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Accounting burnout is common amongst small to medium-sized business owners, yet turning your back to your books can harm your business.
But, what if you could actually do your bookkeeping effortlessly and in just one click see your spending data?
There are a number of platforms that can help make this a reality, yet the majority of small businesses are reluctant to adopt bookkeeping technology. As a result, Australian owners are falling behind the pack when it comes to keeping detailed business records.
In fact, only 45 percent of small business owners use accounting software for their business and 72 percent of small business owners do not use any form of administrative assistance, opting to handle all paperwork including receipts and invoices by themselves.
Chaotic paper-based systems can impact various aspects of a small business including time efficiency and higher admin costs.
Research released in May by Xero shows that half of Australian businesses are plagued by the inability to capture their bookkeeping data to understand their accounts.
Commenting on the research Trent Innes, Managing Director of Xero Australia, said, “The data shows us there are still many Australian small business owners who aren’t using technology to find day to day efficiencies within their business and cut down on time consuming manual processes.”
“Aside from making it incredibly difficult to keep track of business expenses and cash flow, paper-based receipt/invoice systems become very costly and time consuming.”
To save valuable time and protect your business from losing vital information through a computer failure or lost papers, it’s now the time to consider taking advantage of online accounting software which backs up to the cloud and offers secure file sharing.
Managing your expenses doesn’t have to cause a headache and you don’t have to be a slave to manual data entry. Receipt Bank offers this solution for small to medium-sized businesses looking to transform their bookkeeping productivity and quickly extract the information needed to make smart, informed financial decisions.
The system then integrates seamlessly with Xero’s cloud-based accounting software so you can have a real-time view of your accounts.
Being able to access your financial data anytime and anywhere means that the next time you’re considering a big purchase, all the information you need is one click away. You can track your company expenses and plan how to do business better, based on the most accurate data possible.
This content was brought to you by Receipt Bank. World leading software that automates your bookkeeping. To discover more or sign up for a free trial of the product please click here.