A good accounting setup can transform what you do and create change that has a ripple effect across your entire business.
Nothing makes us happier than seeing the difference a good setup can make in the life of a small business owner.
Read on to find out how a good accounting setup can elevate your business.
Gain business clarity
Numbers tell a story about your business. They paint a bigger picture of what’s going on. They help you make the right decisions for your business and plan for the future.
But numbers mean nothing if you don’t understand them.
The numbers that sit behind your accounts tell a story about where your business currently stands, how it’s performing, and which areas you can focus on to achieve growth.
The right accounting setup can help you take control of this story by giving you an accurate, up-to-date view of how your business is performing.
Intuitive online accounting software like Xero, FreeAgent, or QuickBooks helps you get clarity on your business financials and stay connected to your business, wherever you are.
Make better decisions with accurate data
Accounting isn’t just about compliance with HMRC and Companies House (although it definitely does help with this.) It’s about giving you the financial knowledge to make the right decisions for your business.
When you know your numbers, you’ll know the full story of your business.
With bookkeeping software like Dext (formerly Receipt Bank), you can keep your bookkeeping and accounting up-to-date and make strategic decisions underpinned by accurate financial data– no more guesses, risks, or stabs in the dark. Dext submits your receipts, bills and invoices straight to your accounting software, so you always have a clear and accurate view of your business’s financials.
You probably didn’t start your business to sort through receipts and invoices and reconcile your accounting software, but this forms the basis for all of your decision making.
Keeping your accounts up-to-date with a trusted setup is what will help you make better decisions going forward– because you’ll be armed with financial insights you can use to help your business grow.
Plan for the future of your business
Looking at the numbers alone won’t help you build better businesses. It’s when you see your finances in the context of the bigger picture, of your goals, of what you want to achieve, that you can then use them as tools to create change. They become stepping stones for helping you plan for the future and shape where you want to be.
A good accounting setup can help you get an accurate picture of the future financial health of your business with handy cash flow tools.
Cash flow forecasting software like Float gives you a clear overview of the numbers, with precise, detailed and up-to-date cash flow forecasts. It pulls data from your accounting solution and visualises it in real-time, ensuring that your forecasts are always up-to-date, so you can make the right decisions for the future of your business.
You can see the impact of any situation, generating daily and monthly reports to model any ‘what if?’ situation, giving you confidence and peace of mind about the future of your business.
Achieve your goals
As a business owner, you probably have big goals for where you want to take the business. Whatever they are, it’s important to plan for them.
Cash flow tools help you plan for your goals and visualise the impact they’ll have on the future of your business.
So what are your goals? They might be to grow your business, hire a new member of staff, or maybe cut back your hours to spend more time with loved ones. Once you’ve established your goals, you can start to test out these different scenarios in Float and visualise the impact they’ll have on your cash position. That way, you can make more confident decisions that will benefit your business in the long run.
With a good cash flow tool in your accounting setup, you can get a holistic view of the health of your business, estimate the impact of future plans, and grow in line with your goals and ambitions.
Automate and streamline your day to day
A good accounting setup can help you maximise productivity, remove tedious tasks, and spend more time doing the things you love.
Accounting technology is rapidly improving and there are now over 800 apps that plug into Xero alone, including leading apps for your industry.
With everything running smoothly in the background, you can keep your focus where it should be, on growing a profitable business.
When accounting becomes more than just accounting
With a good accounting setup, you can get a bird’s-eye view of your entire business, keeping your finger on the pulse with accurate data that helps you visualise how your business is performing and make the right decisions that benefit your business in the long run.
You’ll gain clarity on how your business is performing and get the confidence and peace of mind that you’re on track to achieve your goals.
So, accounting really is about so much more than just compliance!
A good accounting setup is an essential tool that helps you streamline what you do, make the right decisions, plan for the future, and achieve your goals.
Ready to level up your accounting game?