by Roann Castro | Dec 2, 2024 | Bookkeeping, Business
Whether you’re an individual managing your personal finances or a business owner keeping operations running smoothly, good bookkeeping is a must. Staying organised, informed, and proactive with your finances can make all the difference. With updates like MyGov’s MYID feature and advancements in digital tools, here are some practical tips for Australians to get the most out of their bookkeeping services in 2025.
1. Take Advantage of MyGov’s New MYID Feature
The Australian Government has introduced the MYID feature to simplify access to government services, making it easier to stay on top of your financial obligations. For individuals, this means keeping track of tax refunds, Medicare claims, and other key updates. Business owners can use MYID to monitor tax obligations, superannuation updates, and compliance requirements.
Tip: Check your MyGov account weekly to stay informed and pass on relevant updates to your bookkeeper. For more information, visit the official MyGov announcement.
2. Keep Your Records Organised
Timely and accurate record-keeping is essential. Whether you’re tracking personal expenses or managing business finances, having your records in order makes everything easier. For individuals, this means saving receipts and documenting income. Business owners should ensure their bookkeepers receive regular updates, including invoices, payroll records, and bank statements. Staying organised can help avoid surprises and identify opportunities to save.
3. Embrace Cloud-Based Accounting Tools
Cloud accounting platforms like Xero, MYOB, and QuickBooks are game-changers for Australians. These tools allow real-time access to your financial data, making it easier for individuals to monitor their spending and for business owners to collaborate effectively with bookkeepers. Ask your bookkeeper about the best platform for your needs and how to set it up for maximum efficiency.
4. Schedule Regular Financial Check-Ins
Regular communication with your bookkeeper is critical. For individuals, a periodic review of personal finances can highlight opportunities to save or improve budgeting. Business owners should schedule regular meetings to review reports, discuss tax planning, and strategise for the months ahead. These check-ins ensure you’re on top of your finances and ready for any challenges.
5. Leverage Your Bookkeeper’s Business Advisory Expertise
Bookkeepers are more than number-crunchers—they’re valuable advisors. They can offer insights into cash flow, budgeting, and planning to help businesses improve efficiency and profitability. For individuals, they can assist in identifying tax-saving opportunities. Don’t hesitate to seek their advice and use their expertise to make informed decisions.
Why Bookkeeping Matters for Australians
Whether you’re managing a household budget or running a business, effective bookkeeping keeps your finances on track and compliant with regulations. By staying informed with tools like MYID, organising your records, embracing digital solutions, and tapping into your bookkeeper’s expertise, you’ll be set for a successful 2025.
At Lowrys Accountants, we’re committed to helping Australians achieve their financial goals with expert bookkeeping and business advisory services. Let’s work together to make 2025 a standout year for your personal or business finances.
by Roann Castro | Dec 2, 2024 | Business
Artificial Intelligence (AI) is transforming the finance sector, revolutionising traditional practices and unlocking powerful capabilities. At Lowrys, we harness the power of AI to offer advanced financial analysis and reporting services tailored to meet your business needs. Here’s how AI is reshaping the way we approach finance:
AI-Powered Data Analytics
For businesses looking to optimise performance, AI-powered data analytics is a game changer. With the ability to process large volumes of transactional data in real-time, AI tools uncover valuable insights into market trends, customer behaviours, and sales patterns. By working closely with our expert team, we can turn these insights into strategic recommendations, helping you navigate industry-specific challenges with precision.
Predictive Modelling and Forecasting
Accurate forecasting is key to managing financial risks and opportunities. AI-driven predictive modelling at Lowrys analyses historical data, economic indicators, and relevant market factors to offer reliable predictions. Our experts enhance this analysis with their deep understanding of market sentiment, regulatory developments, and macroeconomic factors, ensuring that forecasts are actionable and relevant to your business goals.
Automation of Routine Tasks
Routine administrative tasks can take up significant time and resources in any finance department. At Lowrys, we use AI to automate repetitive processes such as data entry, reconciliation, and report generation. This allows your team to focus on higher-value activities, improving efficiency and outcomes.
Enhanced Risk Management
AI is a powerful tool in risk management. By analysing behavioural patterns, transactional data, and historical trends, AI tools can detect potential fraud and flag suspicious activities. While AI identifies these risks, our experts assess the severity, interpret findings, and develop proactive risk mitigation strategies, ensuring that your business is protected against emerging threats.
Improved Compliance and Regulatory Reporting
Staying compliant with financial regulations is more important than ever. AI-powered compliance tools automate the process of transaction monitoring, data analysis, and reporting. Our experts ensure that all reports generated are accurate, comprehensive, and aligned with regulatory requirements, providing peace of mind and helping your business stay ahead of regulatory changes.
The Role of Human Expertise
While AI offers powerful capabilities, human expertise remains essential. At Lowrys, our professionals bring:
- Contextual Understanding: We provide industry-specific insights and ensure that AI-generated data is contextualised to your business needs.
- Quality Assurance: Our experts validate all AI outputs, ensuring that you receive accurate and actionable information.
- Strategic Decision-Making: We use our judgement to interpret AI findings and develop long-term strategies that align with your goals.
AI is transforming financial analysis and reporting, but the real value comes when it’s combined with human expertise. At Lowrys, we bring together cutting-edge technology and expert insight to deliver personalised financial solutions that drive business success. Reach out today to learn how AI, combined with our expert team, can enhance your financial strategy and reporting capabilities.
Let’s work together to unlock the full potential of your business with AI-powered financial services.
