search icon

Master your accounting. Find more time for your business.

Take charge of your finances

Accounting for small businesses shouldn't be complicated.

Communicate with your bank

When you look at your financial statements, you should know what’s behind every. figure. While you don’t need to take a course in advanced accounting, it’s useful to have a sound understanding of basic accounting practices and terminology, including the following three kinds of statement:

  • The balance sheet is a snapshot of your finances on a given day.
  • Income statements show a business’s progress over a set period of time.
  • A cash flow statement shows how changes in the balance sheet and income affect cash. 

With the right small business accounting software, your business accounts needn’t take hours of your time. With the right tools, accounting can be quick and simple—so that you can focus on your business journey.

Keep up-to-date records

Businesses with up-to-date accounting records are far better at making informed, educated decisions, based on current facts. It’s essential that you allocate some time every week to updating your books. With the right tools, you needn’t spend more than a few minutes a day, but it won’t be long before your business starts reaping the rewards.

Keeping your records up to date helps you create and maintain a solid and reliable idea of progress—making it easier to see if you can pay yourself and your employees this month. You need to record revenues, business costs, and allowable expenses as they happen. A few minutes a day can save you hours over the course of a year.

Track and manage your time

Time is one of your most important resources—you’ll know that better than anyone. One of the most important skills you need when running a business is time management, with an acute understanding of how to effectively prioritise the most important tasks.

Moreover, in service industries, you need to rigorously track how much time your employees spend on each of your client accounts, and ensure that it’s reflected in the amount you invoice them each month. Spending too much time on accounts that aren’t making any profit is a costly mistake.

Keep a close eye on unnecessary costs

Tracking how much time is spent on activities that can’t be attributed to any one account can make a big difference to your cash flow.

Understanding these costs properly—being aware, for example, that an external consultant costs more per hour than an employee—and taking action means you’re in a better position to act decisively and drive costs down.

And that applies to all your other business expenses too. Whether that’s finding cheaper utility providers, or choosing to print your company brochures using a less expensive finish, you should keep a close eye on costs and deploy appropriate internal purchasing approval processes.

Conquer year-end submissions

At the end of each year you will have to submit accounts for your business, and subsequently pay tax on your profits. While you will have time to budget for the tax bill itself, the operational impact of end-of-year accounting can be punishing if you are poorly prepared.

To make your life easier, file away all invoices, receipts, remittances, and any other accounting paperwork at the end of each month, in chronological order, so that it’s ready for easy retrieval and submission with your accounts.

Find the Sage business software that best fits your business

Each company has its own set of ambitions, goals, and markets, which is why you need a powerful, flexible accounting software.

Sage Business Cloud

Accounting

Adaptive online software accounting software, perfect for startups, micro and small businesses looking to manage their finances and control cash flow.

  • Simple and powerful solutions with an unlimited number of customers
  • Accept and receive payments with multi-currency functionality (add-on required)
  • Create, send and know when your clients receive their invoices.
  • Balance your books and control your business finances
  • Best invoicing software for small businesses
Go to Accounting
Sage Business Cloud

Accounting Start

Entry-level accounting software ideal for sold proprietors and micro businesses.

  • Create sales invoices
  • Track what you're owed
  • Connect to your bank
Go to Accounting Start

Get practical accounting advice

Visit our blog for articles and advice for starting and growing a profitable business.

Free webcast: Digital Transformation: Ushering in a Post-Pandemic Future for Food Manufacturers

Free webcast: Digital Transformation: Ushering in a Post-Pandemic Future for Food Manufacturers

Join us on February 18, 2021 for a live webcast “Digital Transformation: Ushering in a Post-Pandemic Future for Food Manufacturers”. Learn how leading organizations are adapting supply chains and rethinking manufacturing operations to prepare for the future and hear from one of them about their COVID-19 exit plan. The informative conversation will feature Henry Klassen, […]

Read More Read More
What service offerings do clients need in a post-COVID world?

What service offerings do clients need in a post-COVID world?

There’s little doubt that, as the coronavirus disruption of 2020 continues, many accountants have been walking alongside their clients for every step of the journey. Suddenly, accountants have found themselves superheroes of the economy because the help from governments and other bodies has been primarily financial in nature. They’ve both provided and explained the data […]

Read More Read More
How CFOs are using technology to improve business processes

How CFOs are using technology to improve business processes

As a CFO, you are in the prime position to oversee the technology needed to support the business and drive digital transformation. Here's how to do it.

Read More Read More
Free Whitepaper: The Tech Savvy CFO

Free Whitepaper: The Tech Savvy CFO

In an information-centric era, the pace of business is faster than ever. Disruptive cycles—driven by innovation and analytical insights—happen with greater frequency and amplitude—this puts the CFO squarely in the crosshairs. But the onslaught of technology that creates this chaos is also the key to success. Download your free guide and see the strategies that […]

Read More Read More
How to get better at selling your accounting services

How to get better at selling your accounting services

Selling doesn’t always come easily to accounting professionals, who may be more comfortable with the technical aspects of their work. But selling is a fact of life for any business, so it pays to explore techniques to make the process easier. If you have an effective sales strategy in place but your sales aren’t picking […]

Read More Read More

It's easy to keep your business running

Simple, yet powerful accounting software that gives you control over your finances and your business.

So leicht halten Sie Ihr Unternehmen auf Erfolgskurs