Accounting for your small business should not be complicated. With the right system in place, you can easily take charge and stay in control of your finances.
Using a powerful yet simple small business accounting software solution, you could drastically reduce the time you spend on financial admin—freeing you and your colleagues up to focus on your business.
You can save hours of time when it comes to your finance and banking processes. Automation helps you streamline your accounting to do list, for accurate, up-to-date figures. This frees up time for you and your team to focus on your business journey, with our software doing all the heavy lifting.
Automating payments and day-to-day banking process helps you better communicate with your bank. Creating and sending invoices becomes a simple, straightforward tasks completed in a few clicks, while automated bank reconciliations allow for fewer mistakes. Track payments, and access financial data on the go so you can make decisions faster, and have a reliable single source of truth ready at your fingertips.
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 accounting solution, 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.
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. This includes acute understanding of how to effectively prioritise the most important tasks.
In service industries, you need to rigorously track how much time your employees spend on each of your client accounts, ensuring that this is reflected in monthly invoices. Spending too much time on accounts that aren’t making any profit is a costly mistake. The best accounting software for small business will allow you to track your teams' time and manage staff resources more easily. Make sure you're keeping your colleagues happy and motivated, putting your focus squarely on the business areas and clients that are generating growth.
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 and taking action means you're in a better position to act, and drive costs down. For example, being aware that an external consultant costs more per hour than an employee.
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. Small business accounting software can help you make more cost-effective decisions based on real-time financial data and insightful reports, all easily accessed in just a few clicks.
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 taxing if you are poorly prepared.
To make your life easier, and help you stay compliant, small businesses in South Africa can use our accounting software. 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.