Keeping up-to-date records of your business transactions sounds boring. It sounds easy enough, but in reality businesses may not claim everything they are entitled to due to misplaced receipts or not keeping a car log book for business travel. Having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control.
Digital bookkeeping is the future of your finance
The digital age has revolutionised the way many business owners carry out their bookkeeping. From digital accounting to real-time data, the modern bookkeeper is now equipped with the tools and resources to make the job easier, more efficient and (crucially) less time-consuming.
When your bookkeeping goes digital, that means:
- Your data entry process gets automated – receipts, invoices and other supporting documents can all be scanned using OCR software. This gives you a digital copy of the paperwork, but also digitises the data and pulls it into your online ledgers. There’s no need for tedious manual data entry, and you also reduce the chances of human error.
- Your digital records are available 24/7 in the cloud – instead of searching through messy hard drives or dusty filing cabinets, all your financial documentation is available at the press of a button. You can pull up the documents you need at any time of day, from any location with internet access. And everything is safely encrypted and backed up.
- Your tax returns can be filed digitally – with all your bookkeeping data saved and accessed via your cloud bookkeeping/accounting software, your tax returns become a lot more straightforward. Whether it’s quarterly GST returns or annual corporation tax returns, you have all the data the tax office needs, ready to send in a digital format.
- Your finance data goes real-time – scanning and digitising your receipts at the time you make the transaction doesn’t just keep your records up to date. It also gives you real-time data on all your income, expenditure and operational costs. Instead of working with management information that’s months out of date, you have informative real-time data on which to base all your big business decisions.
- You’re 100% in control of your finances – by embracing the benefits of digital bookkeeping, you kick your finances into shape. You and your finance team have accurate real-time records of all income and outgoings, and can stay in complete control of the financial management of the business. Your accounts are in tip-top shape and you’re ready to file your tax returns at every significant period throughout the year.
Talk to us about updating your manual processes to digital ones
If you want to transform your bookkeeping, now’s the ideal time to go digital.
Talk to our team and find out what bookkeeping or accounting software is right for your business.
Once you see the efficiency, accuracy and long-term benefits of digital bookkeeping, you’ll understand why going digital is a no-brainer, whatever type of business you run.
This post was originally written by BOMA and has been updated to make it more personal.
