Small Business Bookkeeping

Posted 5 Mar '21

Bookkeeping is an essential task for business owners. Accurate and up-to-date financial records are vital for running a small business. It lets you keep tabs on spending, help you plan and budget, avoid cash-flow issues and identify payment issues that could be costing you money.

Even more important, well-kept books are a must when it comes to completing accurate tax returns and working with lenders.

Simplifying bookkeeping with software

In the past, business owners recorded sales in a ledger, kept paper receipts for business purchases, and cross-referenced bank statements by hand.

Now, accounting software can take on many of those tasks.

• Bank Feeds: automatically import your bank statements into your cloud-based software. The software can memorise repeating transactions using bank rules which ensures that the data is coded to the correct accounts. This results in a significant time saving in data entry and in the reconciliation of your bank accounts.
• Recording sales: information flows straight from a point-of-sale or invoicing system into accounting software. The invoice can be automatically matched to the payment received. You can also quote, invoice and receive payments on the go.
• Tracking purchases: business purchases can be automatically recorded and receipts can be uploaded alongside the relevant transactions. Bills can be approved and paid directly from within the software.
• Payroll: Manage time sheets, leave and payslips all in the one place. It is STP (Single Touch Payroll) compliant and superannuation can also be processed and paid directly from the software.
• Access data: By keeping your data up to date, you can view a snapshot of your business at any given time. Data can be accessed from anywhere and by multiple users at the same time. It is encrypted and secured in the cloud and has the same level of security as internet banking.

Good bookkeeping can save time, increase the accuracy of data and most of all, help you achieve financial organisation and peace of mind.

WDF Professional has a range of services to support you with bookkeeping:

• We can help you review your existing software and systems.
• We can recommend, implement and provide support for more suitable options.
• We can even take on all your bookkeeping for you!

Contact your WDF professional team member if you would like to discuss further how we can help you with your bookkeeping. Phone 02 6921 5444 or email accountants@wdf.com.au