accounting Software: A Winning Combination
The best bookkeepers today will use online accounting software so that there is a constant financial line of communication between a business owner and the bookkeeper. ATP Tax Consultants use Xero online accounting software which is not only user-friendly, but which allows businesses and individuals to track their income and expenditures.
ATP Tax Consultants offer complimentary training on this impressive bookkeeping tool which our clients have found to be an asset to running a successful business. To speak with a professional and experienced bookkeeper today, contact us online or please call 1300 829 484.