The Sniggers of Bookkeeping
Once upon a time when it was suggested that a business keep two sets of books, the suggestion was usually accompanied by sniggering and much tut-tutting. Nowadays the sniggers have diminished. As today it is essential to keep 2 sets of books; one set up to do your Business Activity Statement (BAS) which must be reported GST inclusive. The other set up is for your financial reports and income tax returns which must be reported GST exclusive.
If you are processing financial records manually, they will need to be processed twice. Computers need to do the same, but with appropriate software coding can process the task rapidly from a single entry. So even with relatively few transactions to process, it may be advantageous to use a computer coupled with suitable accounting software.
At eclat our development focus centres on the efficient production of reliable, relevant reports. Ease of use and understanding are key ingredients to efficient processing, so the software has been made easy to use and is easily understood by the person to use it. This means that every program is set up exclusively for the customer so it therefore cannot be put into a box and sold through a retailer.
Making the eclat accounting software easy to understand and easy to use reduces the effort your accounting firm needs to apply checking and rectifying your work. Remember that waste audits within accountancy firms show the largest generator of waste is the rectification of work performed by small business. Reduced workload for your accountant should result in reduced accounting fees for you! But more importantly it frees up valuable time for your accountant to advise you on your business development.
Peter Murray BBus
Professional Accountant, Small Business Advisor and designer of eclat.bos Accounting Software.