Starting a small business means wearing a lot of hats – one of those is bookkeeper. That’s less time spent doing what you love. And, having a bookkeeper still doesn’t give you a way to stay on top of the latest numbers. Bookkeeping software has a bigger role than most realize in making the process quick and fun, or tedious and time consuming.
Painless Bookkeeping Software is Real
Imagine not having the frustration of handling your finances or even second-guessing your decision to start a business. Imagine not being overwhelmed by the monotony and hidden responsibilities inherent in running a small business.
At The Robby Group, we hear the same complaints from business owners using traditional bookkeeping software – entering data and sorting it is a pain. The headaches involved in getting it prepared for their accountant don’t make things easier, either.
It’s the 21st century – every where you turn something is being added to the internet. The solution to these problems is online. See, the way accounting is done has shifted drastically. Online bookkeeping software connects to the internet to collect data automatically, and sort it for you.
Bookkeeping is painless, and fun, when your bookkeeper and accountant can see your accounts online – anytime, anywhere.
Business Success = Cash Flow
Why is bookkeeping key to cash flow? If your books are out of order, you don’t have an accurate picture of your financial position. Every owner of a small business should know, the ultimate key to success or failure in business is cash flow.
The trap of checking your bank balance and thinking there’s money available to pay bills is common. In reality, your bank account is an illusion. Your looming liabilities, such as taxes or bills, aren’t shown. That’s like a pilot flying in a thick fog. If your instruments can’t gauge for altitude, speed, or direction, you’re flying blind. Too many businesses fall into this trap, which leads to failure. We think it’s time for a change.
Avoid Surprises and Stay On Top of Cash flow
Reconciling frequently is ideal for staying on top of cash flow – ideally it would be done daily. Bank reconciliations only organize the payments that have gone through your bank account. Meaning you don’t know exactly what money has or hasn’t been paid or received. Knowing what’s coming allows for tactical decision-making as opposed to reactive decision-making – where things start to get messy.
Bank Reconciliation Made Fun
Every line of your bank statements should be automatically imported and matched with sales invoices or bills, shouldn’t it? Then you’d truly know where your business stands profit wise, and where you can make smarter decisions.
When that happens, all of a sudden bookkeeping isn’t as difficult. Even better, it’s so easy that loads of business owners say it’s fun and even addictive!
Run Your Business Smoother and Smarter in 5 Ways
- Start by using bookkeeping software that connects to your bank account and organizes transactions automatically.
- Reconcile often to see your real-time cash flow.
- Give a login to your bookkeeper and accountant so they can give immediate, professional advice.
- For quicker, easier payments use online invoicing.
- Connect your bookkeeping software and business systems so all your data is accurate and up-to-date.
Better Business Is In the Flow of Data
There’s a ton of data out there and it should come from other sources, not just your bank account. Depending on your business, it’s likely you’re running other financial systems like a POS system or project management software. When those systems integrate with your bookkeeping software, that data makes everything faster, easier and more accurate.
A good example of this – invoicing. Invoicing customers online is far quicker and easier. Customers just tap “Pay Now” and their payment is processed instantly with online invoicing. Just think, nothing gets lost in the mail and you know exactly when customers open an invoice.
The right software takes bookkeeping from tedious, confusing, and boring to simple, clear and fun. Even better, when bookkeeping is simple and fun, you’ll pay it more attention. And, more attention means a higher likelihood of success.
At The Robby Group we help small businesses and non-profits, focused on growth and sustainability, save time, money and hassle while making smarter decisions in real-time using tactical, cloud-based accounting and an honest, human touch. Contact us to learn more.
Chris Mitchell, MBA | Director of Client Insight
The Robby Group | www.therobbygroup.com | firstname.lastname@example.org