Few industries are evolving as fast as the technology sector. With new developments always at the risk of being superseded, we know IT professionals are constantly working to stay up to date as the technology landscape changes. Moreover, with multiple projects and milestones to keep track of, it can be demanding to stay up to date with your firm’s bookkeeping and business compliance requirements.

It is important to get an agile and accurate report of monthly profit for different service departments of the IT firm. Hence, the firm can function accurately. A profitable company can survive in a highly competitive industry in the long run. In the sectors like IT, there are always new developments in technology where the IT professionals need to upgrade with the new developments.

While achieving the milestones in different projects, it becomes important for the business to keep up with the bookkeeping, accounting, and other compliance requirements. We at Meru Accounting help you in managing the creditors, debtors, payroll, compliance, and other accounting aspects of your business.

How is bookkeeping for IT different from regular bookkeeping?

Most of the IT companies have the project with specific contracts where they have to work on each project for the long term. IT companies work on multiple projects with different resources and a specific cost for the software. Tracking the costing and other expenses in such a working system is very crucial here. The records of the customers must be billed properly. The Invoicing to the customers can be managed with proper expense with the software facility. The software can properly calculate the income and the expenses incurred in the project with proper consideration of the profits. Here, it becomes easier for IT companies to bill properly for their clients and ensure profitability.

Each IT project must be properly integrated into the software to ensure the payments and the reporting properly. At Meru Accounting, you can get the proper technological expertise with maintaining accounting aspects accurately. Our specialized team at the IT companies can make the accounting aspect accurately. We have a team of highly experienced individuals who have worked across different IT companies.

What are the different service departments in an IT Company?

An IT company has different service departments to work on various aspects.
Here are some of the different service departments in the IT Company:

1. Financial viability of the project
It is important to ensure the proper financial viability of the project to get more profits. At Meru Accounting, we give a proper financial analysis for each of the clients. It can help to make a proper valuation and cash flow of the project to the better success. Taking most of the important decisions becomes easier with the proper analysis.

2. Calculation of the depreciation:
With the new advanced technology always emerging, the depreciation in the IT infrastructure is inevitable. Our software can help to get the proper value of the investments in the software and systems.

3. Proper receivables management:
An IT firm gets the income from different clients with various other modes. We can provide easy different payments method in a very simpler manner. We use the payment gateways like Eway, PayPal, Stripe, Square N, etc.

4. Sales and corporate tax:
Like other industries, the IT industry also has to pay the proper taxes. Proper sales and corporate tax payments are very essential for any business. At Meru Accounting, we can help you to make the proper sales and corporate tax payments.

5. Financial Anticipation:
Analyzing the profits and the accounts is very essential for any business. We provide accurate financial analysis for the IT companies which can help to get the proper insight. Making the financial decision can be easier for the business to ensure proper business growth.

One of our key aims as a specialist bookkeeper for IT companies is to ensure your business’s profitability. We can help in many ways, including setting up Xero and integrating it with your existing IT management software or tools. We try to keep things as easy as possible for you so that you can focus on your projects and customers. We’ll keep your accounts up to date for statutory compliance obligations, cash flow advice and accurate financial reporting. We can also get involved in reviewing and analysing project costs and make recommendations for improvements, empowering you to make informed choices.

Bookkeeping and BAS services:

·        Reconciling your bank accounts

·        Managing supplier invoices and payment

·        Managing customer invoices and receipts

·        Timesheet and payroll management

·        HR advice with our partners Workforce Guardian and Employment Hero
Preparing financial statements

·        Cash flow management, including budgeting for quarterly and annual obligations Lodgement of activity statements, Single Touch Payroll, payroll tax returns, workers’ compensation annual declaration.

why choose us?

At Meru Accounting is a team of exceptional Xero-certified bookkeepers and accountants. Xero is the most advanced cloud-based bookkeeping solution available today, and we know you will love it as much as we do.

Going above and beyond bookkeeping basics, we are known for offering proactive support in making your business more profitable and efficient.

Connect with us for a no-obligation review of your existing bookkeeping system.