Australian SME Business News and Accounting Articles

For professional services firms and project-based businesses, Timesheets are essential.

Whether you’re billing your clients by the hour or using a value-based pricing model, you need to keep track of employee time and know how much time was spent on specific projects and manage projects. Manually tracking your employee’s time is inefficient and prone to errors. Besides, if your employees have the usual tendency in submitting their timesheets late, you may not get an actual picture of your projects’ profitability. Worse, if the timesheet collection process is delaying your invoicing, your cash flow will be suffering.

Running a business entails much skills as well as patience and perseverance. Oftentimes, it can be frustrating especially when things do not go well as planned. And in such situations, any business owner should consider the ways by which the business will benefit. And among these ways, and perhaps the most important and helpful, is the use of small business accounting software.

Commissioned by Google, Vanson Bourne had conducted a research that questioned 100 senior executives within the finance departments at UK companies.

According to the research, data revealed that there are 93% of financial decision makers that believe that cloud computing, of which online accounting is one of the examples, will be an important element to the success of their businesses over the next couple of years.

This year may be quite different considering the tax changes that have and will be implemented. It is best to be acquainted and informed about these to avoid being sanctioned by the IRS as well as to better know one’s rights.

Millions of SME’s are not aware of how they could save business energy by using cloud computing, says E.ON.

According to a research by energy provider, E.ON, there are around 90% of SME’s that don’t understand that they could significantly reduce the amount they spend on IT energy by using cloud computing.

Cloud computing is a general term for anything that involves the delivery of computing and storage capacity as a service to a heterogeneous community of end-recipients over the Internet and entrusts these services with a user's data, software and computation over a network and are stored on servers at a remote location such as those involved in online accounting that stores accounting data entered into a network and stored on servers at a remote location.

Every small business needs to have bookkeeping software to ensure that everything goes smoothly including the cash flow of the business. Checks and balances have to be monitored because the slightest error in bookkeeping can spell a big disaster for the company. And with the uncertain economic times the world is facing, it is only necessary to get that accounting software that suits one’s business.