7 Tips to get paid faster and improve cash flow

7 Tips to get paid faster and improve cash flow

7 TIPS TO GET PAID FASTER
AND IMPROVE CASHFLOW

7 TIPS TO GET PAID FASTER
AND IMPROVE CASHFLOW

Anyone who has taken the plunge and started their own company, can tell you that cash flow can quickly become a problem and is the difference between sinking and swimming as a business owner. You’re suppliers will want paying on time but if you don’t make sure that your customers pay, then things quickly go wrong and before you know it your business has failed. Here are 7 tips to help you get paid quicker and improve your company’s cash flow.

DISCUSS PAYMENT TERMS BEFORE YOU START WORK

Always agree payment terms with your customers prior to starting work. This can be quite hard, but it’s important to set expectations. After all, it’s you that is offering credit to them. They wouldn’t expect to go to the bank for a loan and then tell the bank how long it’s going to be before they repay it.

 

ENSURE YOU HAV THE CORRECT CUSTOMER INFORMATION

To save yourself a whole heap of time, make sure you have the correct business information for invoicing purposes right from the outset. What is the correct legal business name? What is the correct email address to send invoices to? Does your customer use purchase orders? You can spend ages chasing payment for an invoice and suddenly you’re told that it doesn’t have the correct company name, or it went to the wrong person.

Always ask for an accounts contact – name, email address and phone number, so you have a point of contact.

 

INVOICE AS SOON AS POSSIBLE

Issue your invoices immediately after delivery of goods or services. Often business owners think it’s more important to carry on doing the work and that invoicing can be done at a later date, but this just delays the time it takes you to get paid, causing cash flow problems when you’re suppliers or staff need paying.

 

MAKE YOUR INVOICE CLEAR, CONCISE AND RELEVANT

It’s important to make sure you have the correct details on your invoice and include the relevant information required by your customer, such as any purchase order number, full details of the product or service and a delivery date where applicable.

Always make sure you have your payment terms on your invoices, so a customer knows the date they need to pay by. This may seem obvious, but often invoices have no terms on them at all, so you’re giving customers carte blanche as to when to pay you.

Payment methods – your customers need to be able to pay you so make it clear what methods you accept. Online payment methods such as Stripe or Paypal mean a customer can pay you directly from their invoice. If you accept BACS, ensure you have your bank account details clearly visible. It’s also useful to say if you don’t accept cheques. It’s surprising in this day and age that companies still use this payment method but you don’t need to accept cheques. They are often seen as a delaying tactic and means that as well as waiting for them to arrive in the post, you also have to visit the bank to pay them in.

 

MAKE SURE YOU CHASE PAYMENT

Remind your customer before the invoice is due and ask them to let you know if the invoice is processed ready for payment or to advise you if there are any issues which may affect payment.

Once invoices become overdue, you need to have a robust credit control system to ensure late payers are consistently chased and dealt with. This can be done manually, but is time consuming. If you use either Xero, Quickbooks or Sage, you can use Chaser, which is a cloud based system that can automatically carry out around 80% of your credit control automatically. It hasn’t quite mastered calling customers and speaking to them, but what it can do is cut your debtor days dramatically and increase your cash flow substantially.

 

MAKE SURE YOU CHASE PAYMENT

Remind your customer before the invoice is due and ask them to let you know if the invoice is processed ready for payment or to advise you if there are any issues which may affect payment.

Once invoices become overdue, you need to have a robust credit control system to ensure late payers are consistently chased and dealt with. This can be done manually, but is time consuming. If you use either Xero, Quickbooks or Sage, you can use Chaser, which is a cloud based system that can automatically carry out around 80% of your credit control automatically. It hasn’t quite mastered calling customers and speaking to them, but what it can do is cut your debtor days dramatically and increase your cash flow substantially.

 

NICE TOUCH

Once you’ve received payment for an invoice, remember to thank your customer. It’s a nice touch and builds those all important customer relationships.

 

TRY FOR FREE

If you’d like to see what Chaser can do for you and your credit control, we are currently offering a 90 day free trial, then you can take advantage of our reduced rate subscriptions and save yourself up to 60%. Just click here to find out more.

 

If you enjoyed this article, please feel free to share it on your favorite social media sites.

