Accounting System Establishment and Training - CapitalQ

Accounting System Establishment and Training

Of course, as accountants, we will tell you your accounting system and processes are vitally important if you want to run a successful business.

And we would be right! It absolutely is, we have never seen a genuinely successful business, that has been able to grow and scale without an excellent system recording and measuring its daily activity and performance.

But here’s the thing …

Having a great accounting system and process doesn’t actually make the business successful, it doesn’t generate the revenue, it in itself doesn’t make you grow or make you successful.

So you need a system that is efficient, that tells you what you need to know, that, of course, ensures you can easily stay compliant with the various laws and reporting obligations …but which then you need to be able to forget, leave to run largely independent of you, allowing you to get on with running and growing your business!

Many business owners get hung up on the administration of their business, including their accounting and record keeping processes.

As we say, of course, these are vitally important, and if you do them badly, your business will almost certainly fail. But they can’t become your major focus.

There needs to be a level of automation, certainly a substantial level of outsourcing away from yourself (be it to someone else in your business, or your accountants and advisers) so that you aren’t wasting your precious time (and energy) on these matters. And therefore, freeing you to be completely focused and invested in building your business.

When it comes to your business, your time and even more importantly your energy, as the owner and the inspiration behind it is the most valuable in the organisation. Only you can do the things necessary to allow your business to grow. You need to remain laser-focused on developing and improving and marketing your business.

So, please don’t waste those opportunities for growth by trying to do relatively low pay off items like your accounting and record keeping either yourself or doing it via outdated, inappropriate or just inefficient systems in the interest of saving a few dollars here and there. It is a totally false economy and is a sure-fire way to ensure your business and your wealth building will never reach the heights you hope for.

As you probably know already, we are huge fans of Xero, it is an absolutely fantastic tool for small to medium business owners. It transforms your ability to have your accounting efficiently attended to, while providing vital, up to date, information to assist your business decision making.

And that’s another important point, sure many business owners view their accounting as somewhat of a necessary evil, just done to keep the tax man happy. But the truth is, your accounting and record keeping is all about providing you with the information you need to make informed, sound business decisions. We encourage you to consider the tax compliance side of things as only the secondary purpose. Focus on what your accounting records can tell you about your business and how that information can help you succeed.

Back to the specific accounting systems, yes we love Xero, but no you don’t HAVE to use Xero to work with us. We recognise Xero won’t work for every business for many different reasons.

So no matter what your accounting system is, we can work with you to help meet your needs and achieve your goals.

More about Accounting & Tax

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What our customers say

Logo for Michael Gray
Duncan Melbin’s firm first became the business accountants for Exploration Data Services, and my Family, when he was still a Graduate Accountant some 16 years ago. Myself and my late business partner have followed him ever since!

In the early days Duncan was very proactive in regards to fine tuning our business structure and the benefits of getting the structure right early are still flowing today.

Throughout my time working with Duncan he has played a key role in ensuring our tax affairs have always been in order and our tax obligations have always been minimised and well managed.

Duncan has also played a key role in ensuring my Family and I have adequate wealth protection in place and that we have maximised our wealth creation including through a regular superannuation contribution strategy and the use of a self-managed super fund that keeps us engaged, in control and to a large extent free from the perils of the GFC.

More recently we took the opportunity to outsource our entire back office accounting function to CapitalQ including switching our accounting and invoicing to Xero. I now spend barely any time at all on my monthly accounting and Activity Statement lodgements, as CapitalQ have it all in hand. This allows me to focus on running my business better, and frankly to have more time to enjoy the spoils of a life in business.

I work closely with Kapil Bhasin, our Client Manager, and Peter Melbin, our outsourced Bookkeeper, and they are clearly very valuable assets for CapitalQ.

Working with Duncan, Kapil and Peter is very easy, they respond promptly to any queries I have and most importantly I have complete trust in the advice they give me and that my business affairs are being well looked after. I would recommend CapitalQ to any potential client without reservation.

So if you own a small business or are looking to grow your wealth I highly recommend you speak to the CapitalQ Team. They will give you good advice, and ensure you are on track for a sound business and financial future (and outsourcing your back office accounting process to them, and switching to Xero, will be two of the best business decisions you will make).

Michael Gray

Director - Exploration Data Services (Perth)

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