This is an all too familiar issue effecting many of my clients, what do you do when you are so busy growing your business that the paper work catches up on you but aren’t big enough to employ someone to help out. The obvious answer is to hire a bookkeeping service and depending on the type of business you run or your budget this might be the way to go.
However due to the advances in bookkeeping and inventory control software there is another option. Systems like Xero are making life easier for thousands of small business owner’s across the country by saving those hours every month and providing automated management reports in order to help owners improve profitability.
How Does it Work?
It all starts with a direct link to your bank account whereby your statements are downloaded automatically, from here you then use an intelligent cash book feature that will recognise your statement lines and create recommendations on where they belong in your accounts, over time this will remember your choices to make it even faster. Additional features include inventory control modules and an invoicing feature that not only creates and sends an invoice but also recognises when the payment has arrived in your bank account.
Often improved bookkeeping relates to reduced accountancy fees as it reduces errors and it makes it easier for your accountant to find the information they need, cloud based systems are even better as you can provide your accountant with login details, so sending them information at the year end is no longer necessary as they can retrieve it themselves.
We have worked with various businesses to help them identify the most efficient system for them.
If you would like to discuss any of the issues covered above please contact us.