When asked for some bookkeeping tips on getting it right – here are what some of our professional bookkeepers have to say…….
Susan Napper Get to know the programs and fully utilise all available features suitable for your business. Live bank feeds, email invoicing and drag and drop supplier invoices are great additions to accounting software
Scott Humphrey Set up a good chart of accounts…..If your chart of accounts has a breakdown of your departments as such, it helps you to better understand your business…. e.g. which service is making money, which product is doing well etc…….
Kelly Berger Create rules within the bank feeds saves time
Deb Severiny Xero all the way because it allows you to have add-on cloud based software programs combine to assist the bookkeeper/BAS Agent and you the business owner. Win-Win all the way.
Peta Schimming I love the OCR recognition for the supplier invoices in the inbox in MYOB. It’s got heaps of potential reduce your man power hours (Yay) which equates to less $$.
Sri Peketi I haven’t worked with much of its cloud features for long as I have shifted to SAASU. I love the customisation in reporting which wasn’t available when there wasn’t cloud accounting. Love the Payroll setup in it when I have worked as a casual admin in a coffee shop before it was sold and even BAS integration
Margy Allen It depends on which program it is E.g.: MYOB essentials or MYOB Accountright plus. Up in the cloud is the best programs have bank feeds and can save a lot of time.
Set up recurring transactions
Recurring transactions should be set up for all regular payments and deposits, particularly direct debits such as motor vehicle payments, insurances and rent. These can be set up to be recorded only when selected so the transaction detail is consistent. Otherwise, have the system notify you to record the transaction when due.
Set up automatic entries
Setting up regular transactions to record automatically not only saves time but also ensures consistency. Transactions can be set up to be recorded weekly, monthly or annually, and can be set to be recorded a specific number of times.
Link accounts to supplier card files
Linking expense accounts to specific supplier card files ensures consistency and is a great time saver when processing. I find this particularly useful in linking superannuation fund card files to the liability account, as many clients will often code the payment to an expense account in error.
Superannuation Clearing House
The Small Business Superannuation Clearing House has been established by the ATO for employers with fewer than 20 employees. The Clearing House enables employers to send a single payment, which then distributes the funds to the relevant employee superannuation funds. This reduces the compliance workload for employers with workers with various different superannuation funds by sending one direct payment.