 

Anyone who has taken the plunge and started their own company, can tell you that cash flow can quickly become a problem and is the difference between sinking and swimming as a business owner. You’re suppliers will want paying on time but if you don’t make sure that your customers pay, then things quickly go wrong and before you know it your business has failed. Here are 7 tips to help you get paid quicker and improve your company’s cash flow.

DISCUSS PAYMENT TERMS BEFORE YOU START WORK

Always agree payment terms with your customers prior to starting work. This can be quite hard, but it’s important to set expectations. After all, it’s you that is offering credit to them. They wouldn’t expect to go to the bank for a loan and then tell the bank how long it’s going to be before they repay it.

 

ENSURE YOU HAV THE CORRECT CUSTOMER INFORMATION

To save yourself a whole heap of time, make sure you have the correct business information for invoicing purposes right from the outset. What is the correct legal business name? What is the correct email address to send invoices to? Does your customer use purchase orders? You can spend ages chasing payment for an invoice and suddenly you’re told that it doesn’t have the correct company name, or it went to the wrong person.

Always ask for an accounts contact – name, email address and phone number, so you have a point of contact.

 

INVOICE AS SOON AS POSSIBLE

Issue your invoices immediately after delivery of goods or services. Often business owners think it’s more important to carry on doing the work and that invoicing can be done at a later date, but this just delays the time it takes you to get paid, causing cash flow problems when you’re suppliers or staff need paying.

 

MAKE YOUR INVOICE CLEAR, CONCISE AND RELEVANT

It’s important to make sure you have the correct details on your invoice and include the relevant information required by your customer, such as any purchase order number, full details of the product or service and a delivery date where applicable.

Always make sure you have your payment terms on your invoices, so a customer knows the date they need to pay by. This may seem obvious, but often invoices have no terms on them at all, so you’re giving customers carte blanche as to when to pay you.

Payment methods – your customers need to be able to pay you so make it clear what methods you accept. Online payment methods such as Stripe or Paypal mean a customer can pay you directly from their invoice. If you accept BACS, ensure you have your bank account details clearly visible. It’s also useful to say if you don’t accept cheques. It’s surprising in this day and age that companies still use this payment method but you don’t need to accept cheques. They are often seen as a delaying tactic and means that as well as waiting for them to arrive in the post, you also have to visit the bank to pay them in.

 

MAKE SURE YOU CHASE PAYMENT

Remind your customer before the invoice is due and ask them to let you know if the invoice is processed ready for payment or to advise you if there are any issues which may affect payment.

Once invoices become overdue, you need to have a robust credit control system to ensure late payers are consistently chased and dealt with. This can be done manually, but is time consuming. If you use either Xero, Quickbooks or Sage, you can use Chaser, which is a cloud based system that can automatically carry out around 80% of your credit control automatically. It hasn’t quite mastered calling customers and speaking to them, but what it can do is cut your debtor days dramatically and increase your cash flow substantially.

 

MAKE SURE YOU CHASE PAYMENT

Remind your customer before the invoice is due and ask them to let you know if the invoice is processed ready for payment or to advise you if there are any issues which may affect payment.

Once invoices become overdue, you need to have a robust credit control system to ensure late payers are consistently chased and dealt with. This can be done manually, but is time consuming. If you use either Xero, Quickbooks or Sage, you can use Chaser, which is a cloud based system that can automatically carry out around 80% of your credit control automatically. It hasn’t quite mastered calling customers and speaking to them, but what it can do is cut your debtor days dramatically and increase your cash flow substantially.

 

NICE TOUCH

Once you’ve received payment for an invoice, remember to thank your customer. It’s a nice touch and builds those all important customer relationships.

 

TRY FOR FREE

If you’d like to see what Chaser can do for you and your credit control, we are currently offering a 90 day free trial, then you can take advantage of our reduced rate subscriptions and save yourself up to 60%. Just click here to find out more.

 

If you enjoyed this article, please feel free to share it on your favorite social media sites.

 

Can you run your office from your mobile?

Can you run your office from your mobile?

CAN YOU RUN YOUR OFFICE FROM YOUR MOBILE?

CAN YOU RUN YOUR OFFICE FROM YOUR MOBILE?

Mobile technology is fantastic – fact. We can now do almost anything from our mobiles.  Having come back to find my computer installing an update that was estimated to take 50 minutes, I stood there thinking “what I am going to do for 50 minutes”?  The answer, grab my phone of course. But rather than looking at Facebook or doing an odd bit of shopping I used it for working.

