Six Important Signs You Need to Know When to Upgrade Your Business Bookkeeping

Here you are again, overworked, working late nights to reconcile your bank accounts. Are you spending more time doing your bookkeeping than enjoying more family time and doing the things you love doing? It could be time to upgrade your business bookkeeping system. As your business grows, your initial accounting processes won't give you a clear idea anymore. Maintaining a general ledger in a spreadsheet is too crucial for a growing Business. So, are you getting in the weeds trying to do your bookkeeping? You may be capable of saving time and money by updating to new bookkeeping software.

If this is your understanding? Then it is time to update to new bookkeeping software Some familiar red flags indicate that your business bookkeeping is not going to collapse. But, conversely, some familiar themes show a wasted time, wasted money, and absence of compliance. If some of these circumstances sound familiar: you may need to fix your bookkeeping processes.

You could be spending more time on bookkeeping than your business

Who is running your business if you have a DIY bookkeeping system taking up all your time? Many business owners spend unwanted hours entering transactions and finding their accounts have errors. All this lost time could have been spent on attracting new business or discovering new marketing ideas.


It's also significant to acknowledge the differences between an accountant vs. bookkeeper. For example, if your in-house accountant is also doing daily bookkeeping, they may be taking time away from vital business processes like payroll.

You're always behind on your business bookkeeping

It appears that you can't get ahead in your bookkeeping any longer. You will be surprised that bigger businesses have more detailed financial records. But, if you can catchup, your bookkeeping is your only way out — there is a setback. The well-being of your business will suffer if you can't get records of your accounts payable and accounts receivable when you require them.


When you attempt to do your books as an expanding organization, you will always be making mistakes. Not only are you dealing with a more significant volume in transactions, but your small business strategies may not apply anymore. Bigger businesses often need to change from single-entry to double-entry bookkeeping and make other critical organizational changes in keeping with the current.

If your business's tax periods are always in a messy

Do you find yourself constantly in a mess at the end of each tax year? Tax season means tracking: -

• Income tax rates for a business,

• Goods and Services taxes

• Payroll taxes,

• Tax deductions,

• Tax credits

• Capital gains tax,

• Fringe benefits tax,

• PAYG withholdings,

• More…. etc

Plus, continuing to stay compliant is the only way to evade specific government penalties. Despite the complications, lodging your taxes does not have to be dreadful. But, if it is, you are probably not using the right bookkeeping system.

Having reached the limits of your current software

Small business software has its drawbacks, including the number of transactions, staff, and clients you are permitted to track. Suppose your business bookkeeping needs an upgrade if you cannot scale within your existing system. Using small business accounting software when you are no longer a small business is asking for worry. Ideally, you will upgrade to a new system before you hit your official limit and struggle to transfer your data.

Your cash flow is unpredictable

A sound business bookkeeping system helps you strategize. For example, you should be able to estimate peak seasons, low seasons and estimate overhead costs. However, another indication that it's time to upgrade your bookkeeping is that you cannot evaluate your cash flow. While there could always be other issues at play, inconsistent record-keeping makes it more difficult to predict your accounts receivable accurately.

Having reached the limits of your current software

Small business software has its drawbacks, including the number of transactions, staff, and clients you are permitted to track. Suppose your business bookkeeping needs an upgrade if you cannot scale within your existing system. Using small business accounting software when you are no longer a small business is asking for worry. Ideally, you will upgrade to a new system before you hit your official limit and struggle to transfer your data.

If you can never get the support of your bookkeeper

Your financial records should never be a secret. But do you find it difficult to contact your bookkeeper when you have queries about a bank statement, account balances, or do you need a balance sheet? This is a convincing sign that you have outgrown the person or service that you currently have. The genuine bookkeeper will ensure that your records are available to you around the clock, not hold accounting software passwords hostage or failing to offer advice and support when you need it.


Have you outgrown your business bookkeeping system? It's wise to bring in reinforcements, whether you are trying to do it all yourself or having a bookkeeper who cannot keep up with your progress. Business Pillars is a business bookkeeping service that can support you with all your needs. Begin with basic bookkeeping needs adding new experts to your remote team as you whenever need them. We offer one free no-obligation call at https://www.businesspillars.co.nz

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Bookkeeping

You can create any structure you want by using the same tools as in the regular workflow. Add buttons and forms or anything else you'd want.

