The success of any business starts with an effective accounting system. Whether you are a startup or a newly built corporation, you need to establish a basic accounting function. The system needs to be effective but not overly complicated.
Benefits of Setting Up Accounting System
With the assistance of our team, you will realise numerous benefits of an accounting system, such as increasing your operational efficiency and analysing and improving your company’s financial health. It also provides you with the opportunity to enroll other services into your systems, such as credit card processing and payroll.
Setting Up Your Small Business Accounting System
Bestar Consulting is here to help set up your accounting system to optimise your investments in Malaysia. Our packages start from RM1,000.
Hereby are the key processes for setting up the accounting system for your business.
Collect Financial Documents
- You must keep every document, such as your bank statements, invoices, receipts, bills payments, and government documents.
- If you have any doubts about the document’s relevance, the safer route is to hold on to the document to be evaluated by the accountant at a future date.
- Keep a stamped copy of the receipt date of the documents.
Create Filling System for Documents
- To organise financial documents, use file folders and labels for more effective management.
- Make sure to store all bank statements, customer invoices, vendor bills, and other related documents in a separate file.
- Colour-coded files can help make file retrieval easier.
- Keep filing regularly.
Determine Accounting Requirements
- Review your transactions, budgets, and other financial activities regularly.
- As per your requirements, you can either assign your own bookkeeper, outsource to a third party, or go the DIY route. We recommend that you hire a seasoned bookkeeper for better outcomes.
- Having a professional accountant will help you set up the system, as well as in tax preparation and financial reporting.
- The software specs hinge on your accounting requirements.
- The MYOB is designed for a small business.
- Free software with limited functionality is available.
- User-friendly software is well-suited for DIY bookkeeping.
Enter Financial Transactions
- Enter every small transaction on a daily basis.
- Keep reconciling bank statements to reduce errors.
- Run monthly adjustments and reviews to improve the accuracy and reliability of financial statements.
- Reports are generated based on entered data.
- Profit and loss can be predicted by updated financial statements.
Accounting System Set-Up and Support
We can help you set up your own accounting system from start to finish. Our technical expertise will also be invaluable in reviewing your current system to determine if it can still meet your financial goals. For more information, contact Bestar Consulting today.