Pretty much most of the software that we use here at 30 Hour Days has an app. Xero, QuickBooks, Google Docs (on which I am writing this blog), Zoom, Receipt Bank, they all have them.  So whilst my computer was busy taking its time, I got to work.  

A Slack message came in from a colleague (yup you’ve guessed it, Slack is an app too) saying we needed to make a payment, could I jump into the bank?  My first response was “Sorry my computer is updating itself, I’ll do it when I’m back online”.  But then I thought, why do I need to wait?  The invoice is in Xero, with a copy of the original attached (this will be important later) and I have mobile banking, no problem.  

So I logged into Xero, found the invoice, opened up my mobile banking app and then realised the supplier wasn’t set up on our list of payees.  No!  I was so close to being awesome.  But then I noticed that I could add new payees in the app.  Yep, I was awesome.  So, I jumped back into Xero found the original copy of the invoice attached via Receipt Bank (told you it would be important later) found the bank details and set them up in my mobile banking.

All from my mobile I was able to 

  • receive a message on our internal messaging system
  • Find an outstanding purchase invoice on our accounting system
  • See the original copy of the purchase invoice sent from the supplier
  • Add the suppliers bank details to our list of payees on our bank
  • Pay that outstanding invoice
  • Mark that invoice as being paid on our system

I can even make calls and send texts too!

Mobile technology is truly amazing.  It’s like having your office in your hand and it allows us to work from anywhere. We can reply to a quick email on the bus, check what money is due in whilst we wait on our next meeting. Reply to a customer query whilst picking up the kids from school.

Now I’m not suggesting that we work all the time.  One of the downfalls of mobile technology is that we are pretty much always contactable. However, the opportunities it gives us to grow our business and to keep on top of things are endless.  Whilst we can’t take the credit for mobile phones, we’re always looking for, and testing, the latest software and apps so that we can help our clients grow and be awesome too. 

If you would like to speak to us and see how we could help you, please book a call or send us an email to admin@30hourdays.com.

Faye

 

If you enjoyed this article, please feel free to share it on your favorite social media sites.

 

Mobile technology is fantastic – fact. We can now do almost anything from our mobiles.  Having come back to find my computer installing an update that was estimated to take 50 minutes, I stood there thinking “what I am going to do for 50 minutes”?  The answer, grab my phone of course. But rather than looking at Facebook or doing an odd bit of shopping I used it for working.

Pretty much most of the software that we use here at 30 Hour Days has an app. Xero, QuickBooks, Google Docs (on which I am writing this blog), Zoom, Receipt Bank, they all have them.  So whilst my computer was busy taking its time, I got to work.  

A Slack message came in from a colleague (yup you’ve guessed it, Slack is an app too) saying we needed to make a payment, could I jump into the bank?  My first response was “Sorry my computer is updating itself, I’ll do it when I’m back online”.  But then I thought, why do I need to wait?  The invoice is in Xero, with a copy of the original attached (this will be important later) and I have mobile banking, no problem.  

So I logged into Xero, found the invoice, opened up my mobile banking app and then realised the supplier wasn’t set up on our list of payees.  No!  I was so close to being awesome.  But then I noticed that I could add new payees in the app.  Yep, I was awesome.  So, I jumped back into Xero found the original copy of the invoice attached via Receipt Bank (told you it would be important later) found the bank details and set them up in my mobile banking.

 All from my mobile I was able to 

  •  receive a message on our internal messaging system
  • Find an outstanding purchase invoice on our accounting system
  • See the original copy of the purchase invoice sent from the supplier
  • Add the suppliers bank details to our list of payees on our bank
  • Pay that outstanding invoice
  • Mark that invoice as being paid on our system

I can even make calls and send texts too!

Mobile technology is truly amazing.  It’s like having your office in your hand and it allows us to work from anywhere. We can reply to a quick email on the bus, check what money is due in whilst we wait on our next meeting. Reply to a customer query whilst picking up the kids from school.

Now I’m not suggesting that we work all the time.  One of the downfalls of mobile technology is that we are pretty much always contactable. However, the opportunities it gives us to grow our business and to keep on top of things are endless.  Whilst we can’t take the credit for mobile phones, we’re always looking for, and testing, the latest software and apps so that we can help our clients grow and be awesome too. 

If you would like to speak to us and see how we could help you, please book a call or send us an email to admin@30hourdays.com.

