Use the right accounting software and set your business up for success
Mention accounts and bookkeeping and most small business owners will cringe. Keeping an accurate account of your business finances is a crucial part of business success – but it’s also seen as the most tedious – especially when we often ‘make do’ with Excel spreadsheets and guesswork.
When we first start out it’s easy to get away with the bare minimum, especially when you only have a couple of clients and few expenses. At some stage however, your business will improve, your client base will grow and so will your expenses – and manually inputting them into an Excel spreadsheet won’t be the most accurate or best solution to your accounting needs.
Accounting CAN be time consuming and tedious, especially for those of us who aren’t actually accountants and bookkeepers! This is where a good accounting and invoicing system comes into its own. It will save you time and effort, integrate seamlessly with your bank, PayPal and your CRM system – whilst also taking the guesswork out of your financial situation at any given time.
Here are three accounting programs I recommend.
When it comes to ease of use, Xero is my top recommendation – and yes, it is the software I use too! Xero helps you to set your business up for success – right from the start. It’s a combined accounting and invoicing system, meaning it saves you time and effort.
Xero streamlines your entire system, with the use of clever apps and simple to use templates. You can easily complete your VAT and Tax returns online, send invoices, run reports and reconcile your accounts from the Xero app – meaning you can literally run your business from anywhere.
Pricing for Xero starts at only £9 per month (plus VAT) and it also comes with a free 30 day trial. You can find out more by clicking here.
Kashflow allows you to create simple and beautiful invoices, quotes and estimates. It links seamlessly to your bank and PayPal accounts, making reconciling your accounts super easy.
Kashflow makes it easy to chase payments, set up automatic payments and bulk pay suppliers with one click. There’s also a payroll section and Kashflow integrates with all the top apps – including ProWorkFlo, Capsule and MailChimp.
Pricing for Kashflow starts at £5 per month (plus VAT) and also comes with a free 14 day trial. You can find out more by clicking here.
Wave offers you cloud-based free accounting, invoicing and payroll software and apps for your business. It’s purposely designed for businesses with 9 employees or less.
Wave makes it easy to customise invoices, accept credit cards, (although this carries a 1.9% + 20p fee per transaction), schedule recurring invoices and receive payments from anywhere.
You also get access to free personal accounting software too – so you can keep an eye on your personal AND business spending! You can find out more about Wave software and apps by clicking here.
No matter which option you select, the most important thing is that you pick an accounting program that you can understand – otherwise you’ll end up no better off than you were with your Excel spreadsheet! So take your time making your selection, make use of the free trials and remember – putting in the time now will ensure your business is set up ready for your future success!
What software packages do you use? Do you have a great recommendation for small business owners? Why not share your recommendations, by leaving a comment in the box below!
Images ©/Dollar Photo Club & Xero Accounting