As a girl, there is nothing more exciting than a truly fabulous pair of shoes……………. And the box that they come in quickly gets thrown away, and the shoes worn immediately!
Unfortunately, keeping that beautiful shoe box to keep all your paperwork in is not a fabulous idea!
In fact, “Shoebox Accounting Systems” will end up costing you money, and valuable tax claims.
To operate and manage a business professionally, you need information. You need that information to be timely, accurate and useful. Opening the lid of a shoebox and looking at all those bits of paper inside, will never allow you to make good business decisions.
A good record keeping system is paramount! It should be reconciled at the end of every week or month, to ensure that all income, and all deductions are recorded and claimed.
This also means that you can use the information each week/month to run your business better.
If the tax office decide to do an audit, they will want to see you keeping records properly, and reconciling them regularly.
If you bring in that shoebox, then we need to sit and sort through the papers, add up the bits, get back to you with questions about what a receipt may be for….. all this takes time….. and this times costs you money. It is cheaper for you to record your information correctly before you bring it into us.
There are many good accounting software programs on the market, both computer and icloud based, include excellent payroll modules, they can be industry specific, and also cater for all sizes of business. Even if you are a very small business just starting up, there are affordable, usable options.
So please contact us to discuss what your needs are, and what software or recording system may best suit you and your business. Remember, we are here to help you!