The Accountants 
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A Guide To Streamlining Your Business Accounting: Financial Survival For Your Business

In New Zealand, particularly in Wellington, we are very aware of the potential for damage from natural disasters. It is important to protect your business infrastructure like your office building and equipment but what about having a plan in place to protect your financial processes and records. Businesses should think about emergency preparedness, not only in terms of the immediate physical risks to infrastructure, but also being able to keep their business running whatever the situation. Being prepared for any eventuality will also ensure the long-term survival of your business.

It is easy for businesses to concentrate entirely on their core day to day operations and completely overlook financial record keeping and the backup of. Business survival requires implementation of a strategy to measure financial performance and assess how the company is meeting its goals, targets, and expectations.

Professional accounting and bookkeeping can help you maintain an accurate financial record of your business, allowing you to make more informed decisions that will increase your profitability. Ensuring you have backups of your data also means that if your work environment is disrupted then you can continue to operate your business off site.

There are two primary ways to maintain your records:

1. Using spreadsheets 

The best thing about spreadsheets is that they are easy to customise and cheap to maintain. However, they are slow and prone to human error. Pages filled with numbers can easily overwhelm any person, making it easy to make mistakes and hard to rectify any errors. Without proper maintenance, neat spreadsheets can quickly become messy.

For instance, if multiple people have to update the same spreadsheet, there is increased risk for mistakes and work duplication. It can be difficult for financial processes to stay robust if only one person in the company is responsible for them and there is also a huge risk of loss of knowledge to the company if a skilled financial person leaves the organisation. 

2. Using an automated process held in the cloud

The cloud offers businesses numerous, obvious advantages, including speed, simplicity, and accessibility. There are affordable cloud systems that allow businesses of all sizes to take advantage of these benefits. Companies have access to real-time information that helps them to better manage their business. They can react to last minute decisions, manage cash flow better, cut back on year-end processing time, and operate more efficiently.

Also, cloud-based businesses recover faster from disaster compared to those with data held on their own servers. For instance, you can integrate cloud accounting software with cloud point-of-sale software.

If your financial systems need an upgrade or you need some advice about getting your accounting practices up to day then contact Stephenson Thorner, Chartered Accountants Wellington. Hiring the services of professional chartered accountants will give you access to ongoing accounting expertise not available in-house, giving you peace of mind in knowing your bookkeeping is accurate, up-to-date, and secure- no matter what the future holds.

Contact our friendly team to make a booking!

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Stephenson Thorner Ltd
Level 1, South British Building,
326 Lambton Quay,