Can you believe that 3/4 of the financial year has already gone?
I certainly trust that business has been good and you have been achieving the goals that you set back in July. I would like to get a “virtual hands up” from those businesses that know what there profit has been for the 8 months. For those with their hand up, CONGRATULATIONS!!!! That must mean you have been ensuring all information has been entered accurately in your accounting software and you have been using it to it’s full potential. For those that haven’t put your hand up, now is the time to be proactive and make some changes.
These days if you are investing monthly in your software subscription fee, you should be getting the most out of that investment. I believe that the cost certainly represents good value, but only if you are using the software to its full potential!
Here are a few of my tips:
- Ensure that you have the latest version of software available
- If you are still data entering your bank statements you are wasting up to 10 hours a month – your software has built-in bank feed functionality which automatically imports details of the transactions and you just have allocate to the correct account. If you are using a bookkeeper I would strongly suggest you ask if they are using this function. Just think, if your bookkeeper could save time data entering think about other admin tasks that often get overlooked because of lack of time – checking file for greater accuracy, produce reports for various aspects of your business, chase debtors, chase better deals with your suppliers.
- If you still haven’t embraced cloud accounting technology and would like some more information, please contact your Accountant who will be able to provide you with their recommendations of the most suitable MYOB or Xero product and the monthly costs of these products.
Best of luck with the countdown to 30 June.