It’s not enough to want to change the world with your product, or even become the best in your field. You have to make sure that you can handle the simple transactions that are going to keep your business afloat day-by-day.
To keep the bookkeeping for your business well in hand and make sure that you are in control of it, you have to take it seriously and put in the effort.
As accountants who have worked with some of Sydney’s finest businesses, there’s some solid advice that we like to give all our clients. It might seem straightforward at first, but you’d be amazed at how much of a difference just following these steps can make.
1. Choose the best software
You need the right tools for any job. When it comes to bookkeeping, it's no different. Right now, we are living in a great time for apps and software. Being able to access some of the best services and applications ever designed from your smartphone or tablet means that businesses of any size can use the best accounting software out there.
With apps like Xero, you can connect your bank account to your apps and take your entire bookkeeping process with you. When you need to pull up the information, it's just a few taps away, and your processes can be easier than ever before.
2. Automate your record keeping
Artificial intelligence is a few years away yet, but with a few simple steps, you can already let your computers and the cloud take care of your business automation. Using tools such as Zapier, you can connect apps between each other, meaning that when your invoices are paid you can receive notifications, log data entry and even send reports directly to your accountants without even opening your laptop.
Cloud syncing means that your record keeping and transactions will always be synced and readily accessible. Many of the best apps nowadays have syncing built right in. The future is here, and it’s automated!
3. Get it right from the start
Setting up your bookkeeping software, processes and systems the first time around isn’t too difficult. If you have an expert advisor looking over it and helping you sort everything out, it won’t take away weeks of your life and give you grey hairs. But you know what will?
Getting it wrong in the first place.
Once your business and your systems have been set up in a certain way, it’s a good deal harder to fix your mistakes and make your business streamlined in the future.
4. Be pro-active
You want to make sure that you aren't in a scramble to get things ready and have your financial records in order when tax-time comes around. Being pro-active in your bookkeeping is the best way to ensure that you stay organised and you don’t miss any crucial dates, times or data.
This means keeping ahead of the right dates by maintaining a financial calendar, and it means never looking at bookkeeping as a chore instead of a crucial component of your business.
5. Hire a bookkeeper who can keep up
Last but not least: get some help. Bookkeeping is important for every aspect of your business’ financial success, so it makes sense to hire experts in the field who can handle the speed, growth and future plans of your business. Choosing the right tools and software depends on the devices that you and your team run, the size of your business and the requirements of your accountant - unfortunately, that choice isn't always easy.
By working with experienced and qualified partners, you’ll be able to scale your business and your transactions and devote less time to worrying about whether or not your bookkeeping process will be able to support it.
At Charltons, we offer professional bookkeeping services to businesses throughout Sydney and NSW. Our accountants and bookkeepers are able to provide expert advice and guidance that can take your bookkeeping to the next level. From the initial setup and installation of your software to the regular managing and maintenance of your books, you won’t go wrong.