Are you still using spreadsheets to record your financials?
Do you then spend time correcting mistakes and formulas?
Are you unsure about the accurate status of your business financially?
If you answered yes to any or all questions, don’t worry you’re not alone.
The good news is that you can easily turn this around by embracing digital for your accounting. Adopting cloud accounting could radically change your business’s accounting. There are several solutions on the market, with Xero being one of the most popular
Here are some of the ways you will see a real difference:
You’ll Have More Time
Cloud accounting in particular will help you streamline your business processes. Let’s take invoicing a client, an invoice is automatically generated and sent to them digitally, when they pay, funds are transferred in the same way and your records are updated. All of this with the touch of a button. That saves a lot of time.
You and Your People Will be More Productive
Because you’re saving time, that means you’re being more productive. You’re freeing yourself for other tasks, helping your business to grow and become more successful and profitable. Staff are liberated from performing repetitive, manual tasks and do things they enjoy for your business.
Smarter Decision Making
You can see the financial position of your business, in real time. With manual records you have to remember that certain things might not have been inputted yet, or there are invoices awaiting payment. When you go digital that’s not the case. Everything is live, giving you a clear picture in real time. This gives you the accurate financial data you need to make business decisions.
No More Mistakes
Of course, digital methods of accounting are also more accurate, and generally free from human error. Because everything is synced and streamlined, the various aspects of your financial picture communicate with each other and ensure that nothing is missed. This is vital when the end of tax year filing time comes around.
This is why going digital could be the best business decision you make in 2020. It’s not as scary as it sounds, cloud accounting solutions, such as Xero, are user friendly and designed to be understood by people who run businesses.
Having said that, many business owners find it easier to let an accountant take care of the bookkeeping side of things, so that they can concentrate on what they do best, growing their business. Accountants specialised in cloud accounting can also help you with the transition to digital and train your people.
Why not get in touch with us to talk about how going digital is the best thing you can do for your business.