20th February 2018
Online accounting tips for business owners and managers
As a business owner or manager you may already be using an online accounting system to help you manage your finances. If not, now’s the time to start looking for a software package that meets your needs.
For now, we’ll assume you’re using a package, and it’s one that keeps track of your customers, issues invoices and lets you know when they’ve been paid. It will help you to manage your expenses, making it much easier to put your accounts together at the end of the year.
There are probably other ways you can make your accounting software work for you, though. So here are our top tips:
- Share access with your accountant – this might sound obvious, but if your accountant has log-in access to your software package, they can see at a glance how your finances are looking and can check individual things if they need to. You can usually control the type of access that other users have, so talk to your accountant about the best way to manage this.
- Use forecasting and reporting options – most small businesses just use the basic functions on their accounting package, but there are often additional features that can help you with business planning. Forecasting is a great tool, because it lets you see what your income and expenditure will be over a planned period. This prepares you for quiet times or busy periods and could also let you see what the impact would be on your business if you lost a key client.
- Look for compatibility – if you already have a Customer Relationship Management package in place, see if your accounting software is compatible. It may be useful to be able to see invoice data for a customer, for example, in the context of a new sales cycle, or a campaign to upsell your services. If you sell your goods online, integrating your software with your ecommerce platform could also save you time and money.
- Investigate scalability – as your business grows, your accounting software needs to be able to adapt too. You may want to add extra users so that you have more than one person overseeing your finances or managing certain functions. You may want to use those integration options to make your ordering and sales processes flow more efficiently. Rather than having to buy a new software package, it’s far better to use the options and add-ons that come with the software you already have.
To find out more about moving your finances online, or about the new Making Tax Digital initiatives, call us today and ask to speak to one of our team.