There are three ways you can manage the financial flow of your music teaching business or music school – manually using books of accounts, using spreadsheets, or software or app. You may want to get a bookkeeper and accountant if you are not familiar with how to record your business cashflow, especially if your income is already within the auditing bracket.
For this blog episode, we will share with you different software you can choose from. Some have an app included to let you manage your finances on the go using a mobile phone or tablet.
First, Things to Look for In A Finance Software:
- Recognized by the Government
- The first thing to look for is if this software is accredited by the government to whom you have to file taxes to. To know this, go to this link for a list of accredited finance software products. You will save time if you first look at this list.
- Integrated Standard Business Reporting Forms
- The next thing to ask is if this finance software already has built-in integrated reporting forms that you need to submit to the ATO.
- Billing Students
- Have a look at their system if they allow for manual entry of payments, billing through email, or integrated payout system on your website.
- Bank Accounts
- Can you connect your online banking to their system?
- Can you connect multiple bank accounts?
- Payroll Requirements
- If you are planning to or already have a team of music teachers working with you, does their system account for all payroll requirements?
Financial Software Products in Australia
Here are some of the most popular software products you can choose from arranged in no particular order. Feel free to shop around and see what you prefer.