I would like to tell you a story about Bob the Builder. Bob wanted some accounting software. He was struggling with cash flow and was tired of chasing unpaid invoices. He really needed to spend more time on the job and less time pushing paper so he went online and started looking at software. He jumped right in and ordered the cheapest one available not really knowing anything about it. He started clicking away not really sure what he was doing and he made a few mistakes. H
How’s your relationship with your bookkeeper? Are you best friends? Or do you only speak occasionally? Forming a strong relationship with your bookkeeper can be the difference between success and failure. Too many small business owners get caught up in the day to day running of their business and forget to look at the numbers. Before you know it, its BAS time again and the bookkeeper is on the phone, reminding you to send information, copies of invoices and bank statements.
With the end of the financial year fast approaching it is important to be organised. The first and most important step is to reconcile your bank accounts. If you are using electronic clearing accounts or have loan accounts it is important to reconcile these too. It is important to reconcile your accounts regularly. This helps identify errors quickly, before they have an impact on your financial reports. Lets face it, there is no point in submitting the numbers if they are n