Running your own small to medium business is a rewarding experience. Each day business owners have the ability to seek new opportunities, challenge themselves, be creative and learn something new. And most importantly, business owners can create the optimum work/life balance.
According to the Australian Bureau of Statistics, there were over 2.1 million actively trading businesses in Australia at June 2014. [Ref 1], all working to achieve business success. It is important to surround yourself with a great team, who believe in your vision and invest in the best tools to realise rewards. A key tool, and commonly an investment business owners make from day one, is your accounting software package.
Over the past 6 years, small to medium businesses and passive investors have seen a huge shift in the marketplace of accounting software packages with the introduction of Xero, the first 100% cloud based accounting software. MYOB, Intuit, and other providers have since both released their own 100% cloud based products, allowing for diversity, integrated reporting, and great consumer choice in respect to features, preferences and price.
Standard Business Reporting (‘SBR’) introduced by the Australian Government will extract information that has been recorded in your accounting software and submit this directly and securely to the Government through AUSkey [Ref 2]. SBR not only incorporates the Australian Taxation Office but other Government authorities, such as the Australian Securities and Investment Commission (ASIC), State Revenue Office, Centrelink, and alike, allowing for streamlined and consistent reporting.
By July 2018, SBR will be the only means of lodgement with the Australian Taxation Office for taxpayers and tax practitioners [Ref 3].
Undoubtedly cloud accounting allows business owners and investors the opportunity to maximise efficiencies which were not previously available. Cloud based softwares take care of data entry simultaneously; it allows for real-time financial information; provides owners the tools they need to make informed decisions; gives flexibility and accessibility with a wi-fi internet connection; and the technology goes so far to integrate to a widespread marketplace of add-on platforms like Point of Sale or Inventory Management systems straight from your business premises, or a Rental Investor system to manage your property portfolios.
Now is the time to review your current record keeping software and work with your professional advisor to choose the right cloud accounting software tool for your business or investment.
Instead of switching off, switch cloud accounting on to grow your business and maximise your investments. Contact your service team at McLean Delmo Bentleys today and let’s start the conversion process to go online.
Manager - Business Services