Managing your accounts efficiently is crucial for running a successful and profitable business. However, you don’t want to dedicate all your time to accounting tasks when you could be focusing on building customer relationships or developing new products. So, how can you maintain financial control while minimising the time spent on accounting? Here are some strategies:

1. Embrace digital accounting solutions:

Transitioning to cloud accounting can be a game-changer for business owners. Platforms like Xero, QuickBooks, MYOB, or Sage offer streamlined and automated accounting processes. With these tools, you can:

– Automate scanning and digitisation of expenses and receipts.
– Automatically reconcile bank transactions with invoices and bills.
– Integrate your accounts with time-saving apps for mileage claims or staff expenses.

2. Accelerate payments and reduce administrative work:

Implementing a cloud accounting platform also facilitates faster and more efficient payment processes. Improving payment times and cash collection positively impacts your cash flow and establishes clear expectations with customers. Leverage the invoicing function in your business software to:

– Quickly send electronic invoices as soon as a job is completed.
– Set up automated invoices to be sent at predetermined project milestones.
– Include payment buttons on your invoices for convenient PayPal or card payments.
– Eliminate payment barriers and expedite the payment process.

3. Gain a comprehensive overview of your key financial metrics:

Cloud accounting goes beyond automating time-consuming financial tasks. By recording and tracking both financial and non-financial data, your accounting platform becomes a valuable source of real-time information. With cloud accounting for reporting, you can:

– Access up-to-date real-time information to enhance decision-making.
– Monitor performance against targets to assess business success.
– Track spending and budgets to maintain control over cash flow.
– Evaluate return on investment for sales and marketing activities.
– Understand the impact of promotions on sales and profitability due to discounting.

Consult us to upgrade your accounting practices:

To achieve complete control over your finances and business decision-making, updating your accounting software and processes is essential. We can guide you in selecting the most suitable accounting software for your business and help you maximise the benefits of automation and real-time data. Contact us to discuss upgrading your accounting methods and increasing productivity.

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Aside from business consultation, we are business accountants Wellington who
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