Too many businesses owners spend hours every week doing the bookkeeping, often in the evenings or weekends taking precious time away from their loved ones. Hand in hand with this is often poor cashflow and stress about how they will pay the rent, wages and bills.
The great news is that it doesn’t have to be like this and there’s never been a better time to address this issue. Welcome to the 21st Century cloud accounting systems which are a game-changer for record-keeping for every business, large or small.
The three benefits which improve the bookkeeping processing are:
The cloud systems have in-built automation which reduces the data entry time by at least 50%. The bank statement information is fed into the system overnight every day, so that it is quick and simple to reconcile the bank account in a couple of minutes each day for most businesses.
As the data has come straight from the bank, the days when the bank reconciliation doesn’t balance are gone. This is because the manual data entry has been eliminated.
Easy to learn and use.
The most common reason people use to stay with what they know and not to change is the time and effort that needs to be put into learning the new system.
A couple of hours of training will be all that is needed to feel confident and competent to do the bookkeeping for the business. In part due to the automation, but also, due to the way the systems have been developed, they are easy and simple to use.
Most of the systems have a mobile app which allows you to reconcile your bank account from your phone or other device and also allows invoices to be prepared immediately and emailed directly to the client or customer instantaneously.
The accounts receivable or debtors will be up-to-date everyday when the bank accounts have been reconciled. With this information, it is easy to identify exactly who needs to be chased up to get money into the bank account to improve the cashflow.
In addition as the systems are available anytime, anywhere with internet connection, you no longer have to be at the business computer to keep an eye on the numbers. You, your accountant or advisor and your bookkeeper can all be working on the accounting system at the same time. This means that you will have the ability to collaborate with your advisors knowing that the numbers they are looking at are the same as what you are looking at, even though you are not in the same location.
Running a 21st Century business requires 21st Century systems. There’s never been a better time to minimise the headaches that bookkeeping can cause.