For some businesses, Bookkeeping is a very manual process. Bank statements are coded by hand and then typed into accounting software days or even weeks after the transactions took place. If any errors go to your accountant, the entries must be changed and you get slugged accounting fees for those errors.
Today the need for manual coding and entry of bank statements has been superseded by cloud systems and services. Bank account transactions are now data fed into accounting software like Xero, every day. Most transactions can be automatically coded with minimal human intervention, reducing the time it takes to provide up to date financial statements and real time data for your business.
Supervision has been bookkeeping for our SMSF clients since inception so we know the advantages of completing accounts real time. Your business or investment portfolio can be monitored with extreme care and steps can be taken to either reduce your tax or improve performance as you go, not 3-6 months after the event. Managing Cashflow and debtors real time is a distinct advantage in today’s business environment.
A New Approach
The advantage of Xero over other systems is its ability to integrate with other awesome third party applications that you can use to run your business. The superiority of these apps is that they can create the majority of your business accounting transactions automatically. There is no need to transfer data from one software to the next, it seamlessly integrates replacing the need for manual data transfer. For example, quotations, sales and invoicing and debtor management can be completed in one transaction, eliminating multiple entries and cost to your business.
This is the new way of bookkeeping, so much easier and inexpensive to complete. Don’t pay for a bookkeeper to come to your office, outsource your bookkeeping to Supervision who have a team of bookkeeping specialists in house that can save you the time and effort and view all of your reports real time whenever you need them. Let Supervision show you how.