Australian SME Business News and Accounting Articles

Almost every part or process of a business today has been converted into something digital that can be accessed online. Even if some companies retain analogue processes, most of these still have their digital counterparts. Even when it comes to bookkeeping, many businesses, both old and new, are starting to get on the digital bandwagon and purchasing bookkeeping software or tapping companies that offer bookkeeping services.

In this day and age, almost everything can be made simpler by technology. For matters that cannot be left to the whim of machines, however, you need a company that specialises in that certain field. For payroll matters, outsourcing may be the simplest solution to your company’s needs. It will save you time from filing the required compliance documentation and trying to keep up with regulation, which often require a full-time employee.

A 10% profit surge has been recorded by the Australian Foundation Investment Company (AFIC) in the 2012-2013 financial year.

As the largest listed investment company in Australia, AFIC accumulated a net profit of $242.8 million in the current financial year. Finance professionals believe that the Australian market has benefited from certain interest rate cuts throughout the year.

Staying ahead of the competition is the number one priority of all businesses. For small ones, the same applies—but much focus must be given to every organisational facet in order to achieve a holistic growth that leads to the top of the ladder. Efficiency must the current operating goal. Follow these five tips in order to boost the overall efficiency of your small business.

People: Provide a better working means.

Small businesses today, despite their finger-countable number of employees, still need to ensure that everyone working for the organisation has access to faster, easier means of collaboration.

Effective payroll synchronization and overall efficiency are the two primary factors of any business, as emphasized by Tracy Angwin, Managing Director of Australian Payroll Association.

Tracy Angwin believes that payroll compliance can directly affect the financial stability of any business, no matter the size. With a reliable payroll data, the business team can handle accounting solutions with relative ease.

Managing the books manually will eventually prove difficult to maintain, especially if your small business is experiencing fast growth. If you can foresee that you will soon hire more employees, have more customers, and deal with bigger inventory, then it is best to switch now to the automatic, modern system of accounting. However, before choosing your first accounting software for small business, ensure that you have done the following:

Cloud accounting is still a small arena, and service providers commonly bank on the same features like integration, hosting, document management, and accounts receivable and payable. But if you want to grow your business faster and keep hours you spend on accounting to a minimum, look for additional features or services that facilitate easy accounting for small business.