One of the main reasons businesses fail is because there is no efficient bookeeping and accounting system in place to help in managing the cash position of the business and in many cases, the increased volume of paperwork & reporting. Manual Accounting is ok for very small businesses but even then, with increased Government compliance, calculating taxes, GST, PAYG Withholding, Super, Employee Entitlements, this all becomes very challenging and time consuming even for the smallest business.
The following are some indications that you might need accounting software:
- You have just started a business and want to put efficient systems in place right from the outset.
- Your business is in a rapid growth phase, and you need confidence that your system can cope with your future expansion.
- Your current system seems clunky or doesn’t give you immediate, easy access to accurate financial and operational information.
- You’re trading online or now importing / exporting and your current system which was once ok, will no longer handle your business demands of Inventory or foreign currency.
- You’re repeatedly spending time on inefficient processes such as re-keying data to duplicate it from one system to another.
- You’re looking at hiring staff, and realise that your existing system won’t cope with your payroll requirements and current government compliance.
- You realise that your current system is way more complicated than you need and contains many features you’re unlikely to ever use. Your software subscription costs can be reduced as a result.
- Your current bookkeeping & accounting system is simply no longer efficient and needs to be brought up to speed to take advantage of the current technology benefits.
Having good accounting software will help you to:
- Deliver ongoing efficiency and productivity enhancements that minimise repetitive administrative tasks.
- Provide information about your business that is accurate, up-to-date and enables you to make informed business decisions.
- Improve your cash flow by enhancing transparency about your accounts receivable, accounts payable and inventory requirements.
- Easily scale up your business to cope with more customers, more products, more sales and more staff.
At Organised Accounting Solutions (OAS), we will help you to identify the most suitable software, Software set up, customise the chart of accounts, set up the systems and processes suitable to your business.