Faye

 

If you enjoyed this article, please feel free to share it on your favorite social media sites.

 

Staff v Outsourcing – Which is better for your business?

Staff v Outsourcing – Which is better for your business?

STAFF V OUTSOURCING
WHICH IS BEST FOR YOUR BUSINESS?

STAFF V OUTSOURCING
WHICH IS BEST FOR YOUR BUSINESS?

Often Small Business owners are faced the difficult decision of hiring staff or outsourcing the work they need done. While both have their advantages and disadvantages, its not easy to decide which is the best option.  Outsourcing offers small business owners a wide range of benefits including the fact that you can access a much larger talent pool that can be used only when needed, making it a much more cost effective option.  Let’s take a closer look at the benefits of outsourcing v. staff to help you decide which is best for your business.

OUTSOURCING

The main benefits of outsourcing boil down to three factors: gaining access to a larger talent pool, saving money over staff and saving time. There are many roles throughout your company that can be outsourced to get the most cost effective and beneficial results. Some of these include marketing, website design and development, bookkeeping and certain aspects of customer support.

But one of the biggest advantages of outsourcing that has many SME’s throughout the UK excited is that you only pay for what you need, when you need it. If you need an IT expert to install a new computer system for your business, outsourcing one will enable you to save money by paying for the installation only and not for an IT employee who is on your payroll, sitting around waiting for something to do.

 

IN-HOUSE STAFF

Having in-house staff gives you access to labour right away, but that labour will end up costing your business a lot more money over outsourced labour. In-house staff means additional salaries and training, as well as specialised equipment which can be very expensive. Outsourced labour can offer a better quality of work at a considerable cost savings because you are only accessing their specialised talents or skills when you need them.

  

WHICH IS BETTER – OUTSOURCING OR STAFF?

So, which is better for your business, outsourcing or staff? Outsourcing truly does offer the best value for the money and it can save your business both time and money over the cost of recruiting, hiring and training a new employee. With outsourcing, you don’t have to pay an annual salary, there is no additional equipment to purchase and you are getting a trained, experienced service provider who is standing by to serve your needs, whenever you need them.

Outsourcing many of your specialised tasks can lead to building relationships that can provide you with the ‘staff’ you need, when you need them and, when used often enough, that staff will understand your business as well as your in-house staff does.

If you enjoyed this article, please feel free to share it on your favorite social media sites.

 

Often Small Business owners are faced the difficult decision of hiring staff or outsourcing the work they need done. While both have their advantages and disadvantages, its not easy to decide which is the best option.  Outsourcing offers small business owners a wide range of benefits including the fact that you can access a much larger talent pool that can be used only when needed, making it a much more cost effective option.  Let’s take a closer look at the benefits of outsourcing v. staff to help you decide which is best for your business.

OUTSOURCING

The main benefits of outsourcing boil down to three factors: gaining access to a larger talent pool, saving money over staff and saving time. There are many roles throughout your company that can be outsourced to get the most cost effective and beneficial results. Some of these include marketing, website design and development, bookkeeping and certain aspects of customer support.

But one of the biggest advantages of outsourcing that has many SME’s throughout the UK excited is that you only pay for what you need, when you need it. If you need an IT expert to install a new computer system for your business, outsourcing one will enable you to save money by paying for the installation only and not for an IT employee who is on your payroll, sitting around waiting for something to do.

 

IN-HOUSE STAFF

Having in-house staff gives you access to labour right away, but that labour will end up costing your business a lot more money over outsourced labour. In-house staff means additional salaries and training, as well as specialised equipment which can be very expensive. Outsourced labour can offer a better quality of work at a considerable cost savings because you are only accessing their specialised talents or skills when you need them.

 

WHICH IS BETTER – OUTSOURCING OR STAFF?

So, which is better for your business, outsourcing or staff? Outsourcing truly does offer the best value for the money and it can save your business both time and money over the cost of recruiting, hiring and training a new employee. With outsourcing, you don’t have to pay an annual salary, there is no additional equipment to purchase and you are getting a trained, experienced service provider who is standing by to serve your needs, whenever you need them.

Outsourcing many of your specialised tasks can lead to building relationships that can provide you with the ‘staff’ you need, when you need them and, when used often enough, that staff will understand your business as well as your in-house staff does.

If you enjoyed this article, please feel free to share it on your favorite social media sites.

