Asking yourself "What is the best accounting system for small business?"

Tune Up Your Accounting System for a Better Performance Next Year

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Accounting systems are often the last thing business owners want to focus attention on and GST and tax compliance are often the main reasons for having them.

This thinking is a massive lost opportunity! If you’re wondering how to run a better accounting system, a little thought at the start of a new financial year, can reap big benefits in terms of useful intelligence about your business. One piece of information entered into an accounting system can be reported in many ways. For example an invoice (entered in the right way) can be reported in:

  • Profit and Loss Statement in sales section – it can also be classified as ‘type’ of sale for further intelligence e.g. profitability by type of sale. This helps you to see which products/services are the least/most profitable.

  • Balance Sheet in Accounts Receivable to see how much you’re owed by customers.

  • Balance Sheet in GST to see how much you owe the Tax Authority

  • Inventory report showing type of products sold and gross profit on each, so that you know which ones to focus attention on and which perhaps to ditch.

  • Job report showing type of job sold and profit on each so you know which ones to focus attention on.

  • Accounts Receivable report showing who owes how much and for how long so you know who to chase for money and how e.g. large amounts by phone and smaller amounts with email reminders.

  • Sales by Customer Report to see which ones deliver most profit so you know which ones to focus attention on.

These reports provide great intelligence about what is going on in your business and where you’re making and losing money, as well as helping you to comply with tax requirements.

If you’re wanting to know how to improve Xero operation or how to improve MYOB operation this eBook will help.

We’ve put together this eBook to guide you through how to get the maximum benefit from your current or new accounting system. It helps you to work out “Which accounting system should I choose?” and what is the best accounting system for small business.