The problems or concerns:
Retail owners are usually very busy with day to day operations and try to be on top of everything. They use the traditional ways to record the income and expenses. Some people use paper cash book or Excel which needs a lot of time to record entries every day and try to reconcile them back to the bank transactions.
The introduction of single touch payroll and super stream requirements have further complicated the accounting processes. It means that you need to move to electronic software to meet the reporting requirements.
Most retail owners face issues such as: