Bookkeeping Software for Small Business
Bookkeeping is a necessary component for any type of business, yet it is often neglected or done quickly or improperly because it is a tedious task. While traditionally bookkeeping was always done by using a paper ledger and pencil, today there are many bookkeeping software options that help to make the process a bit more user friendly. That being said, the number of choices on the market may cause your head to spin even more than the process of keeping the books itself. In order to help you sort through all of these options, here a couple of things to consider when choosing bookkeeping software for your small business. Read more
Cash vs. Accrual Accounting – Which One is Right for You
When setting up a new business you are faced with a wide variety of decisions. One such decision is how you will be keeping your books. Deciding if you should keep a cash accounting system, or an accrual accounting system depends a great deal on what type of business you run. In order to choose the best method you must take into consideration the current size of your business, your plans for the future, and if third parties (such as shareholders, or lenders) will be involved. This being said, you may still be left wondering which system is right for you. Read more
Bookkeeping Basics
Record keeping is an essential part of every company. Knowing how to keep accurate financial records, along with possessing the ability to understand the information contained in those records can make or break any type of business. This is precisely why it is important to have a general understanding of bookkeeping basics. Even if you have chosen to have a professional handle your records, you still should understand some basic principles as it will help you track what is going on with your finances. Read more
Bookkeeping – Doing It Yourself vs. Outsourcing To A Bookkeeper
Anyone running a small business knows just how much effort it takes to keep things running smoothly, and just how many hours must be invested each day. Entrepreneurs often tend to try to do everything themselves, which can lead to one portion of the business being neglected. After all, if you are spending hours of your time performing bookkeeping tasks or other administrative duties for your business, you are probably not able to invest as much time as you would like or need to the actual service you offer. Read more
MYOB V Quickbooks
For “off the shelf” products, both MYOB and Quickbooks are pretty impressive products. Sure, they have their limitations once your company requires more sofisticated accounting systems such as advanced inventory or multi-site consolidations, however we try to push the boundaries of either MYOB or Quickbooks before stepping up to the next tier of software. Read more
Bookkeeping in the Construction Industry
(Editors note: Every few weeks we will get one of our bookkeepers to post a diary note to give an insight into being a bookkeeper- here’s the first one)
I’ve had a very satisfying week.
I have started doing the bookkeeping for a new client in the Construction Industry. Until now, this client has been keeping track of their retentions via a spreadsheet. By implementing a few small changes, Read more
Is your business feeling the credit crunch?
As a CPA Practice that provides onsite bookkeeping services in Sydney, Brisbane and Melbourne, we are very fortunate to be allowed an insight into financial performance of a wide range of businesses in different industries throughout Australia.
The Australian economy has achieved incredible growth over the past 10 years. This success has lead to higher wages which, together with increased immigration and and cheaper interest rates has fueled incredible growth to real estate prices throughout Australia. Read more
Increase your business cashflow with direct debits
One of the most difficult things to deal with when you have a growing business is managing cashflow. It can be very frustrating to watch your business achieve continual profit growth and yet the only reward you receive is an increase in your debtors not an increase in your bank balance.
When I left the corporate world, where you would receive a regular paycheque every pay period, this was the hardest thing to adjust too. It is even more difficult when you have a large payroll and have a commitment to pay regular wages. Read more
When to close your end of month accounts
One of the issues we regularly encounter with business owners is the issue of when to close off the accounts at the end of a period. All business owners and managers are keen to see their monthly management reports as soon as they can after the end of the month to get an idea of how the company is performing and whether it is reaching it’s targets. Of course, the sooner the bookkeeper can finalise those reports, the more valuable the information is so that if there is any alarming information you can quickly do something about it. Read more
Outgrowing MYOB or Quickbooks
MYOB and Quickbooks have made incredible development over the last couple of years. This has enabled what was previously full time bookkeeping and accounting roles to be performed in a couple of days per week. This is great for most small and medium size businesses but let’s face it, once you reach a certain size there are some limitations which may require you to step up to the next level of software. Read more
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About
Welcome to FINOS, the BooksonSite Business Blog. Here we provide bookkeeping advice for small business owners.
Are you an SME with a turnover of between $500k-$15 million and are finding bookkeeping a bit too challenging?
We provide onsite bookkeeping services in Sydney, Melbourne and Brisbane backed by MYOB Certified CPA support. Click below to learn more, or call us on 1300 226 657.
