Running a small to medium size enterprise (SME) is not as easy as it seems. Many business owners struggle to keep up with the multitude of numbers that need to be juggled, from payroll to accounts to invoicing. New ATO regulations coming into effect on 1 July 2018 have made it harder for SMEs to adjust to the challenges of accounting and data maintenance.

“Balanced Business Accounting uses small business accounting software for all accounts and bookkeeping needs in Brisbane, Australia,” says Matthew Hazlewood, Principal of Balanced Business Accounting. “We use accurate and effective online accounting software that is specifically designed for small to medium sized businesses.”

One of the best cloud based software packages currently available is Xero Accounting. Xero’s online accounting software is designed to make small business easier, offering all the benefits of cloud based collaborative accounting with superior data integrity and security.

Xero allows businesses to access their data anywhere, any time from an internet connected phone, tablet or computer. It offers a real time view of cash position with daily updates from bank accounts and credit cards. An accounting advisor can be added to the team for collaboration with accountants, bookkeepers and the finance team.

Other benefits include the ability to send invoices with online payments and invoice reminders for quicker payments. All data entered on Xero is protected with multiple players of security, including data encryption and secure data centres. An additional layer of security is provided by two step authentication, so business owners can be confident their data will not be security breached.

The Australian Tax Authority has introduced a new Single Touch Payroll (STP) requirement for businesses employing more than 20 people. For smaller businesses, STP is optional. “Xero is ahead the pack with this requirement,” says Hazlewood. “They are working with the ATO to ensure STP is available to Xero clients when they need it.”

Even with a simple and user friendly accounting package, businesses still need expert advice. “A decent accounting system will help you keep track of your cash flow and make completing GST returns easy,” says Hazlewood. “But there are over 60 different accounting packages available in Australia, so choosing the right one and making the most of it can be difficult.”

Balanced Business Accounting offers a holistic solution to small business accounting. They review existing systems, discuss and suggest the best accounting system to further the business, health check computerised accounting data, and configure accounting software to suit business purposes. They also train clients to be self sufficient users of a range of accounting software applications.

Along with ensuring ongoing compliance with the ATO regulations, Xero has recently rolled out new updates to their online software and app. These include changes to the user permissions page, new access levels for users that can hide sensitive information where necessary, and improvements to Xero capabilities on the iOS and Android app, making life for businesses and their clients easier.

“Xero Accounting really is one the best packages available for small business accounting today. It's simple, intuitive and easy to use without sacrificing capabilities,” says Hazlewood. “Balanced Business Accounting is committed to helping Australian small business thrive with excellent accounting that makes any enterprise grow from strength to strength.”

Balanced Business Accounting (BBA) is operated by professional tax accountants in Brisbane and provides client focused services. BBA believes an accountant should understand the financial position of the business, provide assistance in monitoring its financial position and offer proactive advice. The firm is Capalaba based and staffed by a team who want to provide innovative accounting solutions, advice and assistance, not just processing of taxation information. All BBA Tax Accountants are qualified and experienced in assisting small and medium businesses with a great range of accounting and taxation solutions. Contact Balanced Business Accounting for professional tax, advisory and audit services, management consulting services, or bookkeeping services in Brisbane, Australia. For more information, please visit: http://www.businessaccounting.com.au/our_services/online_software/xero