Running a company successful is naturally a complicated process since there are often numerous finite details that need considering to measure just how well the business is doing, and what to change to improve things. One such way of measuring this is through understanding key performance indicators (KPI), metrics that reveal how healthy a business is from a financial standpoint. Unfortunately, KPIs are often tricky to interpret without an accountant, but SMBs and startups simply cannot afford to waste time on waiting for a proper explanation.
Thankfully, by opting for an online accounting solution, business owners don’t have to worry about incomprehensible KPIs since these services provide fully understandable business metrics to help users make better decisions and therefore tweak the business’s processes to become even more effective. Read More…
Getting paid for a job well done after putting in all that hard work is one of the most rewarding moments of running a business – so long as you are actually paid. Because if customers don’t compensate you for that hard work, then the collective debt that is owed starts to pile up in the accounts receivable, where it’ll stay there to remind you of all those useless attempts at claiming your well-deserved payment until it is either finally settled or written off as a loss. It doesn’t have to be this way, though, because there are many clever ways with which the accounts receivable can be kept under control – especially when online accounting software is involved. 
There is no denying the fact that one of the biggest frustrations of business owners is manually entering data into the books. It’s one thing that it takes away precious time that could be spent on more important tasks, but all it takes is one overlooked or erroneous data entry in the books and the results could be catastrophic.
Even if they won’t admit it publicly, tax season is the bane of every business’s existence. Granted, taxation is way simpler when online accounting software is involved but, let’s face it, gathering all the necessary data from the last business year and then filing that many reports to the corresponding governmental agencies is the polar opposite of fun. And if that’s not enough, most of the process still has to be done on paper, which is not only ridiculous considering how nowadays almost everything is performed online but can also lead to many mistakes, and correcting those can be quite a hassle for businesses and tax agencies alike. However, this all is about to change in the UK with the introduction of Making Tax Digital, which intends to help individuals and businesses streamline their taxation by introducing a new tax reporting schedule as well as a fully online reporting system. 
Nowadays many business owners understand that keeping their books in an accounting program can only offer benefits, especially if those records are kept safely in the cloud. But even to this day there are many companies that are still skeptical about the many benefits that comes from cloud accounting for a number of reasons. Some people say that on-site accounting software has more features, while others are afraid that their data isn’t as safe in the cloud as it is inside the database of a desktop program. Granted, these concerns might seem a bit exaggerated, but the question is still valid: which method is the best to opt for in the long term? Can cloud-based accounting software finally prevail or is it locally installed accounting programs that will have the last laugh? 
If you make the right business decisions then at some point you may well find yourself expanding. And as you do, you’ll likely end up with multiple system users to manage various aspects of the business, from data management through to accounting. So, it’s not surprising that many companies perform various tasks from invoicing and expense management to time tracking and handling payroll all with online accounting software. But unlike the old days when it was only select people that could the benefits of these programs, cloud technology has allowed account admins to invite co-workers, bookkeepers, and business partners to take a look at the books and, if they have the necessary permissions, make modifications to help the business keep even more accurate and up-to-date records. 
Not all businesses are the same, but if there’s one aspect where they are all equal it’s in the need for payment of services and goods. But it’s not enough to have the cash handed over, dust off your hands and consider the payment done, when it comes to business there are far more regulations than that. For this purpose there are invoices, formal documents that should be sent out and paid for in a proper and timely manner, and while there is no one way of handling these there are still certain expectations from both the business and its clients alike.
Businesses know that the only way to make sure the company runs as it should is to be able to track what they need, who owes them, and who they owe. This is especially important for purchase orders since not knowing whether the order has been submitted or if the supplier has been paid already could easily disrupt the workflow. To avoid this issue many businesses create complex Excel spreadsheets to keep track of every PO – a fine idea that, sadly, is also tedious and time-consuming due to the fact that all the data has to be entered manually. Thankfully, online accounting software can handle purchase orders too, the difference being that, unlike Excel, these programs are also equipped with many intelligent features that make data entry and PO tracking a hassle-free experience. 
While the switch from paper-based bookkeeping to online accounting does require users to adapt to a new platform, it’s still more than worth the investment to help the business run smoother than ever before.