Reasons Why Accounting Software is Essential For Small Businesses

As a small business owner, it can often feel as though you’re swimming against a tide of larger and more renowned competitors. Read more: Reasons Why Accounting Software is Essential For Small Businesses

Reasons Why Accounting Software is Essential For Small Businesses

As a small business owner, it can often feel as though you’re swimming against a tide of larger and more renowned competitors.

While you’re juggling to manage your digital marketing, customer services and brand identity, other companies have entire teams dedicated to specific areas or have been around for so long that their levels of customer trust and brand awareness are doing the hard work for them.

Therefore any opportunity you have to get a step ahead and gain an edge on those within your immediate market is a chance worth taking. And having the right tools and software at your side can streamline the trickier parts of running a business, giving you more time to focus on other areas of focus. I’m talking of course about an accounting software tool.

If there’s one thing that all SMEs want (apart from a bigger revenue and customer base) is to have better control over their company accounts and be in a position where good account management benefits their enterprise. Chasing payments, understanding your cash flow situation, receipt handling and tax compliance are all irritating headaches that can quickly turn into a disruptive business migraine without the right intervention. So, with this in mind let’s explore some strong reasons why accounting software is considered to be essential for small businesses.

You Can Focus on the Bigger Picture

As mentioned above, when you’re so busy scrambling to make a tax deadline, or remembering to send out those time-consuming invoices, then other areas of your business are going to be neglected. With accounting software, all of the biggest accounting headaches are taken care of, with the click of a button. No more sifting through mountains of paper, no more sleepless nights over your taxes, just more time to focus on the bigger picture and developing your business.

Errors are Minimal

A lack of understanding, time constraints and frustrations can lead to errors with your accounts. While these may seem trivial, errors can lead to issues with compliance and problems with payments and cash flow. Accounting software minimises these risks and errors, everything is in one easy to find and manage place and as everything is synced with your banking software and can be shared with your accountants in real time, errors and oversights are a thing of the past.

Keep On Track With Your Invoices

Chasing payments is time consuming and soul-destroying. Therefore, having the software to automatically send and track invoices with fully customisable options, means protecting your revenue and your cash flow simultaneously. Getting paid on time means having the revenue to drive your business forward.

It’s A Security Upgrade

Many small businesses make the mistake of overlooking the security of their financial accounts. Perhaps you have all yours stuffed inside a cabinet, piled high on your desk or even saved in a folder on your laptop. Whatever your current position, switching to accountancy software is an immediate and crucial security upgrade. Keeping your accounts safe and secure in a cloud keeps your accounts and the important information they hold safe from hackers and malware as well as fire, flood and accidental damage.

Final Thoughts…

Moving to a cloud-based accounting software option is a serious upgrade for your small business. Make the change, today.

 

 

Read more:
Reasons Why Accounting Software is Essential For Small Businesses

Source : Business Matters More   

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Why mentoring does more for your business than you think

The internet is awash with help and advice for business owners. With all this information at your fingertips, is it worth having a dedicated mentor? The short answer is yes, without a doubt. Read more: Why mentoring does more for your business than you think

Why mentoring does more for your business than you think

The internet is awash with help and advice for business owners. With all this information at your fingertips, is it worth having a dedicated mentor? The short answer is yes, without a doubt.

For me, the ultimate Apprentice prize was the opportunity to receive the 1-2-1 guidance and mentorship from Lord Sugar and his wealth of experience that came with it. Working in the same office as him for the first years of my company taught me so many invaluable lessons that couldn’t simply be gleaned from reading a book.

In the business world, the power of a good mentor is a known fact, and the statistics back this up. CNBC reported that 91% of workers with a mentor are satisfied in their jobs, while SCORE found that 30% of entrepreneurs reported increased growth in their business after just one interaction with a mentor, rising to 43% with five or more interactions.

With the likes of Bill Gates receiving mentorship from Warren Buffet, or Mark Zuckerberg from Steve Jobs, it’s clear to see a direct link between solid mentoring and high performance in the corporate world.

Business growth

When you consider the average lifespan of a new startup is just 20 months, according to Saleforce statistics, having a good mentor can be the difference between your business making it or not.

Inc.com reported that 70% of mentored small businesses survived more than 5 years, which is staggering when you consider that it’s almost double the rate compared with non-mentored businesses over the same time period. A good mentor can anticipate the common downfalls of new businesses and offer precious guidance on how best to navigate them, so it’s unsurprising that 88% of businesses owners have said that having a mentor was invaluable to them.

Mentors that have successfully scaled their own businesses can help you drive growth in a similar way, as they can readily identify any adjustments that need to be made to ensure a positive impact on the bottom line, without affecting your product or service delivery.

Experience and networking

Experience truly is the greatest teacher and working with a seasoned mentor gives you the opportunity to learn lessons not just through what they say, but how they act in business.

It’s difficult to not be inspired by the achievements of a good coach or mentor, and this can be a strong motivator for achieving your own goals in business.

A mentor can also help with opening doors that might otherwise be shut to you. Their time in business will usually come with a much greater circle of influence and a long list of contacts that a mentee will benefit from. They may not have all the answers, but will most likely be able to connect you with relevant and mutually beneficial contacts, service providers and investors, that will assist in expanding your own circle of influence.

Challenge your perceptions

Let’s face it, your business is your baby. It’s easy to become attached to a particular strategy or way of doing things, and risk stagnation due to tunnel vision. A mentor is like a drone, they can hover above your business without being entrenched in it, offering clarity and insight in places you might otherwise overlook.

Having that objective perspective allows mentors to more readily recognise problems and opportunities, whilst also identifying weaknesses. On the flip side, it also keeps you accountable, as they can challenge you on why you’re spending your time in a particular way or on areas of the business that are struggling because of a certain line of approach you’ve decided to take.

A sounding board

Running your own business, especially during these recent unprecedented times can be a lonely and isolating experience. It’s no secret that business is tough, but having a mentor with similar experiences is invaluable in reassuring and navigating you through the tougher periods

Most importantly, they can act as a sounding board that won’t just tell you what you want to hear, but will actually provide you with useful, experience-tested feedback. They also force you to articulate problems and ideas in a clear and concise way, stopping you from getting bogged down in the irrelevant detail during times of elevated stress.

Business EQ

We don’t often link business with emotion, but having a high emotional intelligence is directly correlated with high performance. Being aware of your own strengths and weaknesses, developing productive working relationships, and how you act under pressure are all key skills in business.

A good mentor can give you direct feedback on how you come across through your words and actions. This guidance is invaluable in enabling you to effectively coach your leadership team and in collaborating and delivering constructive feedback to your employees on an individual or group basis.

Conclusion

Put simply, having a solid mentorship is a no-brainer. No one is expected to know it all when it comes to business but having the right guidance and support from an experienced mentor doesn’t just help you on your business journey, it helps you to put your business first so it can flourish and grow.

Read more:
Why mentoring does more for your business than you think

Source : Business Matters More   

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