What is bookkeeping? Well, the definition goes something like this - the process involved in maintaining up-to-date financial records for your business. As any good bookkeeping course will tell you, it involves officially documenting all funds that come in and go out, as well as keeping track of everything owed to and by the company in question.
There’s no doubting the fact that bookkeeping can be a laborious, time-consuming job, but it’s vital to any well-functioning business. But did you know how vital it is? That’s what you’ll find out by reading on, as we explain the impact of not doing it properly, in addition to showing you how easy boosting your knowledge can be with flexible online learning.
So Why Is Bookkeeping So Crucial to Your Business?
When taking a bookkeeping course you’ll learn pretty early on that businesses simply can’t function properly without accurate accounts. In order to illustrate their importance, here we break down some of the various factors that are influenced by having accurate or misleading account keeping.
- Good Cash Flow - When your bookkeeping skills are accurate, you have a much better chance of achieving good cash flow for your business - something that allows you to pay your bills, pay yourself and make those necessary days to day purchases. Without it, you might find that the money you require isn’t there when you need it the most.
- Tracking Your Growth - As accountancy courses teach us, accurate books allow you to keep a close eye on how your business is growing. Showing you revenue trends and other important financial metrics, your books represent a source of guidance, telling you whether what you’re currently doing is working for you...or not.
- Minimising Accountancy Costs - When tax time comes around, the less your accountant has to do, the less it will cost you. However, if you’re behind with your books and you haven’t got a grip on your income and expenditure, it’s going to result in a pricey bill.
- Avoiding Fines & Penalties - Another important thing that you'll learn when taking a bookkeeping course is that failure to follow tax rules can cost you big time. What’s more, the longer you leave it, the more those fines go up, so leaving it isn’t an option.
- Deducting What You’re Allowed - Something else your bookkeeping course will tell you about are your tax deductibles. These are the expenses required to run your business; if you haven’t kept a record of them, you won’t be able to claim them back. It can literally cost you thousands if you don’t take advantage of this legal allowance.
Let OCA Give You the Knowledge You Need to Succeed
The truth is that bookkeeping doesn’t have to be a major headache, but one thing is for sure, it’s crucial to stay on top of things. Fortunately, improving your proficiency in this area is quite simple when you take a bookkeeping course like our Advanced Micro-Credential In Myob, created in collaboration with industry experts and counts towards your CPD points.
It’s like all of the online learning we offer at OCA; the full details you can find by visiting us at www.onlinecoursesaustralia.edu.au. While you're there, why not take a look at our flexible payment options? They allow you to spread the cost and suit your or your business’s financial requirements.
However, if you’d like to speak to us directly about anything to do with our Online Bookkeeping Courses, simply call us today on 1300 611 404, and one of our friendly experts will happily guide you to your ideal training solution.