Why Bookkeeping is Important to your Business

Whether your business is small, medium sized, or large, bookkeeping and accounting is important for every business. This involves organization and storage of accounting and financial documents such as ledgers, journals, financial statements, and income tax records, amongst other documents. In this article, we are going to take a look at some of the reasons why bookkeeping is important for any business for people that are based in Canada.

Avoid a CRA Audit

It is the best way to avoid a Canada Revenue Authority audit, that could be brought about by messy records and books, among other things.

Limit the Pain of an Audit

A CRA audit means that if your books aren’t in good order, the CRA will take longer in letting you get back to work, in the event that the company is audited by the CRA. Bookkeeping keeps your books in order, meaning that you get back to work sooner.

Dodge CRA penalties and sanctions

The chances of facing penalties are higher if the CRA can’t get access to the company records.

Make Sure You’re Not Missing Deductions

You need to have accurate bookkeeping that checks through all the legitimate tax deductions, failure of which could lead to the deduction being disallowed.

Why Bookkeeping is Important to your BusinessWhy Bookkeeping is Important to your Business

Why Bookkeeping is Important to your Business

Sydney Cloud Bookkeeping and Accounting Experts

Not everyone has the time to handle their bookkeeping since they are too busy or don’t have the knowhow. In such instances, it is important to go for companies that can get the job flawlessly. Sydney Cloud Bookkeeping and Accounting Experts is there to cover your back in such situations. Whether you want cloud accounting xero, MYOB or Quickbooks for your Cloud Bookkeeping Software, the company can take care of all your bookkeeping needs. The cloud bookkeeping and accounting software means that the data is stored in a cloud.

The Benefits of Cloud Bookkeeping and Accounting Platforms XERO + MYOB + Quickbooks Online

  • Easily accessible data, anywhere, anytime and on any device.
  • One data file with shared data access.
  • The use of hardware is reduced since all that is needed is an internet connection.
  • Access to the same data and the same version of software in remote or branch offices.
  • Backups, virus checking and updates of the bookkeeping software.
  • Real time information is used, with daily bank feeds.
  • Clarity of the cash flow with transparency all year round to know exactly where one stands.

The Australian market has five main cloud bookkeeping software providers, MYOB, Xero, Intuit with Quickbooks, Saasu, and Reckon. Xero and MYOB take the lion’s share of the market. MYOB Essentials Accounting is priced at $29 per month which includes unlimited transactions, bank feeds, unlimited customer invoicing, supplier bills and unlimited users. Xero is priced at $25 per month, including bank feeds, unlimited users, payroll for one employee, 20 bank transactions per month, five customer invoices per month and five supplier bills per month.

Summary

If you’re looking for the perfect bookkeeping service, Irina’s Bookkeeping have the perfect solution for those that are based in Sydney.