10 FREE ways to save money on Bookkeeping
1 – Get organised – spend 10 minutes on reviewing your transactions every day and you will stay on top of the workload and have a clear view of where your business is at and you will pay less to your accountant come tax time.
2 – Use a cloud based accounting software package like Xero. This will give you a real time view of your business finances.
3 – Use online banking. Forget about cheques and and avoid cash transactions. When making payments use a business credit/debit card, direct transfers, BPay etc. Most importantly keep your personal and business accounts seperate.
4 – Scan all your Invoices and receipts, attaching them to the transaction details in your software and therefore get rid of your filing cabinet. Go paperless.
5 – Get the setup right. Getting your accounting setup right up front avoids any costly rework down the line.
6 – Get advice and training from specialists (not your best friend). “You can give someone a pair of scissors, don’t call them a hairdresser”.
7 – Each month check that your balance in the bank account matches your accounting software balance.
8 – Set up a business savings account to put money aside for Super and Tax at the end of each period.
9 – As your business grows, focus on what you do best and outsource the bookwork to a specialist.
10 – Keep a hawk eye on the accounts receivable (money owed to you). Create a plan for managing clients that are late payers. You are not in the business of providing interest-free loans. This hurts your cash flow.
Find a bookkeeper that charges fixed fees not hourly rates. Fixed fees incentivise the bookkeeper to get the job done.
I call and the issue dealt with that day and fixed. Matthew Sandford - Aussie Windscreens
We would not be where we are today without your help/advice. Kylie Krinas
Your advice, guidance and assistance with Molonglo Group's transition to Xero has been invaluable over the last 18 months. We have very much appreciated your efforts with both our staff and the staff at Maxim. We have been able to capitalise on the efficiencies that Xero has bought to our Group and we thank you for this. Johnathan Efkarpidis
Excellent at providing early guidance and feedback. They have been especially useful in setting up my new business on Xero and have been very helpful with advice on payroll. They provide preemptive information that is very useful in running a small business. For example recently I was sent a Christmas Closure email which detailed lots of information about closing over the Christmas period and any associated obligations I may have. Klarisa Cengic
I can't thank Don enough for his excellent advice and support in helping me transition from a clunky manual accounting system to the game changing Xero accounting package that has saved me an incredible amount of time and angst! Boost is always there in the background like a security blanket if things don't seem quite right or go wrong - they are super responsive and have assisted me in shifting my business to the next level. Kristen Pratt
Boost Centre introduced me to the amazing Xero accounting system and set up the account getting all linked up to my trading bank account and does my BAS for me. The thing I like about dealing with Boost is the combination of direct assistance whilst teaching me how to run things myself as much as possible ie to save cost. This is a highly professional yet personalised and friendly service which I consider as an essential element for my business. Andrew Rickard