Time Management Tips for Small Businesses

Time Management Tips for Small Businesses

TIME MANAGEMENT TIPS FOR SMALL BUSINESSES

TIME MANAGEMENT TIPS FOR SMALL BUSINESSES

As a small business owner, it might seem like you’re working 30 hour days every day of the week without rest.  With more and more to do and less time to do it, becoming burned out is a common concern for many business owners who are working hard to grow their businesses and succeed. While working less is not an option for today’s small business owner, working more efficiently is. Using proper time management techniques, small business owners can make the most of their workday and become more productive in the process.  If you’re looking for ways to manage your time more effectively, keep reading as we are going to share with you some of our favourite time management tips that can help you become more productive today. Here are our favourite time management tips for small business owners. Hopefully they’ll help you and your business thrive through even the most hectic of working days.

STOP IMPROVISING

 Not having a clearly defined set of goals can reduce productivity and leave you always feeling behind on your work. Create a schedule that includes daily tasks and goals and stick to it. You will find that you will get more done in less time and maybe even have some time left over for a much needed break.

 

AVOID MULTI-TASKING

 Multi-tasking might seem like a good concept, and in theory it is.  But when it comes down to it, trying to do too much all at once means that your productivity and performance will eventually suffer. Focus on one task at a time and you will get a lot more done.

 

DELEGATE

 Yes, you are the boss and the owner of your small business, but you have employees for a reason. Delegate tasks to employees who are experienced enough to complete those tasks and leave yourself time to work on other projects that require your attention.  If you don’t have employees, consider outsourcing instead.

 

ELIMINATE TIME WASTERS

 Identify any tasks that you do throughout the day that waste time or that are inefficient. These can include social media, emails and more and you should look for ways to limit the time spent on these activities.

 

AUTOMATE

 Using technology to simplify business operations and automate daily tasks is an effective way to save time and money. Online paperless bookkeeping and automation software for sales, marketing and email are affordable solutions to automating your small business and saving you time.

 To learn more about online paperless bookkeeping and other ways to save time as a small business owner, contact 30 Hour Days today!

 If you enjoyed this article, please feel free to share it on your favorite social media sites.

STOP IMPROVISING

 Not having a clearly defined set of goals can reduce productivity and leave you always feeling behind on your work. Create a schedule that includes daily tasks and goals and stick to it. You will find that you will get more done in less time and maybe even have some time left over for a much needed break.

 

AVOID MULTI-TASKING

Multi-tasking might seem like a good concept, and in theory it is.  But when it comes down to it, trying to do too much all at once means that your productivity and performance will eventually suffer. Focus on one task at a time and you will get a lot more done. 

 

DELEGATE

Yes, you are the boss and the owner of your small business, but you have employees for a reason. Delegate tasks to employees who are experienced enough to complete those tasks and leave yourself time to work on other projects that require your attention.  If you don’t have employees, consider outsourcing instead. 

 

ELIMINATE TIME WASTERS

Identify any tasks that you do throughout the day that waste time or that are inefficient. These can include social media, emails and more and you should look for ways to limit the time spent on these activities. 

 

AUTOMATE

Using technology to simplify business operations and automate daily tasks is an effective way to save time and money. Online paperless bookkeeping and automation software for sales, marketing and email are affordable solutions to automating your small business and saving you time.

To learn more about online paperless bookkeeping and other ways to save time as a small business owner, contact 30 Hour Days today! 

If you enjoyed this article, please feel free to share it on your favorite social media sites.

 

Managing your expenses with Receipt Bank

Managing your expenses with Receipt Bank

MANAGING YOUR EXPENSES WITH RECEIPT BANK

MANAGING YOUR EXPENSES WITH RECEIPT BANK

Managing expenses is never easy and as your business grows, the hassle of managing this process grows with it.  Invoices and receipts end up all over the place and the task of tracking everything down can be a nightmare.  Once you’ve found all those pesky bits of paper, then starts the arduous task of inputting them manually into whatever system you use, or you stuff them into that shoebox to take to your Accountant at your quarter or year end.  It’s all far from ideal and you run the risk of losing out by not capturing everything. Well you’ll be pleased to know that it doesn’t have to be that way.  Using Receipt Bank means you can just snap a picture of your invoice or receipt and once you hit the submit button, you can get rid of your paper copy and leave this amazing app to do all the work for you.

WHAT DOES IT DO?

