Tuesday, November 30, 2021

Master your accounting: Save more time for your business.

 

Stay in control of your finances

Small business accounting should be simple.

Master your accounting


Communication with your bank

You need to know exactly what is behind each number in your annual accounts. You don't need to take an advanced accounting Bookkeeping course, but rather
just know what basic accounting terms and processes mean, such as the following three counts  :

  • The balance sheet is a snapshot of your financial situation on a given date.
  • The income statement shows the evolution of a company over a certain period.
  • The statement of cash flows illustrates the impact of changes in the balance sheet and earnings on cash.

With the right small business accounting solution, you can do it all in the blink of an eye. The right tools will save you time. So you can focus on growing your business.

Better decisions with up-to-date data

Companies with up-to-date accounts make smart, informed decisions based on current data. So you need to make sure you dedicate enough time each week to keep your books up to date.

With the right tools, it will only take a few minutes a day and your business will benefit.

With up-to-date accounting, you always have an overview of the current state of your business and know faster if you and your employees can be paid for the current month.

Save time and use it efficiently

Time is one of our most important resources, which you certainly know very well as an entrepreneur. Effective planning is one of the most important skills in business management. It is essential to set priorities for the most important tasks.

If you are a service provider, you need to keep track of the time your employees spend on each customer and make sure that time is factored into monthly billing amounts. This will help you avoid spending too much time with unprofitable clients and avoid unnecessary costs.

Reduce unnecessary costs

Knowing how much time you spend on activities that cannot be attributed to any customer account has a big impact on your cash flow.

Understanding these costs properly - for example, realizing that an outside consultant costs more per hour than an employee - and the resulting actions allow you to take decisive action and reduce your costs.

This also applies to all other business expenses. Whether you are looking for a cheaper electricity supplier or decide to print a business brochure on cheaper paper, you should always keep an eye on the costs and make purchasing decisions with it. appropriate internal approval processes.

No more stress with annual accounts

At the end of the year, you have to present your business accounts and pay taxes on your profits. You can plan for paying taxes, but if you are ill-prepared, the workload of preparing annual accounts can be considerable.

It is easier to organize all invoices, receipts, transfers, and other accounting documents at the end of each month in chronological order. You will then have all the documents necessary for drawing up and submitting your annual accounts at hand.

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