Accounting System Set Up
You will need an accounting software which should has the following functions:
• Using cloud-based technology
• STP (single touch payroll) reporting function
• SuperStream reporting function
• Bank auto feed function
• Tracking income and expenses
• Issue invoices and send quotes to customers
• Snap & store receipts
• Track GST function and prepare BAS
• Track inventory (if needed)
• Value for money
Accounting system is more than just having a good accounting software; it includes internal controls and procedures. For example, what are the procedures for bill payments? Is there any budget for the business income and expenses? Who has the right to approve the purchase? Do you need to get a quote for the purchase, or do you just use the same suppliers? If so, how many quotes do you need to get? Who is responsible for taking the delivery? What are you going to do when the delivery has defects? When you receive the bill, who is responsible to double check the goods and bills? Who is responsible to input the accounting records? Who is responsible for bill payments?
ML Tax Solution believes accounting is not just about working out profit & loss statement and the balance sheet for the client. Good business accounting practice involves analysing and explaining these financial figures to the client, helping clients to set up sound internal control system, advising clients how to improve their business performance, and providing them with the latest government policy trends.
Contact us on firstname.lastname@example.org or 03 9533 8980 if you would like to know about how to choose your accounting software and how to set up a sound accounting system for your business.
The Audit Shield insurance policy is not compulsory although we highly recommend that all of our clients take up the insurance. Consolid8 receives a portion of the premium and we hold the policy on your behalf. The policy covers one financial year and we will contact you prior to arrange renewal in advance of the relevant expiry date. The Audit Shield Insurance is not automatic and you must opt in to receive the cover.