Running your own business is exciting, you get to do what you love and enjoy day in, day out. It’s when accounting enters the picture that things get less exciting. We’re here to change this mindset and make accounting not just easy, but enjoyable too!
Most small businesses start out using Excel, and there’s really nothing wrong with that. Until your business evolves and grows. There are a lot of tasks that Excel can do. However, a single mistake in your spreadsheet can lead to a domino effect of problems and complications in your business.
At the core of every successful business is good cashflow. Good cashflow is vital if you want to remain in business. However, not all business owners understand or manage their cash flow very well. This is often because of the way their accounts are set up making it difficult for them to get a clear picture of your business’s current financial position. This is one of the most common problems with manual accounting systems using excel.
To avoid these sorts of complication many business owners have taken the leap and moved on to use some sort of Accounting software. The benefit of the new cloud based systems is that there is no large expense to purchase and upload the software, it is paid as a monthly fee. It has also been designed with business owners in mind so it is simple to use and above all provides you with an accurate up-to-date picture of your cashflow.
Here are seven reasons why, compared to Excel spreadsheets, accounting software is the better option:
Start off with confidence
Cloud software boasts an easy-to-use dashboard that you don’t have to set up yourself. This boosts your confidence from the start by providing you a clear financial view of all your transactions from the very beginning. You will never have to worry about uninformed business decisions again.
Get accurate data
There is no risk of losing your business’s data because its all backed up and kept securely off site, yet it’s easy for you to access whenever you need it. Plus your bank statements can be automatically fed into your software. This reduces your data entries and reduces potential mistakes.
Access the reports you need anytime, anywhere
You won’t have to wait for the end of the month to understand your business’s financial position, the easy to understand dashboard gives you real time information on debts, invoices outstanding and available cash. With just a few clicks all your financial information is there for you to view and plan in real-time.
Receive and send timely information
All types of financial tax information are kept up-to-date and ready to share. The information you create for your investors, accountants and financial advisors can be shared and accessed at any given time and place. Your small business will be well-equipped to accurately manage its financial transactions better.
Maintain a clean audit trail
Cloud accounting software allows you to maintain a complete and clear audit trail that lets you, your investors and your accountant validate your business. It also serves as proof that your data is not compromised and that you meet all of the ATO’s requirements.
Sync with other business applications faster
Your cloud-based software will make it easier for you to take advantage of apps that sync with your financial data. This takes the hassle out of small business accounting.
Enhance staff relations
Allowing the members of your team to access your data online anytime and anywhere makes the team relationship stronger. Promoting clear communication and transparency within small businesses is one of the keys to success. Cloud software enables you to share your financial information with your staff, accountant, bookkeeper or financial advisor.
The best accounting solution for your business is one that makes running your business easier and more profitable. So check out the available cloud accounting systems and add ons and see how much easier it can make running your business.