Before 2000, most small businesses and Melbourne accounting firms were running paper-based accounting. However, with the introduction of GST, many have recognised the need to switch to accounting software. This was further assisted by the Commonwealth Government’s $100 voucher to cover most of the cost of many popular small accounting packages.
While it may still seem practical to expect your Melbourne accountant to keep track of your financial records on paper, it is no secret that the quarterly BAS will add significant reporting workload for your Melbourne accountant or Melbourne accounting firm.
And while there are some overhead costs involved in making the switch, shifting to computer-based accounting will allow you, your Melbourne accountant or Melbourne accounting firm to extract key information faster. This is because reports can be readily generated at a click of a button, at anytime and from anywhere.
Entering every business transaction can be such a pain, especially for those who do not retain the services of a full time bookkeeper. However, there are certain accounting software that allows you to sync it to your business bank accounts. This will significantly reduce time as well as automatically matches every bank transactions with your accounting books.
Ideally, you want your Melbourne accountant or Melbourne accounting firm to work with software that comes with BAS reporting function. This allows them to generate reports with a simple click of a button. Your Melbourne accountant or Melbourne accounting simply needs to specific the quarter covered.