Receipt Bank captures a digital image of your receipt or invoice.  It then digitally scans it and extracts the key information and allows you to publish it to your cloud accounting software or download to a CSV.  You can share Receipt Bank with your accountant or bookkeeper for easier collaboration.  You can even add your team, setting your preferred access level for each member.

 

HOW DOES IT WORK?

The most popular way to use Receipt Bank is via the mobile app.  You simply take a picture of your receipt or invoice, add a brief description if required and then click submit.  Receipt Bank then extracts all the data and stores a copy of the digital image should you need to download it later.

You can also email invoices directly into Receipt Bank by using your personal Receipt Bank email, or upload directly into the software using the desktop version.

 

WHY DO WE LOVE IT?

Receipt Bank is great whether you take care of your own bookkeeping or work with a bookkeeper or accountant.  As it helps keep track of required paperwork, automates to save time and is pretty much paperless.  It integrates seemlessly with cloud accounting software and has 256-bit SSL security.

 

WHO IS IT FOR?

Receipt Bank is for small businesses, sole traders / self employed and freelancers.  If you want to keep on top of your expenses and save time, Receipt Bank delivers on both and much more.

It work whether you use cloud accounting software or not and is a great start if you are considering moving to the cloud in the future, especially with Making Tax Digital coming in early 2019.

 

If you’re interested in Receipt Bank and would like more information, please get in touch by either phone or email, we’d be more than happy to answer your questions.  You can also book a demonstration and we’ll show you just how receipt bank can help you.

If you enjoyed this article, please feel free to share it on your favorite social media sites.

As a Receipt Bank Partner we offer reduced rate subscriptions and periodically have special offers for you to take advantage of.  If you’d like to find out more take a look at our subscriptions and current offers here.

 

WHAT DOES IT DO?

Receipt Bank captures a digital image of your receipt or invoice.  It then digitally scans it and extracts the key information and allows you to publish it to your cloud accounting software or download to a CSV.  You can share Receipt Bank with your accountant or bookkeeper for easier collaboration.  You can even add your team, setting your preferred access level for each member.

 

HOW DOES IT WORK?

The most popular way to use Receipt Bank is via the mobile app.  You simply take a picture of your receipt or invoice, add a brief description if required and then click submit.  Receipt Bank then extracts all the data and stores a copy of the digital image should you need to download it later.

You can also email invoices directly into Receipt Bank by using your personal Receipt Bank email, or upload directly into the software using the desktop version.

 

WHY DO WE LOVE IT?

Receipt Bank is great whether you take care of your own bookkeeping or work with a bookkeeper or accountant.  As it helps keep track of required paperwork, automates to save time and is pretty much paperless.  It integrates seemlessly with cloud accounting software and has 256-bit SSL security.

 

WHO IS IT FOR?

Receipt Bank is for small businesses, sole traders / self employed and freelancers.  If you want to keep on top of your expenses and save time, Receipt Bank delivers on both and much more.

It work whether you use cloud accounting software or not and is a great start if you are considering moving to the cloud in the future, especially with Making Tax Digital coming in early 2019.

 

If you’re interested in Receipt Bank and would like more information, please get in touch by either phone or email, we’d be more than happy to answer your questions.  You can also book a demonstration and we’ll show you just how receipt bank can help you.

If you enjoyed this article, please feel free to share it on your favorite social media sites.

As a Receipt Bank Partner we offer reduced rate subscriptions and periodically have special offers for you to take advantage of.  If you’d like to find out more take a look at our subscriptions and current offers here.

 

Why you should use cloud accounting

Why you should use cloud accounting

WHY YOU SHOULD USE CLOUD ACCOUNTING

WHY YOU SHOULD USE CLOUD ACCOUNTING

So, why should you use Cloud Accounting?  Well, small business owners have a lot to take care of and are generally the sales, marketing, admin and accounts departments all rolled into one.  You probably started your own business because you wanted to persue your passion, be your own boss, work your own hours, call the shots and of course make lots of money.  Money makes the world go around as the saying goes, and it is most definitely at the heart of businesses, large or small.  Cash is king is another well known saying.  More to the point cashflow is king to a small business.  Without cash flowing through your company, you can’t survive let alone grow.   So if you were asked at this moment in time, exactly where your company stood with regards to it’s finances, would you be able to say yes, I absolutely do?