Being experienced with an accounting background, we can offer a wide range of reliable and accurate bookkeeping services. A common question often asked is, "What exactly does a bookkeeper do? "The answer to this question is shown below for our services as specialist bookkeepers. We can,of course, modify our services to suit the needs of your business whether you need a few of these services or all.

·      Accounts Receivable*-Invoice preparation and follow-up with the client

·      Accounts Payable* - Suppliers' invoices are processed and paid when due.

·    Bank Reconciliations -Reconciling Bank and Credit Card accounts with daily bank feeds

·     GST Filing                        - Timely filing of Bi-Monthly or Six-Monthly returns

·     System Training               - Training is required whenever you choose new software. We provide free training.

·    Accounting Software conversions – With our expertise, we can switch your accounting information to XERO/MYOB

·        Payroll

·        Unlimited Email Support

*Note:- Accounts Receivable and Accounts Payable are closely monitored to ensure that your business has no issues with cashflow

Payroll Management

Business Pillars offers all-inclusive payroll services that help your business run efficiently. We are committed to being legally compliant. Our services are built to simplify payroll processes for small to medium-sized businesses throughout New Zealand.

PAYROLL processing made easy

We provide the most updated payroll solutions tailored-made that is affordable to your requirement. We are committed to taking care of all the work demanded, allowing you to focus your time and energy on more essential things you love to do.

Our payroll services are:

·        Employees pay, On-time payments including benefits, reimbursements, deductions, Weekly/Fortnightly/Monthly

·        Employee PAYE

·        Payday Filing   – Timely filing returns to IRD

·        Leave entitlements– Accruals for each type of leave

·        Leave Payment - As per Holiday Act 2003

·        KiwiSaver contributions

·        Maintaining payroll records – payments and documentation

GST Filing

Timely Processing

We ensure that we file all GST Tax returns two weeks before the due date. We keep our clients informed before we proceed. This ensures that the client is at ease.

·        GST Filing        - Timely filing of Bi-Monthly or Six-Monthly returns

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Monthly Management Meetings

The primary purpose of a monthly management meeting is to get the business to grow. This is either done through a phone call, zoom, or meeting in person.

Cash flow Management

Managing cashflow is a significant responsibility faced by most small businesses. We reach out to businesses making it stress-free to ride on the highs and lows of the cash flow throughout the year.

We assist in producing a cashflow statement which is a financial statement that summarizes the amount of cash entering and leaving the business. The cashflow statement measures how well the business can manage its cash position, meaning how well the business can generate cash to pay its debt commitments and fund the day-to-day operating expenses.

Budget Forecasting

Small business budgeting and forecasting

We need to get some relevant numbers to know what the future will look like regarding a business. Budgeting and forecasting will help to support this vision. Business Pillars can work alongside you to understand these basics so you can build a financially sustainable business.

What is a budget?

The budget estimates how much money will come in and go out from your business over time (usually a year). Budgeting and forecasting normally benefit all businesses and first-time startups to see if they can afford to run the business and compensate for all their hard work with a good return for their initiative.

What are the main principles of having a budget

Budgets forecast the money-making possibility of a business. It will also highlight things like:

  • How much will it cost to startup?
  • How much money is needed to borrow?
  • When will be the breakeven point?
  • How much should the customers be charged?
  • How many staff are needed?

Monthly / Quarterly Advisory

The clients are in a position to process their reports from the software chosen. Based on the service requested, additional reports are also given that are not available in their chosen software. These reports enable the client to make corrective business decisions. Business Pillars reaches out to clients who require more assistance.

Job Management

Job Management is software that supports project managers and teams to complete client requests and projects efficiently. Most professionals depend upon this job tracking software which assists them in supervising multiple sections of a business. Business Pillars are here to assist in setting up this service to track income and expenses related to service jobs.

XERO and MYOB both have the capability for Job Tracking

These are the advantages:-

·        Create quotes immediately

·        Easily track jobs from quote to invoice

·        Schedule the jobs on the go

·        Get paid quicker