Accounting System Set Up

- Which accounting software should I use ?

You need an accounting software which should has the following function:

• Using cloud based techknowledge
• STP (single touch payroll) function
• Superstream function
• Link to bank 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 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? When bills are received, 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 involves analysing and explaining these financial figures to the client, helping clients to set up sound internal control system, advising client how to improve their business performance, providing them with the latest government policy trends.