Is your accounting system working with you or against you?

Jan 3, 2012 by

I’ve worked with several accounting systems over the years and have found that many of them consider the needs of the accountant above those of the business owner.  This is all well and good but shouldn’t you as the business owner have an accurate and up to date picture of what is happening in your business?  Shouldn’t you be empowered with the current picture rather than a report that relates to what happened last month?

Ask yourself the following questions:

  • Can I see the current financial position of my business at this moment in time
  • Do I know who I owe money to
  • Do I know who owes me money
  • Can I run reports myself such as debtors, profit and loss or balance sheet
  • Does my bank statement, credit card statement or paypal feed into the accounting system automatically
  • Is my reconciliation process simple and easy to use
  • Do my accounts integrate with my crm
  • Can my system run a VAT report
  • Can I access my information from anywhere with an internet connection
  • Can I access my information even on my phone
  • Can I invoice remotely or set up repeating invoices
  • Can I access the information myself when I want or do I have to wait for someone else to send it to me

These are just a fraction of the questions you should ask yourself when considering your accounts package.  You may be wondering why you as a business owner should worry about this and just leave it to your accountant but at the end of the day how can you run your business with out of date or incomplete information.

I have worked with clients who didn’t have access to this type of information and it meant that they were working blind.  Cashflow is at the heart of any business.  Timely invoicing and chasing overdue debtors all help in staying in control of your cashflow and it is essential that your accounting system allows you this control.

I have also worked with small businesses who try and work from spreadsheets, the system seems to work for them but the benefits of a proper accounting system makes more than makes up for the cost of a specialist accounting system.

Here at HLS Business Solutions we help several clients with their bookkeeping requirements by using Xero.  It’s an online system that answers yes to all the questions above.  We work with you and your accountant to ensure that the information you need is there when you need it.

So as we head into a new year why not review your current accounting process, give us a call on 01904 890212 and we can chat over how we can help you move your bookkeeping forward.

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