What Is Bookkeeping and Why Is It Such A Nightmare?
Major Points of the Article
Bookkeeping has moved from the conventional book to computers/cloud-based systems
Cloud-based bookkeeping can be a massive time saver
It can be used to project into the future and help you plan for cash flow fluctuations
Your expenditure, and seeing if you are on budget, can be monitored with bookkeeping
What Is Bookkeeping
It's essentially the activity of a business keeping records of its financial affairs. Its invoices, sales, expenditure, R&D, growth activities, and more are all itemized within the books which is then reported to the ATO through a BAS lodgement or end-of-year filing.
How It Has Changed
Bookkeeping is a tedious and often time-consuming task to manage. In the past, you would have to keep records in physical ledgers or books but with modern technology like computers and cloud-based systems, bookkeeping can now be done digitally—saving you time that was normally spent on manual inputting of data.
Cloud-based bookkeeping can even be used for prospective analysis so you can better plan for cash flow fluctuations or keep an eye on where your money is going. Some cloud-based bookkeeping examples you can use are below.
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How is your bookkeeping going?
Often your company will overspend without even realizing it. In fact, the team at Paradelta Strategy usually find up to 8% in savings that can be used in other areas to grow your business.
They are a business strategy and brand equity-building company that specialises in reviewing and improving your business. Over the years, we have helped businesses across Australia to grow and expand, nationally and internationally, and grow significantly in profits. To get assistance with your business, simply email us at hello@paradeltastrategy.com.au or schedule a no-obligation discovery call here.
