For small business owners, keeping on top of the small finances is imperative. And it’s no surprise they keep such a tight hold on their purse strings, with just 50% of small businesses surviving their first four to five years.
After all, you know the old adage ‘take care of the pennies and the pounds will take care of themselves.’ And to take care of the pennies, you need neat, tidy, accurate accounts.
However, even though you may know the theory, it doesn’t mean you put it in practice. A heads up here would be if you’re often faced with scattered figures, whether in your head, in your email inbox, or in an unorganised pile of receipts.
But there’s a solution – one that’s considerably simpler than you think: cloud-based bookkeeping software.
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The business owner’s problem
Usually the problems come down to four central areas: time, knowledge, technology and insight.
Big businesses have weapons that small businesses simple don’t, such as a fully-functioning accounts department. This means they’ve got on hand the tax guru, the numeracy pedant, and people whose sole job it is to manage the accounts.
Unfortunately, small businesses are unable to afford the same luxury. Usually accounting is just one function that comes under the general umbrella of the manager, owner, or director.
This is great in that you don’t have costly accounting overheads, but not so great in that the mundane tasks of bookkeeping can get easily relegated to the bottom of the pile. The problem is compounded because it’s not just one task you’re looking at. Really, you’re talking multiple responsibilities: payroll, tax and VAT, accounts in, accounts out, expenses and more.
The result tends to be reasonably plain sailing until the end of the tax year when things then get a little hectic. So hectic, that you make mistakes, waste time, and waste money.
Any solution must:
• Provide support: You need expert knowledge to back up your skills. The solution to improve your understanding and insight in to all elements of the health of your business including cash, assets, and liabilities.
• Provide exemplary record keeping systems: ones that are watertight, and low on labour intensity, whilst accurate.
• Be time-freeing, not time-taking: Any solution must be capable of saving you time. This includes utilising cutting edge technology.
• Enable decision-making: Systems and records are only as useful as the decisions they enable.
• Address your specific needs: No two businesses are the same. No two bookkeeping systems can therefore be identical. You need one which adapts to you.
In our experience, most solutions don’t address every item on the above list. But they should. That’s why we developed Pandle – a cloud-based bookkeeping software with a difference.
Pandle is the solution to your small business accounts. Why? It enables accuracy and efficiency in invoicing, quotations, payment processing, and keeps your books in top notch order. However, it doesn’t stop there.
Our cloud-based bookkeeping software keeps tabs of your pennies with reliability, accuracy, and security. Interested in using cloud accounting software to help you manage your bookkeeping, but don’t want to become overwhelmed by a confusion interface and innumerable, unnecessary functions? Pandle focuses on simplicity, which means you won’t be outfaced when it comes to updating your bookkeeping.
Sign up for free today to see how Pandle can help you manage your records!