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4 Best Bookkeeping Tools for Small Business

By using the right tools, a Bookkeeper will support their client/employer in building their business by being the best they can be.  Anybody can be a ‘Fool with a Tool’ – be the Bookkeeper who strives to be the best.  Move to Business Automation with confidence.

Accounting Software

Bookkeepers and the businesses they work for require the right financial software to meet tax legislation requirements and enable financial insight.  By ensuring you setup Xero correctly, ensures the correct GST setup.  The business itself has the responsibility to ensure they account for transactions correctly when it comes to GST.  A bookkeeper should continuously be up to date with current GST requirements.  The IRD website is your central point of knowledge as is New Zealand’s tax authority and with whom GST is to be filed with and paid to.   It is one thing implementing a financial system such as Xero though it will only be as good as the information entered into it.  The GST return functionality ensures all transactions are pulled into a format ready for filing with the IRD – directly from within Xero. 

The financial system must be fit for purpose for your business and Xero has been written to be across all Small Businesses in New Zealand.  Ensuring your Xero instance is setup correctly from the start to meet your requirements and look professional to your clients will make the software work for you and make your life easier.  

By using the right accounting software, you will be in alignment with your accountant and this will help to build a strong relationship, allowing them to provide the value added services they are specialised in such as tax advice and business planning.

Blue Wave Solutions is run by a Chartered Accountant and Financial Systems expert with qualified Bookkeepers on her team – Contact Michelle now.

Payroll Software

You can never be too careful when choosing the right payroll system.  Ensure your software is compliant with secure access to trust you are paying employees within Payroll law and records are kept safe.  It is also important to manually check calculations such as holiday pay as often the payroll system may not calculate correctly due to New Zealand’s complicated holiday’s act.  Ensuring as a bookkeeper you are on top of your game it is advisable to complete a payroll course and get accredited.  This can be completed through NZPPA or On Track Bookkeeping.  Ensure you understand the implementation process for the payroll software up front and be confident you have the right support should you have any queries.  PayHero is one of the few payroll systems that correctly calculates holiday pay for employees on variable hours, has great support and implementation processes.  

Task and Time Management Software

To be efficient and productive in your bookkeeping means having good time management skills.  You can easily go down a rabbit hole of online apps to manage your time and this can be a timewaster.  There are many time management solutions, ways to communicate with your team and manage your documentation.  As remote working is becoming more and more common – online is the way to go.  After working through several options such as Slack, Monday, Trello and Xero Practice Manager and Microsoft Teams – Microsoft Teams works well for us at Blue Wave Solutions. 

Microsoft Teams allows for chatting, storing, and sharing files along with organising all your work within channels.  Within the channels we have stumbled across a free app TrackingTime.  Set up correctly and used with the likes of Xero Projects, allows for efficient task management and charging out time and costs to clients.  As Teams is a Microsoft product, it sits within Microsoft 365 Business.  Talk to your IT person and if you don’t have one find one.  We have found by setting up Microsoft 365 for Business, using Outlook and integrating Microsoft Teams -> Tracking time -> Xero Projects our administration time has been cut in half and we always know where are at as a team with managing tasks.  Only after a time management solution?  Check out Tracking Time as this is also a stand alone product.  Not need for fancy cards or dashboards – just straight up time efficient task management.

Software Addons

It will come down to the business activities as to what addon is the best fit or if one is even required.  There are several Xero addons and it is a good idea to speak to a Certified Xero Advisor and Systems Expert about what the best one is for you.  Be sure to spend the time ensuring potential software providers understand your requirements.  If they don’t take the time to do this – this is a sign you may not get what you want.  Be smart in how you spend your money and don’t jump into a system you wont use or makes your life more complicated – just because you see it on Facebook.

In summary a tool is only as good as its user.  It is important to ensure you understand what you are using the tool for and use it correctly.  This is how you ensure you get value for time and money; you do a professional job and your client’s business grows.                 

Understand your accounting software and make it work for you

Ensure your Bookkeeping is the best it can be



 

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