in Business - 21 Jun, 2019
by Curtis - no comments
The Start Of STP Requires Businesses To Transition To Digital

Whether it is an early stage startup that is using Excel or a established business,quickbooks migration can streamline the accounting processes. A dedicated conversion specialist will assess the overall situation to determine which quickbook product is needed so that the business can operate effectively.

July 1 is fast approaching and small businesses are preparing for the single touch payroll (STP). More than 100,000 businesses in Australia are using payroll or accounting software to accurately report their tax and super information to the Australian Taxation Office (ATO). This means that at least 6.5 million employees can obtain their payroll summary information through myGov.

Small businesses with limited budgets are allowed by STP to slowly transition to digital and take their business to the cloud. Business owners assume that the transition is complicated but it is a pretty simple task to be STP enabled. The first step is to choose software that will migrate the business to the cloud in a few simple steps.

According to Ms. Bianca Bowron-Cuthill from Intuit QuickBooks, businesses should understand that the traditional method of storing data like Excel spreadsheets is risky. If the data is stored in the cloud, the business does not have to worry about computers being damaged or stolen.

Digital solutions also allow a business to gain an insight in their profitability in real time. They have access to numbers which provides them with the opportunity to plan ahead. Another advantage of digital solutions is being able to access the numbers through mobile.

At least 700,000 small employers still need to embrace digital payroll. ATO is aware that not all businesses are ready for July that is why several transition arrangements are suggested. Businesses can opt for QuickBooks online or another software solution to be able to transition to digital as soon as possible.

There is quickbooks migration for businesses that want to migrate existing data from the current accounting system. All data will be migrated including reports like Accounts Receivables and Payables, balance sheets and other reports that have to be converted to QuickBooks. A professional team will ensure that the business will successfully transition to new software.