Why did you go into business? To become a bookkeeper?
Chances are your answer is no, yet the hours you spend ‘balancing the books’ tell a different story.
In 2018 there is no need for bookkeeping and business compliance tasks to take up a significant amount of time. Further, your accounts payable and receivable can be updated daily with very little effort. Consider what this means for you and your business in real terms. What if your business expenses could be automatically coded by taking a photo? What if reminders to customers for overdue accounts were automated? How much time would you have back if bookkeeping took less than an hour a week? And what would you do with all your new-found free time?
The technology exists for all of the above to easily become your reality. The hours you save can be invested into growing your business or spending more time with your family. At this point most business owners say changing and learning new software is ‘too hard’ and ‘what we do has always worked in the past’. That may be true but at what cost? 10 hours per week vs 1 hour. In terms of cost and efficiency, the difference is hard to ignore. Then there are the advantages of having real-time business financial reports at the touch of a button.
A word of caution – seek advice to ensure the settings are correct from the start so you can enjoy the benefit of accurate up to the minute figures and reporting for your business. Of all the work that comes to our bookkeeping team; fixups are the most common and usually the most expensive.
Please note that the above is provided as general advice and not taken your personal, financial or business circumstances into consideration. If you would like more tailored advice, please contact us today.