As a business owner, keeping track of your accounts can be very time consuming if you do it manually. Preparing invoices, compiling records and expenses, and gathering information for BAS and GST lodgements, all takes precious time from your day, when you could be working on your business.
At Taxpro, we use MYOB – QuickBooks which is an easy online small business accounting software and we advise clients about it. It creates your invoices for you, helps you manage your expenses and importantly report Single Touch Payroll to meet the ATO requirements. As well as speed, it can also improve accuracy, and optimising this process greatly reduces your hours spent on accounting tasks. It is especially useful if you have to produce a report, whether it is for finance, or the ATO, having everything in one place gives you instant access to your financial information.
We also advise our clients to use the Receipt Bank app, an online system that automatically converts your receipts into data, making it super easy for you to send your expenses information straight to us. You just have to take a photo and upload it. The ATO can audit you at any time, and for any year within the last five years. Could you put your hand on a receipt from three years ago to prove a deduction if asked?
Long gone are the days where we have to suffer under piles of accounting paperwork and a shoe box of receipts! If you are manually inputting your accounts and would like a quicker more effective way to reconcile your financial information, we would be pleased to help you get set up.
Give Chloe a call to discuss your small business accounting needs on 08 9240 7629 or email admin@taxproaustralia.com.au
Leave A Comment