Nov 06

BIG 5 FOR BOOKKEEPING


PAIN POINTS | MISTAKES | BENEFITS

Thanks to our guest blogger – Fiona Tyrie, MBC Bookkeeping Client Relationship Manager, for sharing her insight into getting your books in order.

At MBC, we aim to make the necessity of keeping accurate and up-to-date books as pain-free as possible. Whether you require a little (or a lot of) training to improve your existing skills, some help with general bookkeeping and time-management, or your bookkeeping done for you… we can help you get your books in order.

We look after all business types specialising in rural accounting, keeping abreast of all updates in the industry as well as accounting software packages. We understand and appreciate that farming is a way of life and not just a business.

We love to create bookkeeping solutions for you, so you are free to spend more time doing what needs to be done instead of in the office doing bookwork.

Are you experiencing the ‘Top 5 Most Common Bookkeeping Pain Points’?

Whether your business is farming or commercial, there is a common theme to most bookkeeping pain points. Here are the top five most common…

  1. BAS Lodgement - preparing, lodging and paying the ATO on time can cause major stress.
  2. Wage Organisation - preparing and distributing wages to employees along with meeting Super and other statutory obligations in relation to employees is a major pain point for many businesses.
  3. Keeping Banking Up-To-Date - reconciling bank accounts, loan accounts, and hire purchase agreements, can put extra pressure on administrative processes.
  4. Navigating Accounting Software - entering information into accounting packages properly and fully utilising all aspects of the software can be challenging for many businesses.
  5. Paperwork - keeping receipts and documentation to support transactions is time consuming.

Are you making the ‘Top 5 Most Common Mistakes Made by the DIY Bookkeeper’?

  1. Are you mixing personal with business? KEEP THEM SEPARATE!
  2. Are you overlooking transactions? Good accounting software - YOU NEED GOOD ACCOUNTING SOFTWARE!
  3. Are you procrastinating and leaving your bookkeeping until the last minute? GET A ROUTINE AND STICK TO IT!
  4. Do you understand the difference between Cash v Accruals? UNDERSTANDING THIS IS IMPORTANT!
  5. Do you have inaccuracy in your data? Learn your software package or SEEK PROFESSIONAL HELP!

What are the benefits of modern bookkeeping/accounting software?

Modern accounting packages, such as Xero, operate in the cloud and provide you with daily bank feeds and the capacity to code and reconcile with accuracy and efficiency in very quick turnaround times.

The advantages of cloud accounting include:

  1. Access to real time data – an up-to-date snapshot of how your business is performing.
  2. Time efficiencies – automation of many basic functions allows for time consuming tasks to be done quickly and efficiently.
  3. With less time being spent on bookkeeping – more time can be spent on growing your business.
  4. Xero is constantly listening to client pain points with programme development and improvement frequently occurring.
  5. Allows business owner and bookkeeper and/or accountant access to look at the same information.

Could your business benefit from professional help?

At MBC we cover a variety of services but one of the biggest advantages is having the bookkeeping and accounting under the same roof. If you wish to get the whole range of our services, we have the staff and infrastructure available to meet your needs.

If you just need assistance with your bookkeeping and are happy with your current accountant – we cater to that need as well.

The five main benefits of outsourcing to a professional include…

  1. Compliance is completed and lodged on time.
  2. File is kept up-to-date on a regular basis.
  3. In-house liaising between professional services to ensure the best outcome for the client.
  4. Time efficiencies created allow focus on business direction, growth and future.
  5. Real time information done by professionals allows for faster production of financial documents for financial institutions.

So - why get your books done by MBC?

Bookkeeping is an area that I am very passionate about.  It is the bones of every business. Done well it allows the business owner the flexibility to concentrate on what they do best. Done poorly, it is rubbish in and rubbish out, and it is not worth the time spent doing it.

If you require assistance with your bookkeeping, give us a call on 02 6362 0988 and we will ascertain what level of help is required for you.