KEEPING YOUR BOOKS

How you keep your books is key to having the full picture on all matters financial and knowing exactly where your business stands.  The question is, which one are you using?

 

EXCEL

Excel can help you keep track of your finances if your business isn’t too complicated, however you could end up putting in more time and effort than it’s worth.  That is of course, unless your an Excel Whizz who can set everything up with templates and formula’s.  You have to be aware that you are also open to entry errors and that the only form of “automation” comes from your formula’s and macros.

You also have sharing issues with the workbooks you are using and unless they are stored in something like Dropbox or Google Drive, you end up having to email a version, which once it has left you, isn’t up to date anymore.

 

DESKTOP SOFTWARE

Using desktop software is still widely used and companies like the fact that you don’t have any ongoing fees, the data is stored on your own PC or server and it doesn’t require any internet access.

However, you will need to install the software on a dedicated laptop or PC and ensure you install any updates.  You also need to ensure you back up your data and run the risk of losing everything, should you lose your PC or laptop, which is why it’s a good idea to keep more than one copy of your backup or keep it in something such as Dropbox.

Finally, data sharing is difficult as you are working with one PC and one set of data, meaning your not working in real time.

 

CLOUD ACCOUNTING

Cloud accounting software provides similar functionality as destop versions but with a few major differences.  

 Firstly, cloud software is held on secure remote secure servers which are accessed via the internet, and certainly with companies such as Xero and QuickBooks, has world class security.  It also means you no longer have to worry about backups or upgrades as you are always on the latest version.

You can have multi-user access with everyone looking at the same data, making it easy to collaborate with you team, Accountant or Bookkeeper.   It’s also possible to control the access of each user so they only see what you want them to.  There’s no waiting to get into the office to look at your books, if you have access to the internet you can access your data, in real time.

If you take into account that you can invoice in seconds and send electronically to your customer, add payment methods for online payments and bolt on hundreds of apps to create a system which fits your business perfectly, you’ll wonder why you haven’t moved to the cloud sooner.

 

Whether your looking to outsource your bookkeeping, or make use of the best cloud software available, we can help with bespoke bookkeeping packages where you choose what you pay, or with reduced rate software subscriptions for your accounts, expense management or credit control. 

 

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KEEPING YOUR BOOKS

How you keep your books is key to having the full picture on all matters financial and knowing exactly where your business stands.  The question is, which one are you using?

 

EXCEL

Excel can help you keep track of your finances if your business isn’t too complicated, however you could end up putting in more time and effort than it’s worth.  That is of course, unless your an Excel Whizz who can set everything up with templates and formula’s.  You have to be aware that you are also open to entry errors and that the only form of “automation” comes from your formula’s and macros.

You also have sharing issues with the workbooks you are using and unless they are stored in something like Dropbox or Google Drive, you end up having to email a version, which once it has left you, isn’t up to date anymore.

 

DESKTOP SOFTWARE

Using desktop software is still widely used and companies like the fact that you don’t have any ongoing fees, the data is stored on your own PC or server and it doesn’t require any internet access.

However, you will need to install the software on a dedicated laptop or PC and ensure you install any updates.  You also need to ensure you back up your data and run the risk of losing everything, should you lose your PC or laptop, which is why it’s a good idea to keep more than one copy of your backup or keep it in something such as Dropbox.

Finally, data sharing is difficult as you are working with one PC and one set of data, meaning your not working in real time.

 

CLOUD ACCOUNTING

Cloud accounting software provides similar functionality as destop versions but with a few major differences.  

Firstly, cloud software is held on secure remote secure servers which are accessed via the internet, and certainly with companies such as Xero and QuickBooks, has world class security.  It also means you no longer have to worry about backups or upgrades as you are always on the latest version.

You can have multi-user access with everyone looking at the same data, making it easy to collaborate with you team, Accountant or Bookkeeper.   It’s also possible to control the access of each user so they only see what you want them to.  There’s no waiting to get into the office to look at your books, if you have access to the internet you can access your data, in real time.

If you take into account that you can invoice in seconds and send electronically to your customer, add payment methods for online payments and bolt on hundreds of apps to create a system which fits your business perfectly, you’ll wonder why you haven’t moved to the cloud sooner.

 

Whether your looking to outsource your bookkeeping, or make use of the best cloud software available, we can help with bespoke bookkeeping packages where you choose what you pay, or with reduced rate software subscriptions for your accounts, expense management or credit control. 

 

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