Moving to cloud-based accounting - Xero, MYOB, & Reckon Bookkeeper in Sunshine Coast
Fiona McKinlay • February 15, 2018
Xero, MYOB, & Reckon Bookkeeper in Sunshine Coast
Is your office still using an older version of MYOB
or Quickbooks? You are not alone. Many companies are keeping well past their prime computers around because they run the older software that “works” for them.
While doing this might work on the surface, you could be missing out on a whole new world of amazing features. These features will not only give you a better idea of how your business is doing, but they make your business life a lot easier.
Cloud-based finance software
has been growing in popularity over the last few years for some significant reasons.
First, it is cloud-based, so the worry of the computer dying and taking your data with it to the great beyond is gone. With cloud-based software, your data is securely stored offsite and can be accessed through the browser on any computer, tablet, or smartphone.
The second reason
to move to a cloud-based system is accessibility. So much business is being run out of our smartphones that it only makes sense that the finance software should as well.
Most cloud-based systems give you the ability to run reports, check balances, create invoices, and enter expenses straight from your phone via their mobile apps.
This accessibility is also fantastic if you run a smaller business because you don’t have the budget for a fulltime bookkeeper. The cloud-based nature means they can login from where they operate.
There are many reasons to make the switch, but of the three principal features, updates have to be the most important. We are not just talking software updates;
We are talking about financial responsibility updates.
It can be hard to track when there are significant changes to taxes and wage requirements. With most cloud-based systems, this is all done automatically, and it will notify you of any changes.
So, if you are interested in giving Xero, MYOB, or Reckon
a chance than give us a call as we are more than happy to help. We serve the greater Sunshine Coast
area and will work hard to make sure you successfully transfer to cloud-based software.
Bookkeeping Services in Bli Bli, Buderim, Caloundra, Coolum, Cooroy, Maroochydore, Mooloolaba, Nambour, Noosa, North Brisbane, Tewantin QLD
And then there are employee payment summaries and the summary of income and expenses in a profit and loss statement, the record of debtors and creditors, asset purchases and expenditure on improvements, depreciation expense claims and capital gains tax, income tax returns and yearly reports, returns for PAYG withholding, fringe benefits tax (FBT), Goods and Services Tax (GST), and the taxable payments reporting system, meeting superannuation requirements… the list goes on and on.
With so many great software options including XERO, MYOB and Reckon. It’s vital for Balanced Bookkeeping and Business Solutions to be on top of them all. Our expert team can help tailor fit any software your business needs. We proudly keep the Sunshine Coast on top of their accounts. Ask us how we can help you today.
Balanced Bookkeeping and Business Solutions is a local Sunshine Coast company that provides a complete bookkeeping service and solutions for small to medium businesses and can cope easily with both the ATO and ACNC, so that you can pursue the far more rewarding and philanthropic business of fund-raising and distributing to the deserving foundation or trust of your choice.
Balanced Bookkeeping and Business Solutions is a local, Sunshine Coast business that provides a complete bookkeeping service and solutions for small to medium businesses. The principal of Balanced Bookkeeping and Business Solutions has worked in the accounting industry for over 20 years and is a qualified accountant and registered BAS agent, which means that you can discuss the pros and cons of casual and full time and part time employment, knowing that you will receive practical, constructive, valuable advice.
So, what is Fringe Benefits Tax? Simply put, it’s an extra tax that you cover for your employee that is for the benefit of the employee in lieu of paying them more money. The tax is calculated on the value of what is being used for FBT.
This is only a new initiative as we mention that came into effect as of the 1st of July 2018, so there are still a lot of questions to be answered. This is why a number of clients we serve on the Sunshine Coast have been coming to us at Balanced Bookkeeping and Business Solutions to see their options.