It is hard to imagine but only 20 years ago, small businesses relied on spreadsheets, pens, paper and the yearly visit to their accountant to see how their business was performing. It used to be about looking at the historical movements and (trying) to predict what will happen next – then waiting another 12 months to see if you were right!
These days it is unusual, for even the smallest or most remote businesses, to not utilize some form of software to aid their business functions.
We have clients in Kalgoorlie and Margaret River who we work with daily to ensure they are getting the best out of technology. Location is no longer an issue.
Here we explore 5 ways accounting software help your small business, even if you hate the thought of bookkeeping.
1. Collecting your money
It’s all about the money, right? Right!
All the major accounting software brands have great ways to manage your debtors from up to the minute reporting to automatic reminders that will help convert your debtor’s balances into cash. It is a well-known fact that most businesses that go “under” do so because they cannot seem to collect the money they are owed. Why not let a computer program help you with that? And, if that doesn’t work, you can use an add-on (complementary add-on program) which will do it for you!
o you remember the days when someone would call you and you would have to wait until you go back to the office to get the information they needed? Well those days are gone. We live in a society which is off a “now” mentality. So, make it happen.
In this day and age, businesses do things out of the office, so find the software that drives functionality from the palm of your hand. MYOB, Xero and QBO have great apps to get you away from the office and out doing what you love. You can quite literally keep on top of your finances when you’re out on the road.
If you need something more, then look at industry specific add-ons. ServiceM8 is a perfect example of where you can take your mobile service based business out on the road and operate perfectly well.
There will always come a time when you might just get stuck. You know your accounting software can do the “thing” you need it to do, but it just won’t do it!
Don’t stress, you can be assured that your software has a certified, trained advisor program. These advisors are more than bookkeepers, they know your software inside and out and have gone through rigorous training relevant to the management of your small business using that application. They are passionate about the software that they use and are a great port of call to get more out of the it than just an invoice. Imagine uncovering even more than you thought was possible!
4. ATO Compliance
As long as your software has been set up correctly, it will know what you need to know as far as much of the ATO requires. If you handle payroll, software updates are done in conjunction with tax table updates, so ensuring you are up to date will be the first step in doing the right thing with the ATO.
You got into business to do what you love right? Not to keep up with compliance jargon and deadlines. In conjunction with a great system and a trusted advisor, you will never have to worry about it again. And, should you ever be subjected to an ATO audit, you may find that having it all organised and balanced will help you save a lot of time and money.
It’s all about the look, isn’t it? Without sounding shallow accounting software now uses great graphics, so at the least your numbers look sexy! Sexy in a blog about accounting software – now you’ve seen everything!
The major players all have exciting built in graphs and charts that compel you to click in and see what’s going on in the business. As much as it may sometimes seem a drag, you should get excited about the numbers in your business – they are the back bone of everything you do. We know a thing or two about making numbers dance!
At the end of the day, a system is only as good as it’s user. It is all about the set up and the skills of the person at the keyboard (or smartphone).
The team at Pryority are all about empowering our clients to be better users. So, if that means you would like us to set up your MYOB, Xero or Intuit QBO to ensure you are getting the best out of its features – we will do so. Train you or your accounts staff on how to use it efficiently (which is going to save you time and money)? No worries. We can even do the bookkeeping for you all while empowering you further, through our Advisory Services.
Then the answer is very simple – give us a call or drop us an email and let today be the beginning of falling in love with ……. I’ll say it…. Your accounting software.