Updated: Nov 17
Ever find yourself run off you feet when running your small business? The clock always seems to be tipping when you are the main driving factor of your own success, all these to dos can leave some areas of your business neglected. The most common area of neglect in business for new traders is their financial accounts. Whether the invoices are piling up, you are drowning in receipts or just wait till the financial year ends to do your taxes, you should be aware that a last minute approach is damaging your bottom line.
Rejoice though, things do not have to be this way. Many business owners have gone through the learning phase of managing their accounts, or just hiring a local accountant to do the work for them! With these following tips you can be sure to get a better understanding of the process of managing your business accounts.
Invest In Accounting Software
Most small business owners bootstrap their enterprise with minimal financial knowledge, but that doesn't meant they are left at a disadvantage. Managing your business finances has never been easier for SME's. Modern accounting software has made it incredibly simple to hit the ground running with accounts, invoicing, cash flow and forecasting. Here at Suzanne Lock Business Services we love to use Xero daily. But there are other options such as Sage and Quickbooks.
Set up in a flash, online accounting software helps you streamline your accounts management with many features such as bank transaction sync, automatic invoicing, tax compliance and much, much more. Allowing your accountant access to your software is a great way to help them do their job and get your to your business goals faster. As a new business owner or one that is established yet having trouble with its accounts, utilising modern software to make your life easier will not only benefit your account management but also your entire organisation.
Check Your Financial Position Regularly
Looking at your accounts isn't something that is only relevant when its tax season. Making a habit of checking your numbers will keep you well informed of upcoming tax obligations, invoices that are yet to be paid, cash in the bank and what you should do to stay in the green. Cloud-based accounting is designed solely for this purpose, with accurate evaluations and easy to use software.
Chase Debts & Payments
Its hard to get ahead in business when you are spending a lot of time chasing your customers who have yet to pay for your product and services. Sometimes businesses run into problems and a little leeway on billing is acceptable, but its not reasonable to write off what they owe entirely. Most of the time a bill goes unpaid is due to simple clerical errors or losing paperwork. We find using online accountancy software is great at solving this problem because you can send out invoices by email in a jiffy. Using modern accounting software and crystal clear payment terms will pave the way to happy clients and a fattening purse.
Hire An Accountant
Of course all of the tips are great but if you really cant stand numbers, or would rather spend your time working on your business growth instead of in the books, hire an accountant. Accountants like us are professional book balancers and bean counting is our bread and butter! Invest in your business to make it grow! Call Us today for more information about how we can help.