Many bookkeepers are still using outdated bookkeeping systems that do not share information delivered by the latest technology advancements. It may be because they are not fully informed about cloud based accounting systems or they believe that the old model still works ‘just fine’. Unfortunately many are also slow to adapt to the changing landscape of Ecommerce Strategy, and discourage the adoption of these new technologies because they are desperately trying to protect their old business models.

Most people using traditional bookkeeping software say that the process of entering data and then sorting it is a pain. Not to mention all the headaches involved in getting it prepared for their accountant. In a world where computers are connected online, these problems needn’t exist anymore. The accounting landscape has shifted dramatically. Online bookkeeping software connects to the internet to automatically collect your data, and then sort it for you.

Bookkeeping is much less painful when you, your bookkeeper and your accountant can all login and view up-to-date accounts online – anytime, from anywhere.

The old style of bookkeeping clearly does not have the client best interests front of mind. Legacy bookkeeping systems are likely costing you, as the business owner, time and money that could be better invested in other areas.

So, how do you know if it is time to update your systems and process (and perhaps also your bookkeeper)?

Here are 7 reasons to Consider Updating Your Bookkeeping System:

  1. Are you collecting every receipt manually and placing them in a bag or envelope to give to your Bookkeeper every month?
  2. Is reconciling your bank statement conducted manually every month?
  3. Are there delays in distributing employee pay slips?
  4. Are you manually submitting your employee superannuation contributions?
  5. Do you have access to reports that help you understand your financial position? Do you know anything about bad credit payday loans?
  6. Are you getting monthly reports regularly, and on time?
  7. Are you transferring desktop accounting files to your accountant?

If your Bookkeeper is using these old ways of managing your books to do your bookkeeping, then it’s definitely time to review their service offerings. New applications have made life easier for managing your cash flow and running your business. What’s more many applications are mobile and tablet friendly, so you can access information wherever, and whenever you want. A new updated bookkeeping system has the potential to take the boring out of bookkeeping.

Knowing which bookkeeping systems are right for your business (and just as importantly, how to implement them properly) requires skill and experience. The team at Business Wise can make this process as simple and effective as possible by helping you identify the best way to make financial management easy for you.

Business Wise
The team at Business Wise don't just do bookkeeping and accounting - we believe that successful businesses are those that are informed, proactive and open to change, and we want to help you on your journey to success.