Carry the one! How many people need access to the business accounts?
Fiona McKinlay • May 4, 2018
One of the big selling points of cloud-based accounting software is its accessibility. Another fantastic aspect of it is security. You have the ability to give access to as many people as you want, and the software will track when they logged in for transparency.
The big question that we get is, how many people need to have access to your accounts? While there is no “one size fits all” answer with this, as companies have different organisational structures, we can give you some general guidelines that you may find useful.
Bookkeeper and/or Accountant
While this one might seem like a no-brainer, there are still some companies that won’t give their bookkeeper their own access to the cloud-based systems. The bookkeeper will need to come into the office to access the accounts. If you are outsourcing your bookkeeping, this is just adding expense. Giving your bookkeeper access means that the accounts can be looked after more often thus giving you a better look at your company’s performance.
Treasurer
Obviously, this will only be the case if your organisation has a board of directors. The Treasurer is an executive officer that needs to have access at all times in order to present figures, fiscal forecasts and help make monetary suggestions during board meetings.
You
Of course, you should have your own access; you are in charge of the company. A lot of business leaders, however, are more than happy to pass on this responsibility and only look at reports. You should be able to look at how your company is performing at any time.
There may be times that you might need others to have access to your accounts, and in these times, you should always set up separate logins for them. Never allow someone to use your login or someone else’s.
If you have any other issues that we can help with we are more than happy to help. Balanced Bookkeeping and Business Solutions has been helping the businesses of the Sunshine Coast for years and look forward to working with more. Contact us today.
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.