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Does the end of a tax year normally await you like a major dental procedure? Are you fed up with the black hole of lost receipts? Do you feel passionate about your industry, but all those numbers and onerous tasks like data capturing are killing your joy? Are you looking to save on bookkeeping expenses?
Fortunately, we are almost a quarter into the twenty-first century, and there are more effective ways to do almost anything – from coffee-making to accounting. If you are still using desktop-based accounting software, it may be time to consider cloud-based alternatives, like Xero Accounting, Sage Business Cloud Accounting, Quickbooks or Zoho Books.
Why? you may ask. Because of:
Hooray – no more manual capturing of receipts with cloud-based software!
Your daily bank statements and bank transactions feed straight into cloud-based accounting platforms. Imagine your life with significantly reduced administrative tasks…
Because your transactions automatically reconcile with your accounting software, you can stay updated on your books like never before.
With these modern software options, you are able to view your financials at any time and from any location. This is made especially easy with phone apps (like the Xero Mobile Accounting app) which enables a business owner to always be in the loop.
Moreover, your remote accountant can log in with their profile to work their magic – and you never need to send them any documents.
You can set relevant expenses to automatically be allocated to the proper categories, which entails more consistency and accuracy. This pre-allocation will also link the correct documents to the appropriate transactions.
You can set relevant expenses to automatically be allocated to the proper categories, which entails more consistency and accuracy. This pre-allocation will also link the correct documents to the appropriate transactions.
You can practically go paperless with these types of software, which digitally store your documents and attach them to the correct transactions. In other words, you will never again need to dig through chaotic boxes of archives to find anything. It is also a more secure way of filing, as you cannot lose documents in the cloud.
And not to worry – SARS accepts digital documentation.
In the end, business is about making more money.
With a better view of your numbers, you can make well-informed business decisions on the go – e.g. cutting certain expenses. A financial adviser will also be much better positioned to give you direction.
Furthermore, the reduced labour costs and bookkeeping fees that automation ensures will save you a significant amount of money. Spending time and funds on correcting unnecessary mistakes, manual data capturing and searching for paper documents are a thing of the past.
In our experience, a shift from centralised, desktop-based accounting to cloud-based accounting is often an excellent idea for most SMEs. However, it does take some help to make the transition, and our team at Huysamen Westraad Inc. will be happy to assist you with this task.
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