If you’re a small business you may question the need for a dedicated accounts package? After all it’s another outgoing to pay for one. However the return an accounts package can give to your business is much more than what you will fork out. In business, particularly if you’re operation is a sole trader or smaller business, time really is money. An accounts package will speed up the process of keeping your records up to date. Unlike a spreadsheet it will automatically complete the double entry for any transaction, saving you time and cutting down on mistakes that your accountant or bookkeeper will have to rectify later. An accounts package will speed up your invoicing process as well, protecting that all important cash flow and keeping your business in a good state of affairs. Raising an invoice using software is much less time consuming than doing it manually in a spreadsheet or Microsoft Word.
One mistake that some entrepreneurs and business owners make is viewing their accounts solely as something that just have to be done because revenue or the tax man say so. Where else can you get all of the critical information about how your business is performing? Using the in depth reports features in your accounts package will allow you to make better business decisions based on real information about your business. Therefore, it’s good practice to set time so you can regularly update your accounts. Get the insights that you need on your business and help yourself become more successful. Your accounts package will be able to give you in depth sales information so that you can optimize your revenues as well as reports on debtors or creditors days so that you can see where the money in your business is flowing to.
Here at Big Red Book we recommend that you as a small business owner use a dedicated accounts package. Not only will it make your life easier and allow you to spend more time on other aspects of the business, we believe it can help set you up for success.
