By Mike Day
Owning a small business is exciting. You get to do what you love, day in, day out.
Most entrepreneurs start their own company so they can do something they’re passionate about, have control of their future, or be their own boss.
But it’s unlikely that they start a business because they’re excited about balancing the books. Accounting often sits at the boring or hard end of the scale for entrepreneurs, especially if they’re using older desktop software, which for many is difficult to use and has a history of being time consuming and confusing for anyone who isn’t an accountant.
Luckily, cloud accounting software has changed the game. Accounting is no longer a chore – in fact, many business owners actually find it fun!
Five ways cloud software makes accounting fun!
1. When statement lines from your bank account are fed into your accounting software automatically, you can see your cashflow in realtime. Your invoices are then matched to your statement lines, so you can easily and simply reconcile from anywhere, at anytime.
2. Being able to see bank balances, invoices, bills and expenses at a glance gives you a clear picture of your finances and an understanding of your business’s health.
3. View your accounts in the cloud so you can access them when you want, where you want, on any device.
4. You’re free to be mobile – not chained to your desktop. Cloud accounting means you can work on the same live financial data as your accountant or advisors at the same time. There’s no need to share a computer or exchange files.
5. Small business accounting software with free, ongoing updates means there’s no need for constant installations or maintenance.
At Xero, we’ve found that when business owners use software that’s intuitive and easy, they’re much more in tune with their financial situation. This means you can avoid problems and take action when it matters; not after the fact, when it’s too late.
Adding to that, accountants and financial advisors are able to give you much better insight and advice, spotting future opportunities for growth.
Software that makes doing business a pleasure can only be a good thing. Making money and seeing how your business is doing should be fun.