Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Online Accounting


Published on

The advantages of online bookkeeping and being organised.

Published in: Technology, Business
  • Be the first to comment

Online Accounting

  1. 1. Creating order from chaos usingonline accounting tools
  2. 2. • As women we wear many “hats”
  3. 3. • As working Mums the challenges do not stop
  4. 4. • We need to balance secular with personal lives
  5. 5. • Look familiar?
  6. 6. WHERE DO I BEGINOrHOW DO I START• Two most common questions I get asked are;
  7. 7. • Do you ever feel like this?• Or is this you now?
  8. 8. • YOU WASTE MONEY BY THE FOLLOWING OVERSIGHTS* Unpaid bills that cost you in Interest, fines and overdue fees* Lost paperwork does not allow you to refund goods in time* Paying a premium price due to waiting till that last minute to buy* Lost or outdated discount vouchers / gift certificates* Lost / misplaced medical receipts that you cannot claim* Forgotten or misplaced cheques that never get banked• YOU WAST YOUR TIME* Looking for paperwork you have misplaced* Unfinished projects that cannot be located get redone afresh* Piles of paper on your desk sorted/resorted but not filed away= PROCRASTINATION & DIMINISHED FOCUS• WHAT IS THE COST OF PAPER CHAOS
  9. 9. 1. DON’T PUT IT OFFThe longer you leave the paperwork, the harder it’s going to become. I also put thestatement “I will wait until I have time. Time is NOT going to happen” DO IT NOW ANDSTOP PROCRASTINATING!2. A place for everythingTo successfully account for all your expenses, income and create a budget you need tohave your paperwork in order and have the ability to access it easily.....Divide yourfiling system in the filing cabinet and on your computer into folders.• Work• Personal• School• Professional (separate from work),• Music• Photos• Movies• Six Point Process
  10. 10. 3. Use a system of categories and datesYou will need 43 foldersMark 1- 31 for the days of the monthMark 1 - 12 with the months of the year Jan - DecHow do I use the folders?NUMBERED DAY FOLDERSI get my mail and then pop the bills into their duedates. If I have an appointment on the 3rd with mybank manager, everything I need to take goes intothe 3rd so I can pull it out on the day.MONTHLY FOLDERSBirthdays, vacation information, future bills into the next month go behindthe appropriately filed month.
  11. 11. 4. KISSKeep it simple! Don’t complicate your choice of filingWhich style suits YOUR needs?
  13. 13. A. Advantages of online Accounting;• Automatically backed up every day– Saves data corruption– Hard drive failure– Virus corruption / melt down– Natural disasters / floods / cyclone– No fear of theft of laptop = loss of data• Linked from your bank account to your online provider andautomatically downloads– Saves data entry– Reduces time– In some cases save you the cost of a bookkeeper• Mobile– Can use on your laptop, smart phone or ipad/ tablet• No need to update– No more expansive software– No need to pay yearly memberships– No need to purchase a better computer• One online document needed– Accountant can log on (no more zip files or pen drives)– Two people can work on the file real time• These are just some of the advantages.•Advantages and disadvantages
  14. 14. A. Disadvantages of online Accounting;• You pay a monthly fee• Back up is offsite and in some cases overseas• You don’t own the software• Need a internet connection•Advantages and disadvantages
  15. 15. When it comes to your personal or your business budget you need to know• Where is your money being spent?• How much is it costing you? Can you outsource cheaper?• If you are not keeping track of where you are spending your money you cannot and will not be ableto answer these questions. Will you?Keeping up to date and accurate records will also• Ensure that you claim every expense and claim all GST credits!– Unable to claim due to lost receipts– Faded receipts– Forgotten deductions• Accurate up to date records– Know your cash flow (am I making a profit?)– Examine you invoicing (Do I need to increase my prices to make money)– Know your bottom line (Do I need to shop around for better prices?)– I really need this service?– Look for cheaper alternatives•Why online Accounting?
  16. 16. •Few of the Accounting online optionsSoftware Xero MYOB Quickbooks ZohoCost $49.95 $25.00 $40.00 $24.00Smart phone Friendly x x x xTransfer from Bank o/night x x No xBAS Generation x x x NoFinancial Reporting x x x xCreate and send unlimitedInvoicesx x x xHandle multiple currencies $69.95Monthx x xPayroll x x Add onWeb Payrollx
  17. 17. •Stats of Cloud Computing
  18. 18. 6. Be ConsistentDon’t wait until you “have more time” – you’ll never have more time.Although right now may not be the best time to do a complete overhaul of all your files,you can still start by using the Tickler System and completing your accounting online.The flexibility and convenience of online accounting• Will encourage you to get into a habit of being consistent• Become more organised• Keeping track of your personal / business spending.• Save you time & moneyYou will soon find order will replace chaos.