Small Business Accounts PackageHow To Choose The Best One
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MYOB or Quickbooks
If you decide to manage your own accounts then you will need to decide on which small business accounts package that you will use. Two of the more popular small business accounts programs are MYOB and Quickbooks. You can read more about MYOB and Quickbooks and the benefits of employee payroll software.The small business accounts package that you choose will depend on many factors;
- The size and type of your business
- The volume of transactions within your business
- The number of staff that you plan to have. You will need to track and monitor leave entitlements, payroll tax, superannuation, wages and allownaces etc.
- Whether you need to track and monitor inventory
- Do you have account customers? Will you issue monthly statements?
Business Deductions
You must maintain an accurate record of your business' income and expenses. All of your income and expenses must be recorded so that you can substantiate your claims for any tax deductions. Even home business tax deductions can be claimed against your income but you still need to justifiy your claims. This is why it is essential that you implement an effective financial management system.Some reasons for doing so are:
- To satisfy the ATO requirements
- You will need this info to prepare your BAS-Business Activity Statement
- To reduce bookkeeping and accountants fees
- To provide you with an accurate financial picture of your business
- To comply with Government legislation.
Beware!
Many new business owners underestimate the importance of monitoring their cash flow. For your business to survive long term you must have an efficient financial management system in place.Even largely profitable businesses and those experiencing huge growth can come unstuck when they do not have a clear picture of their financial position.
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