THE BIGGEST BOOKKEEPING MYTH

                                                                                                                                           By Donna Vincent

We have all heard the myth, or advice, that you should never do your own bookkeeping. That all of your bookkeeping needs to be outsourced. We’ve heard the horror stories about the tax man. This is all valid; nobody wants to accidentally commit fraud. Badly kept records and confusing bookkeeping software definitely add to the prevalence and longevity of this myth. However, the fact is, bookkeeping doesn’t need to be as scary and confusing as you may think.

Interestingly, since COVID-19, sole traders and small business owners have been embracing cloud bookkeeping software to get on top of their business accounts, moving away from both “shoe box” systems and traditional accounting software.

Bookkeeping Made Easier

Donna Vincent, Founder of Solo Accounts has always been passionate about disproving the myth that all bookkeeping is complex. She has seen a significant increase in new users, most who are micro business owners, registering online for the DIY bookkeeping software she developed for contractors and sole traders.

bookkeeping

“Small business owners are taking the opportunity to ensure their books are up to date, that they are claiming every expense they can and able to access any government incentives available to them.”

Solo Accounts was developed for sole traders and gig workers as an online bookkeeping solution replacing the manual systems used by small businesses. Often times this means replacing a glove box of crumpled receipts.

“I know that so many small business owners have historically struggled with the books, perhaps continuing with a messy, time consuming process they have had in place since they started up, or paying for a complex accounting solution that is an overkill.“

Bookkeeping for Small Business

For sole traders and small business owners, the process of preparing their tax returns can be an administrative nightmare. Many find that they end up having issues with the Australian Tax Office because of unprepared accounts, disorganised books, incorrect or incompliant accounts or missing paperwork. Small businesses can’t always afford to outsource their bookkeeping and have to grapple with a complex tax system they may not understand. “It doesn’t have to be this way,” explains Donna.

As a bookkeeper with over 30 years of experience, Donna has seen it all. The reason why so many sole proprietors fail in business is because they are not on top of their financials.

“I was drawn to develop a tool that simplified bookkeeping. The software and mobile app are a fast and easy way for small business owners to track where money is going allowing them to photograph, record and automatically sort all work related expenses from wherever they are, with any level of bookkeeping skills.”

The Solo Account App

The Solo Accounts app produces figures for a Business Activity Statement and useful reports that any small business owner can easily create. The anti-thesis of the shoebox of receipts, Donna says “The system is paperless and all records are stored in the cloud, so there is no loss of information from faded receipts or lost paperwork. In the event you are audited, everything is there, safely available to view.”

Its good news that more sole traders and small business owners are ditching the shoebox and spreadsheets, smashing the myth that bookkeeping is too hard, too difficult, and too boring thanks to Solo Accounts, and its founder, Donna Vincent.

See our latest edition of The Buzz Magazine for more articles and insights.

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