5 tips to make bookkeeping easy and stress-free in 2021

Do you want to make your small business bookkeeping and accounting as easy and stress-free as possible?

You might be a start-up or a small business experiencing slow growth. Sole trader bookkeeping can be intimidating for business owners with a lack of expertise in the area.

Small business bookkeeping takes a lot of time and effort. In addition to running your business, you also need to account for operations, marketing, sales, expansion and business development decisions.

Why not leave the matter to a team of qualified bookkeepers in Melbourne?

Why is accounting important for small businesses?

Accounting is an integral area in conducting business that informs you of workflow operations.

Without it, you might miss out on growth and expansion opportunities that are knocking on your doorstep.

In order to keep your business afloat, you need an organised and advanced bookkeeping process to better assess the financial condition of your business.

The key to making your business life easier is by having an accurate understanding of its financial situation to ensure continual growth and longevity.

Why is accounting stressful?

Whether you like to admit it or not, accounting can be a stressful undertaking.

Like many business owners, you might be preoccupied with so many things about your business that you don’t have time to think about the books.

Doing your accounting becomes an additional burden not only because you don’t have the time, but you may lack the expertise in organising everything to ensure accurate reporting.

Instead of stressing over accounting and bookkeeping processes, why not engage or use our available bookkeeping services in Melbourne? Then the strenuous task is in the hands of professional bookkeepers.

Are you maximising efficiency?

Professional bookkeeping helps you to set aside savings, prepare for budgets and invest in opportunities. Business expenses are accounted for with proper organisation and no stone is less unturned in foreseeing the costs.

Proper accounting and bookkeeping systems will help you become more efficient in updating your financial data. You can easily track if your business is ready to expand and allows you to invest for essentials like new equipment or training.

How can I make bookkeeping less stressful this financial year?

Small business owners are overwhelmed with the task of bookkeeping. It takes a lot of time and energy to accurately report on financial matters.

Alongside all the tasks that business owners need to accomplish in their ‘regular’ day, bookkeeping can be daunting, while even simple bookkeeping tasks such as keeping track of day to day business transactions are often missed, rushed, or inaccurately recorded.

Our bookkeepers in Melbourne share some of the ways on how small businesses can make their accounting processes as smooth as possible this financial year.

Tip #1: Open separate business accounts

Most of the time, small business owners may combine their personal finances with those of their business.

This will only result in confusion and further frustration. It is recommended to open a separate business account for more accurate record-keeping and to avoid any mix-ups with your personal transactions.

Separate accounts will ease the stress in recording your business transactions and monitoring expenditure.

Benefits of keeping a separate account:

• Efficient tax returns
• Ease of tracking business transactions
• Accurate cash flow management
• Accurate auditing in compliance with regulatory standards

Tip #2: Organise and file documents

Good accounting practices let you apply proper cash flow management. When cash flow management is mishandled, the business will most likely suffer.

Payment terms, payment deadlines and receivables are just some of the elements that affect the sales and expenses of your business.

Mismanaged cash flow problems drain funds and lead to bigger business problems, which is why it’s critical to keep track of all financial transactions from sales, expenses, bills and debts in one place.

Tip #3: Save time and invest in bookkeeping software

Even if your business has been in the industry for a long time, using updated bookkeeping and accounting software is essential.

Although your existing software may have been reliable for quite some time, getting the latest financial software gives you faster, easier, and more efficient results in tracking your business’ finances.

Adopting the latest technology such as cloud bookkeeping gives you access to centralised data that you, your team, and even accountants have access to whenever you need.

This will help you keep track of the expenses, sales and other financial details you need to be aware of.

What is the best accounting software for small businesses?

Manually tracking your expenses, income, and debts can be a bit of a pain to handle. That’s why our bookkeepers recommend a secure and reliable cloud bookkeeping system that will help you manage your cash flow accurately.

Cloud bookkeeping provides access to your business bookkeeping and personal finances anytime and anywhere.

Our expert bookkeepers in Melbourne can help you understand the advantages of moving your bookkeeping to the cloud, and how this digitised system can help you more accurately track business finances.

The most popular cloud bookkeeping services are Xero, Quickbooks and MYOB.

If you’re unsure what to use, ask our MYOB bookkeeper or a Xero bookkeeper in Melbourne.

Cloud bookkeeping becomes faster and more efficient thanks to:

• Real-time cash monitoring
• Secure back-ups
• Organised cash flow management and forecast

Tip #4: Automatic payroll system

Paying staff on time is a responsibility that needs to be carefully managed.

Unskilled human resource staff can lead to disorganised payroll management as they can incorrectly input attendance leading to inefficiency and errors in timekeeping.

Resolve salary and payment disputes with automatic payroll.

Payroll issues may suddenly arise, consuming both the time and energy of payroll staff. Small businesses like yours need a proficient payroll processing system that is efficient and accurate at all times. This can be found with reliable payroll accounting services.

Tip #5: File taxes accordingly

Taxation has always caused a headache for businesses. However, proper tax filing can save you from so much stress, especially when done on time.

The type of business and the number of employees you have contribute to the complexity of taxes. You may need to hire an expert bookkeeper who has an eye for meticulous details to ensure that tax statements are precise.

Organised bookkeeping practices help small businesses file their tax claims in a timely manner to avoid missing any deadlines during the tax season.

Make bookkeeping easy and stress free this financial year

Call Maximum Business Solutions today!

Forget the stress of worrying about your business accounts and take control of your finances with the help of a bookkeeper in Melbourne.

Our expert bookkeepers offer bookkeeping services in Melbourne including:

• Audit preparation
• Payroll solutions
• Invoicing
• Debt collection
• Balance sheets
• Cloud software implementation
• Consultation
• Business Activity Statements (BAS) / Income Activity Statement (IAS)

Call our bookkeepers in Melbourne on (03) 9589 0128 or fill in the form and a member of our team will be in contact with you.