We get it. You didn’t set up a business to spend your days crunching numbers, dealing with tax returns or panicking about getting all your paperwork to your tax accountant on time. Well, real-time bookkeeping means you don’t have to. Today’s online accounting software, means your financial accounting could always be up-to-date. But it’s not just about submitting your tax returns on time or knowing in advance how much tax you owe. It’s also about providing you with valuable information about your business’s health. After all, if you only do your books annually, how do you know if your prices are set too low, if your profit margins need adjusting or if your stock levels are wrong?
Spend more time on clients, and less on financial accounting. No more manual data entry. Doesn’t that sound good? Real-time bookkeeping reduces the time you spend on tedious, time-consuming tasks which means you can spend more time on your clients and business growth.
You might think that you are doing well in a certain area, or that you are generating most of your profit from particular clients or products. But is this accurate?
Real-time bookkeeping will give you a day-to-day report of sales revenue by customer and sector along with margins and associated costs. It allows you to focus on those pieces of work which make the highest profits.
And the great thing about cloud-based systems is that you can do this analysis yourself or use accountancy services to take the headache away.
Scaling up your business can be hard to do, so it’s crucial you spend time analysing your business’s financial health. By keeping a real-time track of every single transaction, you will have an accurate picture of your profitability and an understanding of how and why this changes over time. This in turn will help you make well-informed decisions to improve your profits and manage your cashflow.
And if you’re looking for finance from a bank or investors, this real-time information will work in your favour.
Reduce the cost of your accountancy services
Yes, really! Real-time reports allow errors to be caught early, which reduces the workload of your tax accountant.
It doesn’t really matter what software you use, as long as you use something. The following are 3rd party options, which you have to pay for:
We also offer a free cloud-based product as part of our accountancy services package, so if you are looking for accountants in Aylesbury, please get in touch.
If you do one thing for your business, stop thinking about financial accounting as a necessary evil and start thinking about it as ‘business information’.
Still not sure where to start? Then give us a call. We are more than happy to help, so if you are looking for accountants in Aylesbury, please get in touch.
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We help ambitous small business owners grow their personal wealth and achieve their ideal work/life balance.
267 3184 85
Palmers Business Support was founded to help ambitous small business owners grow their personal wealth and achieve their ideal work/life balance. With accountancy as the central pillar of our offering, we take the view that timely accounts and efficient compliance is the bare minimum our cients should expect.