“I don’t want to pay a monthly subscription!” “It seems everything we need to run our businesses today means paying a monthly subscription!”

Is this YOU? You are not alone – I hear this from many small businesses owners. And I understand – it is another bill you don’t want to have to pay each month – and from your perspective, another expense you don’t need to have.

I am talking about paying monthly subscriptions for online accounting software.

Let’s look at the real costs. This example is a real example of one of my clients who I have been working with for the past nine years:

The business is a practice in the medical industry with about fifteen employees. Up to two years ago, between the owner and myself, we would spend at least 30 hours per month performing tasks such as data entry of all daily receipts and expenses, fortnight and weekly payroll, bank reconciliations, IAS and BAS reporting, and quarterly superannuation. (Not to mention end of financial year tasks).

Two years ago, we moved their accounting system online, up into the cloud. The major changes in tasks were, automated transactions that were able to be set up in the program from transactions downloaded directly from the bank, saving hours of data entry. Bank reconciliations now take minutes. Superannuation reporting and payment is a fraction of the time. There are many other benefits that come with using the system online that saves a lot of effort. We now spend a maximum of seven hours per month between both of us.

So, what are the costs? What is the value of your time per hour?  

Prior to two years ago, this equates to 30 hours per month. AND, this is not even addressing what the business owner is losing in not using some of that time to generate more business – looking at their marketing etc..

The business as it is now, equates to 7 hours per month.

This is a 75% saving in time and $$$ per month. The cost of a monthly subscription to an online accounting system is less than $100 per month.[1]

The hardest is taking that first step. After that, you will FREE yourself up to do what is important for you to do for your business.

With Single Touch Payroll starting on 1st July 2018 for many businesses and 1st July 2019 for all businesses, moving online is going to be something to seriously consider.

Need help with deciding what to do and which online accounting system would suit you? Please contact us TODAY on 0410 819 783, email hello@miebs.com.au. Also, read our blog What is the best Online Accounting System for You?

[1] Some systems have additional charges based on the number of employees