Old Accounting Systems Cost You Time And Money
                     Old Accounting 
Systems Cost You 
Time And Money
Cash flow management is crucial to any business. Poor 
cash flow management impacts a company’s ability to 
grow or even just stay afloat, and is one of the main 
reasons so many businesses eventually close their 
doors. 
Compliance requirements with the Australian Tax Office 
such as Business Activity Statement (BAS), PAYG tax, 
and employee’s superannuation necessitate having the 
right accounting systems and a bookkeeper in place. 
Both will reduce stress over compliance and keep cash 
flow on track. Yet so many business owners continue 
using out-dated systems such as Excel spreadsheets to 
manage their cash flow when there are a variety of 
tools that make these tasks less stressful. Tracking 
invoices, expenditure and a business’ financial position 
using a simple spreadsheet is time consuming and costs 
your business
Cloud Accounting Solutions
New cloud accounting software options such as Xero 
and QuickBooks Online are powerful applications that 
automate many business tasks and generate reports 
quickly, helping you understand your position better. 
These systems securely link with your bank account 
meaning reconciliation is quicker too. Imagine the time 
you will save. 
Being securely cloud-based, these cutting-edge systems 
allow you to access information from anywhere on any 
device. Accessing real-time financial data gives 
businesses greater control and allows better business 
decisions to be made.
Stockpiling paper receipts?
Business owners don’t need to collect every receipt! 
Forget spending hours every month collecting and 
entering receipt information. According to ATO 
guidelines, receipts can be captured as a ‘soft copy’, 
which means you can have an email or an electronic 
version. 
Tracking receipts for restaurants, petrol, hotels, taxis 
and other business costs is made easier with 
applications such as Receipt Bank. Scan your receipt 
using your mobile phone and Receipt Bank sends the 
data to your cloud accounting system. This automation 
streamlines the process, saving you and your 
bookkeeper time and money.
Most business owners are not across these tools and 
continue using old systems and methods to track the 
financial performance of their business. 
Contact iKeep for bookkeeping services.