5 essential tools for bookkeeping
Bookkeeping is a major task that is often overlooked because of other business obligations that need to be prioritised. Since bookkeeping involves generating financial reports, the numbers have to be accurate. These days, small business owners living in the era of paperless have realised how easy it is to keep books in check. Thanks to the advanced tools that help every bookkeeper to share files, keep track of payment dates and many more. There are five essential tools you need to make available to bookkeepers:
1. Bookkeeping websites
Have you ever wondered when your tax payment due date is? You may still be thinking you are ahead of your payment schedule, but the truth is you are almost falling behind. ATO’s website will make it easy for you to keep track of your due dates so you avoid late payments. It also features tips to ensure a healthy business and financial performance.
2. Google Drive
Saving files using your desktop programs may not be a good idea because once the computer crashes and you have not backed up the files, you will need to start from scratch to finish the job. Google Drive, Dropbox and other popular cloud storage options will make it easier for you to store and retrieve files. Even if you are on a different device, you can still access bookkeeping files in real time. Once your bookkeeper informs you that the file is available, all you need to do is to go over it.
3. Mobile devices
Smartphones are not only designed to keep you entertained and occupied on a lazy Saturday morning as they can also be your perfect business companion. With your smartphone, you can chat with your bookkeeper to follow up on your financial report, conduct meetings with your employees using Skype, Google Hangouts and other similar apps.
4. Project management software
It can be challenging to finish a job when you do not know what is going on with your team. Just because you are away does not mean the task will also be put on hold. Project management software allows you to get things done with your team even if you are away. These days, there are many project management tools that can help you keep track of employee activities and determine the project’s progress.
5. Bookkeeping software
Payroll management can be demanding as you need to make sure that information is accurate and correct. Bookkeeping software such as MYOB, Xero, Quickbooks Online and many others will enable you to take care of this task easily. It allows you to you spot irregularities that may lead to fraud. If there are any changes to the financial statement, it can be easily traced by merely checking the transaction history.
