With an expert by your side, your bookkeeping and admin tasks will change from being something you dread to something that is fully under control. Here are some tips from our team on how you can achieve efficiency in your franchise business.
Fulfil your ATO obligations
One of the most effective ways to achieve this is by having robust budgets and cash flow for the business. This ensures that you can pay your debts as they fall due, whilst also having enough for business surprises or rainy days. This includes having systems in place to allow timely and seamless reporting.
Implement effective systems
Systems that allow real-time reporting and record-keeping will make your life a lot easier. They will give you accurate data when you need it, helping you to stay compliant with the ATO and other regulatory bodies.
Cloud-based reporting systems are one of the most effective ways to achieve this. Systems such as Xero allow you to access data anywhere, anytime. These types of systems also combine things like payroll and rostering software so the two talk to each other.
Get with the payroll program
Get up to date with wage awards and changes in superannuation legislation to assure you are paying your staff correctly. The most effective way to stay on top of this, once again, is by implementing the right software.
It’s important to ensure that any new system is set up correctly from the start and monitored to confirm correct usage. Often, people do the right thing and subscribe to some cloud-based software, but they don’t get it set up properly to start off with, which can create an even bigger drama down the line.
How Carbon Bookkeeping & CFO Services can help
If you’d like to reduce the time spent on general bookkeeping and compliance, we invite you to take advantage of our free Franchise Reporting System Assessment.
During the assessment we will:
- Ascertain a thorough understanding of your existing recording and reporting
- Discuss your current compliance and payroll systems and processes.
- Identify key areas where we can help you to improve those systems and
- Answer any questions you have about recommended improvements.
- Provide you with a quotation for all options.
Get in touch with us by calling 1300 454 174 or email email@example.com to complete your free Franchise Reporting System Assessment.