It has become increasingly common to have multiple or at least more than one income stream. You might be working for a company and running a small business at the same time; you may be a freelancer with a number of clients to service or working for a single employer whilst building a property portfolio as part of your wealth creation strategy. Whatever the combination of sources of income, it certainly makes your personal finances increasingly complex and time consuming to manage effectively.
Individuals are often now turning to bookkeepers who double up as personal financial assistants to maintain their financial records whilst they concentrate on reaching their goals and building their wealth. Mook Clifford at Peter Vickers Bookkeeping Services has found that she is now often approached by individuals who are desperate to sort out their personal finances and increasingly also does the personal bookkeeping for her business clients. These clients typically have a few personal investments and are working full time to grow their wealth. Consequently, they find it hard to find the time to look after their personal financial administration.
There is currently a huge range of cloud accounting and bookkeeping software which simplifies this process but choosing the right software for your needs can be tricky. Mook is sometimes asked by clients who are overwhelmed by their financial paperwork to organise their home office and then select, set up and maintain a cloud bookkeeping solution for their personal finances. Mook is adept in using a range of cloud accounting solutions and can use her expertise to advise which is the most appropriate for your purposes. The beauty of cloud software is that you, your bookkeeper and your accountant have access to the same data simultaneously.
Other benefits can be enormous. By recording all your transactions, such as bills, credit card statements and receipts, you can plan and set your budget to help you achieve your financial goals and have more control. At any one time you can understand your net worth, you can look at how a transaction will affect you, create reports to show how much you owe and how much you are owed. When it comes to tax time, you will be able to hand your accountant a set of perfect and detailed records which should mean they spend less time on your tax return and more time on giving you advice for building your wealth in the year ahead.
Registered BAS Agent
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Peter Vickers Bookkeeping Services
T: 6100 0456 | M: 0401 875 889