Even if you’re running a one-man micro-business, an accounting solution can streamline your paperwork and number crunching so you can focus on your core business.
With the right software, there are no more accounting worries.
- No more late-night invoicing.
- No more chasing payments.
- No more sweating the cash flow.
Here are five questions to ask yourself if you haven’t yet invested in an accounting solution:
1. Are you struggling to track your cash flow, income and expenses?
Are you using paper records and your bank statements to keep track of the flow of money in and out of your business? This is time-consuming and makes it hard to keep track of payments expected and outstanding bills.
With the right accounting package, you can generate a range of financial reports with a swipe on your mobile device or a click of your mouse.
You can track sales performance, see which of your product lines are profitable or not, generate forecasts and budgets, and call up profit and loss statements.
2. Are you spending a lot of time filing financial records and doing your books?
Business owners without accounting solutions know the tax year-end ritual of printing out bank statements, digging paper bills and invoices out from boxes, and spending hours adding everything up.
This amounts to wasting days of your time each year that you could be out selling to customers or doing billable work. An accounting package gives you one place to keep your accounting records – and they’ll be accurate and up to date.
3. Is your accountant asking you to invest in accounting solutions?
If your accountant tells you that you need an accounting solution, take heed. The accountant is probably billing you heavily for doing a lot of manual work on your behalf.
He or she may also be concerned about your ability to produce accurate financial records in a timely fashion.
With an online accounting solution, you and your accountant can work on the same set of books at the same time from anywhere in the world. You can be processing your invoices, while your accountant is busy running reports, for instance.
There’s no more need for the accountant to come to your office for some simple paperwork.
4. Are you struggling to stay on top of issuing and paying invoices?
Do you spend a lot of time each month generating invoices for your customers and keeping track of your purchases from, and payments to, suppliers and service providers?
With the right accounting package in place, you can quote from the accounting solution and then generate a customised, professional-looking invoice when it’s time to bill.
You should be able to easily create recurring invoices for each customer that needs to pay you the same amount each month. You’ll also benefit from features that make it easier to track your own creditors
5. Do you find reconciliationsto be a pain?
Manual reconciliations are slow, inefficient, and prone to human error. With the right accounting solution, you can link your online banking account to your financial solution and each day your accounting records will be updated automatically.