Many small business owners are still getting used to operating in the cloud, but the uptake of technology and adoption of cloud-based software is helping to do the heavy lifting of time consuming administration tasks.
In the next 12 months, more users embracing these technologies will start to benefit from the productivity and profitability gains which the platforms and community add ons provide.
As data and analysis comes to the forefront of better business decisions and strategies, technology can provide insights and help businesses become resilient to upheaval.
Get a real-time overview of your business
Devoting time on a weekly or daily basis to reconcile your accounts may seem cumbersome, but dedicating this time will only take you a few minutes each day and save you time in the long run with the right bookkeeping and accounting software. Now you can easily conduct real time check-ups on your business and get immediate information on what’s going well and where you can be improving.
Instead of rifling through paperwork, cloud-based software allows you to instantaneously see if you have had a sudden rise in spending, or if there are patterns emerging in who and when is paying late. These regular assessments and easy to digest data, is good for any small business attempting to stay ahead of the game and help to anticipate any issues which could cause cash flow problems.
A bookkeeping software like Receipt Bank, integrated with an accounting program, automates your data capturing capabilities. The information can easily be processed into reports or viewed on a single dashboard. Combined with the expertise and specialisation of a small business savvy accountant, your business can perform at it’s best with little to no hard work from you.
The plethora of platforms and technology help create a simpler flow of advice between small business owners and accountants. Using the right accountant, take advantage of their knowledge and the services they offer to make decisions about your business growth.
Using what you’ve learnt
The new financial year is the best time to reflect on the past year and work out what you want to do differently. With all the information you need in one spot, up-to-date records and the right accountant, you can sit down and review your finances. Then you can discuss what changes you can make in the next six to 12 months to improve, set new goals and ensure that you’re on track for success.
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