How online bookkeeping services improve small business productivity

April 9, 2021

Most small business owners would agree that 24 hours a day is simply not enough to deal with all of the work and business demands that require their attention.

Yes, the life of a small business owner is a busy one – according to some research, over a quarter of all small business owners are working 50+ hours a week.

And a lot of that is spent looking after administrative tasks such as bookkeeping.

If only there was a way so streamline all of these tasks, speeding things up and making things work more effectively.

Good news: there is!

small business bookkeeping

Why is bookkeeping important for a small business?

Small business bookkeeping is the lifeblood of any small business. After all, it:

  • Informs your decision-making
  • Gives you an idea of how your business is performing
  • Helps identify your business’ overall health
  • Allows you to identify areas where you’re struggling

Make no mistake, it’s a pretty big deal However, it’s also one that many small business owners find challenging and time-consuming.

Maybe your system is a major timesink. Perhaps you simply aren’t that great with numbers.

Either way, our bookkeeping service can help small businesses like you make your bookkeeping faster,easier, and more accurate to boot.

How can a bookkeeper help my business?

Bookkeeping can be time-consuming – it’s also something that’s crucial for businesses of all shapes and sizes, so there’s no getting out of it.

What a bookkeeper can do is help you avoid mistakes and speed up what can otherwise be a very time-consuming process.

One way of doing that is by taking your bookkeeping off your hands and handling it for you using our experience and skill – another way is by setting you up with cloud bookkeeping systems.

What is record-keeping and what is its importance?

Essentially, record-keeping is what bookkeeping is all about:

  • Sales figures and revenue
  • Expenses and outflows
  • Calculating and recording cash flow
  • Invoices and debt
  • Payroll and payroll tax
  • GST collected and owed

These are just some of the things bookkeeping records – each of which is super important to your business’ operations, which is why you need to ensure that your bookkeeping is accurate.

The records you keep impact your decisions going forward, and can affect what sort of advice your accountant gives you. Not only that, but it also impacts your tax situation, since bookkeeping also records GST and payroll tax.

And that’s why you should take it seriously!

How does accounting software improve productivity? What are the advantages of using accounting software?

If you’re constantly dealing with the stress of manual bookkeeping, now would be a good time to check out how a cloud-based bookkeeping solution like MYOB, Xero, and Quickbooks bookkeeping can help you speed things up. 

Manually tracking business expenses, income, and debts can be a bit of a pain to handle.

This is why our Xero bookkeeping service in Melbourne recommends that you use a secure, effective and reliable accounting system to manage your business cash flow and all your other bookkeeping requirements successfully. 

Save time

If you find that you aren’t able to work as productively owing to bookkeeping tasks hogging all of your time, then it’s time to think about revamping your bookkeeping system and bringing in accounting software.

Using a cloud-based system like MYOB bookkeeping doesn’t just give you the power to access and edit your records from anywhere with an internet connection – it also:

  • Automates a lot of the grunt-work
  • Automatically generates reports
  • Comes with plugins and extras to tailor your bookkeeping system
  • Syncs with your bank accounts, inventory system, POS and more
  • Calculates tax like GST and payroll tax for you

The result? More time to spend on the things that only you can do!

Guaranteed security

Physical records can be lost in a fire or be stolen. Spreadsheets can be lost to a computer dying on you. Even on a smaller scale, it isn’t unheard of for a computer crash to wipe hours of work if you don’t save regularly. And what of computer hackers?

There are a lot of threats out there to your all-important bookkeeping records. Luckily, cloud bookkeeping reduces and minimises these threats.

Cloud bookkeeping systems use secure servers protected by sophisticated firewalls and antivirus, reducing the risk. What’s more, it also automatically saves and backs-up any changes you make, ensuring that you don’t need to worry about losing your data to a power outage or computer crash.

Less errors, less mistakes

Mistakes are your #1 enemy when it comes to bookkeeping – and it’s something that online bookkeeping services can minimise.

As we mentioned before, these systems can:

  • Sync with your bank accounts and POS systems
  • Automatically calculate revenue and expenses
  • Record GST collected and owed
  • Alert you to any errors, mistakes and duplicates

All of which make your bookkeeping more accurate and reliable.

Not only does it give you a better picture of your finances, but it also saves time that would otherwise be spent fixing things, letting you devote your time to other tasks that are directly related to your core business work.

xero bookkeeping service in melbourne

Fast and easy-to-access

Need to check some of your records after-hours? Good news: you don’t need to get in the car and drive all the way back to your business to do so anymore!

Since it’s all hosted on the cloud, you’ll be able to access your bookkeeping records from your home desktop or even your smartphone if you have the app installed.

And it isn’t just you, either.

Easy collaboration

Say you’re in a call with your bookkeeper and accountant, and you need to refer to a specific transaction. Instead of needing to scan your records, attach them to an email and wait for them to download it, they’ll be able to access your records directly.

You won’t even need to make the journey to their office anymore – as long as they have the appropriate permissions, they’ll be able to see exactly the same things you see, allowing them to advise you remotely.

Get accurate financial forecast 

Accounting software helps you organise your cash flow.

If you’re looking for an easy and accessible way of organising your cash flow and checking any discrepancies in between, make cloud bookkeeping your ally.

Cloud bookkeeping helps bookkeepers in Melbourne take a better look at your financial status and, in turn, give you sound financial advice and forecasts on what is the next best thing to do.

Make reasonable changes to regain the path of positive financial flow that will enable you to reduce delays and penalties.

Since your bookkeeper in Melbourne can automatically give you an immediate forecast of what your cash flow looks like, you can immediately make sound financial decisions based on facts that will help you avoid any cash flow problems in the future. 

Manage tax payments responsibly

While GST makes things a lot easier, it can still be a bit of a headache recording all of your different tax obligations.

Luckily, bookkeeping and accounting software can make this easier for you.

One of the strengths of cloud bookkeeping is how it automatically calculates not just GST paid, but GST collected as well in addition to other taxes such as luxury goods tax and payroll tax.

And it doesn’t just record them, either – it also compiles them into BAS and IAS statements and other reports, helping you stay compliant without the headache that would come with trying to do it manually.

Are you looking for a new way of doing your bookkeeping? One that’s faster, more efficient and which will help you improve your small business productivity?

Contact Maximum Business Solutions today!

If you need bookkeeping in Melbourne, you’ve come to the right place. Our bookkeeping service specialises in helping small and medium businesses throughout Melbourne – and in particular, through the power of cloud bookkeeping.

Make your bookkeeping fast and easy-to-manage with cloud bookkeeping solutions that are tailored to your business; unique requirements and needs. 

Whether you’re still getting set up or you’re an existing business that wants to transition to a more efficient and reliable accounting system, Maximum Business Solutions is here to help.

Our team will set up and help your small business cloud bookkeeping by providing Xero training in Melbourne and helping you make the transition to online bookkeeping.

And it doesn’t end there. If you need assistance or require help with a particularly difficult part of your bookkeeping, our team is ready to help, whether it’s by walking you through part of your bookkeeping or helping you with a cloud bookkeeping function you haven’t figured out yet.

Book an obligation-free consultation with us today – or better yet, call us on (03) 9589 0128 or get in touch online!