From the Institute of Chartered Accountants

The end of a financial year provides an excellent opportunity to prepare Budgets and Cash Flows for the forthcoming year.

Budgets and Cash Flows provide a timely resource. They give business owners an opportunity to reflect on their business and also look to the future.

Recently there have been some major developments in the information technology sector that can provide businesses with timely, cost saving applications. These include Cloud Accounting and improved Internet Banking eliminating such things as costly cheque books and labour processing.

As the end of the financial year looms, it’s a great time to reconsider your bookkeeping systems. If you’re using excel, or an outdated version of a software program to manage your accounts, there are some great new options that will save time and money.

There have also been some very significant changes in the development of equipment that can provide significant savings to a business. This has been particularly evident in the transport, agriculture and manufacturing industries. While interest rates are at a record low, consider replacing ageing and inefficient equipment with new, more effective and efficient technology.

If you do need assistance with preparing Budgets and Cash Flows please contact us!