Combined, these two systems provide the following benefits:
- Incredibly easy to use (Note: ask your accountant to help you set up Xero on day one if you chose it, as it will save you lots of time later)
- Fully integrated, so, Xero pushes into Float all my invoices and bill payments so that I can see from a cash perspective what has been collected, what I have paid and what is expected/due
- Costs circa £50 pm and saves me probably in excess of 250 man hours pa compared to the manual spreadsheet system we used previously
- SaaS based and therefore always on across all my devices
- Simple, easy to understand reporting (I have both open on my laptop all the time, every day)
Cash-flow management is fundamental to sustained business survival and growth, therefore start with focusing on the key financial drivers of your business (and their weekly/monthly/annual cycles). Then, you should invest a little time and money in SaaS based systems (aimed at SMEs) that make it easy for you to keep a firm handle on the numbers and prevent yourself becoming one of the estimated 200,000 businesses that sadly go bust within three years of starting up.
Mike Lander, Director and co-founder of www.ensoul.co.uk , business consultant and writer