Newspaper article The Northern Star (Lismore, Australia)

Look into Your Books; Quality Records Help You Track, Analyse and Grow Business

Newspaper article The Northern Star (Lismore, Australia)

Look into Your Books; Quality Records Help You Track, Analyse and Grow Business

Article excerpt

Byline: ACCOUNTANCY TALK Michelle Halliday

QUESTION: My accountant has just prepared my financial accounts and tax return and has not given me any feedback on my bookkeeping system and records. I don't know whether my books are perfect, or there are improvements I could make. Is there a way to tell?

YOU can certainly look into the quality and effectiveness of your bookkeeping system and records. We see a number of consistent issues with small-to-medium business clients' accounting software files.

Key areas include:

Quality and integrity of your business accounting software

Procedures and processes you have in place

Reports that you use to monitor and improve your business

Questions you should be asking yourself and discussing with your accountant to get the most out of your accounting software include:

Do you have a secure back-up routine?

Are you reconciling all of your bank accounts?

Does your accountant agree your accounting software to your financial reports? …

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