The start of a new financial year is the perfect time to take stock of how your business runs and look for ways to make it easier.
If you’re still relying on spreadsheets or manual processes for your bookkeeping, reporting, and business management, you’re probably spending too much time on tasks that could be simplified with technology.
You don’t have to be a tech expert or spend thousands on new software to see a difference. You just need the right tools and the right advice to make technology work for you.
Here’s how accounting software and digital tools can help you simplify management, improve efficiency, and collaborate better this financial year.
1. Simplify your bookkeeping
Modern accounting software is built to do the heavy lifting for small business owners. Programs like Xero, MYOB, Reckon, and Intuit QBO (Quickbooks On Line), can automate a lot of your day-to-day admin.
With the right setup, you can:
- Connect your bank accounts and have transactions feed in automatically.
- Reconcile your accounts with a few clicks.
- Track income and expenses in real time.
- Automatically allocate regular transactions to the correct account.
No more sorting through paperwork or worrying about whether something was missed. It’s all there, in one place, ready for you (or your bookkeeper) to manage efficiently.
If you’re not sure what software would suit your business best, your First Class Accounts bookkeeper can guide you through the options. We’re trained in all the major platforms and understand how each one fits different industries and needs.
2. Improve cash flow visibility
You can’t make good decisions without knowing your numbers. One of the best things about using accounting software is the access it gives you to up-to-date reports that make sense.
Many programs allow you to:
- See your cash flow in real time.
- Review your outstanding invoices and follow up with automated reminders.
- Understand your profit and loss each month.
- Forecast upcoming income and expenses.
Some software add-ons go even further, letting you drill into cash flow trends, compare periods, or predict future financial pressure points. These insights can be a game-changer when it comes to managing your business more proactively.
If you’re not using these features, now’s the time to start. Your bookkeeper can set up the right reports, explain what they mean, and help you keep an eye on them regularly.
3. Reduce manual tasks
Technology can save time across your entire business, not just your accounts. You might be surprised how many tools are available to streamline jobs like:
- Payroll and timesheets
- Invoicing and quotes
- Inventory management
- Supplier payments
- Document storage and approvals
- Staff scheduling
Instead of working from multiple systems, or worse, paper, look at options to integrate everything. For example, MYOB offers a suite of add-ons for payroll, time tracking, and retail management. Xero integrates with hundreds of apps to manage inventory, point of sale, and job costing.
If you’re not sure where to start, ask your First Class Accounts bookkeeper. We can help review your current setup and identify where technology can make your processes smoother and more efficient.
4. Make compliance easier
End of quarter and end of year don’t have to be stressful. When your books are kept up to date and your systems are connected, it’s much easier to stay on top of tax obligations.
For example:
- BAS and PAYG reports can be generated from your accounting software and lodged directly.
- Payroll systems can calculate superannuation and leave entitlements automatically.
- Employee summaries and EOFY reports can be finalised quickly, ready for the ATO.
And if you’re not a BAS agent yourself, your First Class Accounts bookkeeper (or the registered BAS Agent supervising their work) can ensure everything is reviewed and submitted correctly.
Using tools like Dext or Hubdoc can also help you stay organised throughout the year by digitising and storing your receipts and invoices, keeping everything in one place for easy reference.
5. Collaborate with your bookkeeper (and accountant)
Cloud-based software means your bookkeeper and accountant can access your data in real time. No more sending files back and forth or waiting for updates. That means:
- Your bookkeeper can fix issues as they happen, not months later.
- You can work together on reports and planning.
- Your accountant can get what they need for tax time without extra effort.
Tools like Intuit QBO (Quickbooks On Line), Xero and MYOB all offer secure sharing, with different access levels for different users. You stay in control but still get the benefits of having your financial team work alongside you.
6. What to do now
If you’re feeling like you’re doing too much manual work, or you just want to get better insights into how your business is performing, it’s time to rethink your systems.
Start by:
- Talking to your First Class Accounts bookkeeper about your current setup.
- Asking about digital tools that could save you time or give you better information.
- Booking a review to check your accounting software is being used to its full potential.
And if you haven’t moved to cloud accounting yet, make this the year you do.
You’ll get better control over your business, more peace of mind, and more time to focus on what matters.
Need help getting started?
First Class Accounts has strong partnerships with Australia’s leading accounting software providers including MYOB, Xero, Reckon and Intuit QBO (Quickbooks On Line). We also work with tools like Dext, Hubdoc and ServiceM8 to help you automate more and run your business more effectively.
Your local bookkeeper can help you choose the right combination of tools, get everything set up properly, and train your team to use it with confidence.
We’re here to help your business grow smarter, not harder.
Learn more about our technology partners or get in touch with your local First Class Accounts bookkeeper to book a system review.
