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Accountants bill their time - ensuring your recording solution doesn’t cost you....

Today’s marketplace is abundant with accounting and business management solutions thanks to advancements in the Internet (ie. Cloud), Technology (ie. iPads) and Communications (ie. Skype). But what solution will do the job for you?

Depending on your situation, I am most likely to refer you to following products that I have tried, tested - and have access to at the right price:

Download (don’t manually type) your bank statement data monthly into a .csv file, then freeze these panes, then create columns to reference income, expenses, GST collected/paid and have YTD totals in frozen pane top row. Add new data to the master file and continue the process.

Simple, effective and low cost data capture for those operating on a cash basis.

Email me this file to prepare annual compliance work or set up useful management accounting reports to tell you a story/paint a picture about your business or financial affairs.

As a Reckon Professional Partner, I recommend QuickBooks over MYOB, as it required little accounting knowledge, has superior historical reporting and a giant of a company supporting continual product R&D.

WARNING – crap in = crap out = $.

If you are not an attention to detail person, you may want to look at other software solutions, as from my experience a bad QuickBooks file can cost you a packet in accounting fees, no matter how much training I give you.

Quickbooks and QuickBooks Online can do everything your business will need, but more importantly give us both access to live data to make management accounting decisions.

Don’t buy this off the shelf, as I am a Professional Partner who has access to discounted rates that I am happy to pass on to you.

Never stress that your bank doesn’t reconcile again or have to manually input another transaction into your accounting system again!!

Banklink gets permission from your bank to access your bank statement data (not your account), whereby transactions are “dumped” into their easy to use software. All you do is put a code (describes the transaction) next to every transaction on the bank statement and your BAS is done.

Banklink is the system I use for clients who I do bookkeeping for. Now “online”, I code up the statement with known/memorised transactions, then get you (by phone, fax or Internet login)to fill in the missing details = takes you about 10 minutes to do your BAS.

Banklink data (whilst having its own financial reports) imports directly into my financial and tax compliance software. As the data is already “audited”, this significantly reduces the time it takes to prepare end of year financial statements and tax returns = saving you money.

With 250,000 businesses and over 4,500 accounting practices using it across Australia, New Zealand and in the UK, this is the perfect solution for anyone who values their time.

As previously identified, there is an abundance of accounting solutions in the marketplace at present that I am constantly reviewing, so make sure you touch base with me before handing over your hard earned.