Online Bookkeeping can make you a better business ownerBack
How Online Bookkeeping can make you a better business owner
Ok, so how can a cloud bookkeeping service make you a better business owner?
- Save money. You don't pay a bookkeeper or accountant to sift through your receipts and invoices (time which could better be spent working on your accounts).
- You give your day/week/month more structure. Ongoing success is best built on solid foundations, and by getting into a good routine early, you will give yourself time to think, with the right information to hand. This 'routine'-driven approach will be good for other areas of your business too.
- Be informed. You will know, at the click of a button, roughly how your business is doing. You'll be able to see your current (real time) and projected cashflow and your business' financial health. No more guessing or waiting until the end of the year to find out you owe HMRC £2000.
- If you're VAT registered, you'll be able to keep track of your VAT liability at any stage of the quarter and not be surprised when your VAT return is due
- You can use your new found business insights to plan, save and budget
- Many of the cloud solutions, such as the excellent Kashflow, also function as a Customer Relationship Management tool - you can store client details securely online, record where the client came from (such as social media, BNI, Google Adwords, newspaper ad etc) ... which means that at some point you can break down you income streams and analyse which is most profitable.
- You can log in from any computer, laptop, tablet or even smartphone. If your desktop computer fails, your data and files are held securely online and you could just nip to your neighbour's for 20 mins, log in, add your receipts and you're done. No panic, no heartache, just a good system with a good backup strategy.
- Managing your business in this way will ensure that you're not hit by a 'sudden' financial earthquake - you won't be caught out by falling sales and increasing costs. You will be in control.
- (A bit) less stress. Now no-one will claim you'll ever be stress-free as a business owner, but armed with the knowledge of how your business is performing on a daily basis you'll be able to devise strong contingency plans.
- Automate regular payments so they're not missed - reduce the stress and workload by automating as much as you can.
- You're likely to have more regular contact with your bookkeeper, as they will have a login to you account too. This means they can spend the time they would have spent sorting receipts looking over your books and making changes where necessary. They'll also be able to see trends and maybe warn you of factors which could affect your bottom line.