As you work hard to grow your business and run it efficiently, having a set of well-kept books is the best way to monitor your progress and find ways to improve your bottom line each year.
Bookkeeping is important for companies of all sizes, even one-person businesses and self-employed professionals. Here are some of the benefits that your business will enjoy just by having a good bookkeeping system:
- By recording your income and expenses each month, you’ll be able to analyse the performance of your business with the help of your accountant or tax practitioner – this will allow you to make changes that boost profitability.
- A thorough set of books will take away unnecessary stress when you file your company’s tax returns each year.
- Accurate bookkeeping records will assist you in monitoring expenses and will help you identify any suspicious or fraudulent transactions that may have gone unnoticed.
SMARTEDGE – Bookkeeping for the 21st century
To increase the efficiency of our clients’ businesses we use SMARTEDGE, an online business management system that combines invoicing, bookkeeping, and other essential functions in one easy-to-use application.
Unlike many traditional bookkeeping applications that required data and spread sheets to be sent between client and accountant, SMARTEDGE allows all the financial information to be entered online from any location. Once you have entered your bookkeeping or invoicing data into the system, your accountant can work with this information to produce trial balances, income statements, and reports – you’ll be able to see these documents online as soon as they are ready.
The SMARTEDGE system is designed to be cost-effective and easy to use, with lower costs than many accounting software packages – this is a great advantage for entrepreneurs and small business owners who are keeping their overheads down.
SMARTEDGE also produces easy-to-read and understandable financial reports, allowing business owners to analyse the performance of their companies without being burdened with too much information.