Reducing the amount of paper your business uses printing invoices, statements and other documentation will not only save you time and money, it will reduce your carbon footprint on the earth. This is a win-win situation. Switch to emailing your customer statements and invoices and back up your data to a cloud. Cloud accounting software is great as a paperless solution. It will also eliminate the need for files and filing cabinets which saves you both time, no need for onerous filing, as well as space that could be more efficiently utilized. Going green is not only Eco-friendly but wallet-friendly.
04 – Accurate and Up-to-date record keeping
In line with going green, record keeping no longer means piles of receipts and invoices stored in a shoe box or drawer. Where possible have suppliers email invoices, receipts and statements. Document imaging is also a great way to keep on top of your records. Most modern accounting packages have this feature built in. Online banking also allows you to download statements in different formats which can be uploaded into most accounting software saving time by reducing the need to input data manually. Some cloud accounting systems take this one step further by fully integrating with the banking systems. They auto import your bank transactions and can also auto allocate transactions which is a huge time saver.
03 – Embrace technology
Technology and cloud technology in particular gives you access to up-to-date information at any time off any device. This allows you to constantly assess your company’s financial position and will put you in the position to make proactive as opposed to reactive financial decisions which can benefit your business immensely. Storing all your data in a cloud reduces the need for servers and backups that can be costly. Accounting software is also a great time saver and will assist in accurate accounts management.
02 – Stay in the know
Be on top of your accounts, know when tax submissions are due to avoid unnecessary and costly penalties. Ensure suppliers are paid on time and no interest is charged on any credit accounts. Monitor your debtors book and follow up with customers who have outstanding invoices for payment.
01 – Finding the right professional
Most businesses, regardless of size, will employ an accountant or bookkeeper at some point, especially when tax and filing deadlines are looming. While this approach may seem less expensive, there is a better alternative that may end up saving you time, money and – most importantly – stress. Real time accounting leverages technology to provide a constant accounting service. It’s like having an internal accounting department (without the need to leave your office to visit ‘that guy’ on the High Street) constantly ensuring that you avoid the many pitfalls that exist within the law, while identifying opportunities that you may be able to capitalize on. And thanks to the ‘cloud’ that everyone seems to be raving about these days, it can actually cost less than a traditional accounting service. Why not have a free, 30-minute chat with a Phoenix Cloud Accounting consultant to discuss your options. Gain the fact – you have nothing to lose.