5 Important Tools To Make Bookkeeping A Breeze

5 Important Tools To Make Bookkeeping A Breeze

Bookkeeping can be a bane to business owners if proper system is not put in place. While you are trying to keep up with bookkeeping, other tasks can distract you and may even be reasons for you to forget about bookkeeping unless you are already reminded by your late tax payments. Late fees and penalties can hurt your business especially if it happens frequently. Since bookkeeping is an essential task, you need 5 important tools so ensure a stress-free bookkeeping process. 

1. Smartphone/mobile device

Technology offers flexibility to business owners by making traditional bookkeeping a thing of the past. Today, it is easier to manage your bookkeeping files in just a few taps. Gone are the days when mobile phones are only intended for texting or calling. Technology has brought business management to the next level by making it easier for business owners to check information, delegate task and even conduct a regular meeting. The best thing about smartphones is that it breaks the cliche of 9 to 5 jobs. You can collaborate even without being physically present. 

2. ATO website

Have you ever wondered about the deadline for filing tax returns? ATO's website is going to be your friend as it provides information you need to ensure you do not miss the deadline. It provides online forms, tips, instructions and other important reminders so you prevent incurring late fees. It is your one-stop shop for your bookkeeping needs. You can also utilise its online tools such as the tax calculator, which enables you to find out about the amount you are going to pay come tax time. 

3. Google Drive

Everyone prefers to store files in the cloud instead of using desktop programs. This is because it is convenient and flexible. With cloud storage such as Google Drive or Dropbox, it will be easier for you to access financial report anytime, anywhere and even on any device. With this ability to access important information, you can review income statements and balance sheets in real time. The cloud storage also allows you to back up your data safely. 

4. Project Management Software

Location often restricts workers from collaborating. With project management software, you will be able to brainstorm with your workers without being in the same location. The software allows you to keep things organised so you will have the ability to track the amount of work you have done. 

5. Bookkeeping software

Bookkeeping software programs such as Xero makes it easier to track your financial report and even minimise fraud. Every transaction can be traced through transaction history so you will be able to know if a financial statement has been altered before you lose vast amount of cash. 

Tamara Deterding

Written by : Tamara Deterding