Let’s Talk About Accounting Systems
Ask any small business owner what they need more of and the answer is always TIME! Running a small business is time consuming and there is often never enough of it. The second response is probably around cash flow. Small businesses need to operate on a lean budget and every dollar counts. So what if there was a way to save both time and money? It all comes down to having the right systems in place to ensure your business is running smoothly and efficiently. With a new financial year on the horizon now is the perfect time to take a step back and review your accounting systems.
Here are our points to consider when selecting your accounting system:
- Customer Relationship Management
Managing and nurturing sales leads and relationships can be time consuming, and if you miss an opportunity it can be costly. Having a CRM software tool can help you manage and automate many of your relationships which is key to sales and growth. Most of these tools are designed for small businesses but have the ability to scale as you grow.
- Invoices & Finances
Gone are the days of sending out manual invoices and then chasing them up with phone calls and letters. Cloud based accounting softwares will remember client details, allow you to directly email out the invoice and the system will automatically generate reminders for unpaid accounts. Many cloud based softwares even connect to certain CRM systems to allow for even more detailed reporting of the sales process.
- Payroll & Super
The ATO now requires more transparency and frequency when it comes to both payroll and super. While this takes a bit of focus to set up, in the long run it makes the process a lot easier and means that you are on top of your requirements. Using a cloud based accounting software is crucial to making these steps a click of a button to complete.
- Collecting Receipts
We all know that collecting receipts and ensuring that they are kept in a manageable way is difficult. We now get receipts in multiple forms such as online, email and printed making it even harder to keep track of. Even if you do have a folder or shoe box for your printed receipts, they can often fade over the years and become useless when it comes time for an audit. Using automation tools such as Receipt Bank or Hubdoc will help you collect your receipts on the cloud. They will even extract data from PayPal, Dropbox and your bank feeds. You can then have them automatically connect through to your cloud accounting software. Even more impressive is that you can also use this to capture employee expenses.
- Taking Payments
Allowing multiple payment methods gives clients multiple ways to pay you. This means that you often get your money faster and easier. When sending out invoices include a number of payment methods such as direct deposit, credit card (through Stripe or similar) or PayPal. Payment through these methods also helps with reconciliation as they appear in your bank statement and your accounting software can identify the match to the invoice.
We understand there are many accounting systems in the market and it’s about finding the right fit for you and your business. It is the right time to review and make the change and get ready for the new financial year.
At Sum and Substance we are passionate about helping small businesses run smoothly and efficiently and will work with you to choose the best systems. If you would like our support in setting up your accounting systems or training your team on the software please contact us. We can be reached at (03) 9424 9447 or email. You can directly book in a time to chat by clicking here.