In the most widely used procedure for luminescence quantum yield determination, absorption and emission spectra are measured on two different instruments. This leads to errors caused by wavelength misalignment and different monochromator characteristics of the spectrophotometer and the spectrofluorometer. These errors can be avoided using a method for fluorescence quantum yield determination that relies on simultaneous absorption and fluorescence emission (SAFE) measurement using a single commercial spectrofluorometer. The method's performance is compared with the standard routinely used procedure for the relative quantum yield determination. The advantages of SAFE measurement are discussed. The proposed novel approach eliminates a number of potential errors in quantum yield determination protocol and provides higher accuracy.