4 Small Business Bookkeeping Tips To Save You Time

Bookkeeping is a necessity for all small businesses, yet rarely gets the time and attention it really needs. Small business owners are not accountants, and as a result the temptation can be to hire an external bookkeeper at no little expense to do it for them. However, bookkeeping doesn’t need to be complicated and time consuming, and here are 4 smart timesaving techniques for small business bookkeeping.

1: Use Small Business Accounts Software

This is number 1 as it is the most important point of all – why waste the expense on an external bookkeeper when there is far more cost effective software on offer that can do the job for you. Systems like Cash Manager are designed to be used by anybody and no prior accounting knowledge is necessary. You can simply enter your data directly from the cash-book and let the software do the rest.

2: Enter Data As You Go

The main reason bookkeeping seems so daunting is that it can often mean scrabbling around for long-lost invoices and receipts when it comes to submitting your books. You can avoid this by using small business accounts software and entering your data as you go, on a weekly or even monthly basis. This will not only save you time, but can also cut down on a great deal of stress and hassle.

3: Give One Person The Role Of Bookkeeper

Generally in small businesses it will be the business owner who is in charge of matters like bookkeeping. However, not all business owners are natural bookkeepers and larger businesses might even have dedicated financial executives. Whatever your situation, make sure there is one single employee who’s job it is to manage the small business accounts software. This will speed up the process and make the whole operation run more smoothly.

 4: Keep Track Of Your Paperwork

Most importantly of all when thinking about doing your books is keeping on top of your paperwork. This means invoices, receipts and everything in between. Life as a small business owner can be fast-paced and no two days are the same, and it can be easy to misplace these documents especially when you are on the move. However, it is vital you keep hold of these as any discrepancies can be seized upon the taxman, leaving you to pay the price. Keeping on top of your paperwork is the only way you can fully utilise your small business accounts software.

Start Saving Time (And Money) Today!

Staying on top of your accounts doesn’t need to mean hiring a costly external bookkeeper. Cash Manager’s small business accounts software is designed with small business owners in mind. You don’t need to be an accounting expert and you don’t need any formal training – in fact, each copy of Cash Manager comes with a complimentary and comprehensive user guide. Click here to download Cash Manager today and leave your accounting and bookkeeping headaches in the past.

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4 Small Business Bookkeeping Tips To Save You Time

Bookkeeping is a necessity for all small businesses, yet rarely gets the time and attention it really needs. Small business owners are not accountants, and as a result the temptation can be to hire an external bookkeeper at no little expense to do it for them. However, bookkeeping doesn’t need to be complicated and time consuming, and here are 4 smart timesaving techniques for small business bookkeeping.

1: Use Small Business Accounts Software

This is number 1 as it is the most important point of all – why waste the expense on an external bookkeeper when there is far more cost effective software on offer that can do the job for you. Systems like Cash Manager are designed to be used by anybody and no prior accounting knowledge is necessary. You can simply enter your data directly from the cash-book and let the software do the rest.

2: Enter Data As You Go

The main reason bookkeeping seems so daunting is that it can often mean scrabbling around for long-lost invoices and receipts when it comes to submitting your books. You can avoid this by using small business accounts software and entering your data as you go, on a weekly or even monthly basis. This will not only save you time, but can also cut down on a great deal of stress and hassle.

3: Give One Person The Role Of Bookkeeper

Generally in small businesses it will be the business owner who is in charge of matters like bookkeeping. However, not all business owners are natural bookkeepers and larger businesses might even have dedicated financial executives. Whatever your situation, make sure there is one single employee who’s job it is to manage the small business accounts software. This will speed up the process and make the whole operation run more smoothly.

 4: Keep Track Of Your Paperwork

Most importantly of all when thinking about doing your books is keeping on top of your paperwork. This means invoices, receipts and everything in between. Life as a small business owner can be fast-paced and no two days are the same, and it can be easy to misplace these documents especially when you are on the move. However, it is vital you keep hold of these as any discrepancies can be seized upon the taxman, leaving you to pay the price. Keeping on top of your paperwork is the only way you can fully utilise your small business accounts software.

Start Saving Time (And Money) Today!

Staying on top of your accounts doesn’t need to mean hiring a costly external bookkeeper. Cash Manager’s small business accounts software is designed with small business owners in mind. You don’t need to be an accounting expert and you don’t need any formal training – in fact, each copy of Cash Manager comes with a complimentary and comprehensive user guide. Click here to download Cash Manager today and leave your accounting and bookkeeping headaches in the past.

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The Pitfalls of Cloud Accounting

Digital accounting is fast becoming a huge trend amongst small businesses and it has to be said that it is a great way to keep on top of your bookkeeping and accounts, being so quick and efficient. I have yet to come across any business that hasn’t reaped the benefit of taking things digital but small businesses are then faced with the dilemma of whether to turn to the cloud or for simple accounting software kept on their own computers.

Although taking things online may seem like a good idea at first, more often it is the case that for the purpose of small businesses, simple software makes a lot more sense. So before you decide, take a look at these main issues faced with cloud accounting for complete transparency when it comes to your all important data.

Safety

When your data is stored on the cloud, you have far less control of it. Any cloud accounting program leaves all your important information floating around in the internet ether, and it will also be stored anywhere around the world. Online accounting means you have no control over the risk factor of other people being able to access your books so is a less safe option than in house simple accounting software. You have to rely on your service provider for security, so if you do not like the idea of things being out of your hands, online bookkeeping may not be for you.

Accessibility

Cloud accounting requires an internet connection at all times which will limit where you can gain access to your files. If your internet connection is frequently lost this can cause many problems for your business when trying to update or access any figures, as for a good working system, you are completely reliant on your Wifi connection.

Cost

With cloud accounting you have to enter into a contract and keep your subscription up to date to access your files. Simple accounting software on the other hand is a small initial expense with an even lower annual retainer. If you are debating whether to choose the cloud or simple accounting software, be sure to compare the long term cost, as the price of cloud accounting can grow rapidly over the long term.

Storage and Backup

Many cloud accounting systems do not allow you to back up your data and save it to your own device. For small businesses, keeping a long term record is a must, and internet bookkeeping may require you to continue paying a full subscription even if your businesses closes, for years to come. Simple accounting software on the other hand leaves all of your data at your disposal, inclusive in the upfront cost.

Support

Cloud based accounting systems often lack customer support and helpful service is a low priority. Simple accounting software on the other hand has built in directions and support as well as the added benefit of having been made specifically with small business owner use in mind. Accounting software stored on your own computer is often more user friendly, and there is a 24 hour turnover of email support for any major problems you may face when updating your accounts.

Discover More

If you would like to know more about the advantages of in-house simple accounting software and how it may be better suited to your small business than cloud accounting, download Cash Manager’s comprehensive and complimentary guide: Choosing a Small Business Accounting System today. Simply fill in your details on the right. Or to jump straight in and download our simple accounting software, click here.

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The Pitfalls of Cloud Accounting

Digital accounting is fast becoming a huge trend amongst small businesses and it has to be said that it is a great way to keep on top of your bookkeeping and accounts, being so quick and efficient. I have yet to come across any business that hasn’t reaped the benefit of taking things digital but small businesses are then faced with the dilemma of whether to turn to the cloud or for simple accounting software kept on their own computers.

Although taking things online may seem like a good idea at first, more often it is the case that for the purpose of small businesses, simple software makes a lot more sense. So before you decide, take a look at these main issues faced with cloud accounting for complete transparency when it comes to your all important data.

Safety

When your data is stored on the cloud, you have far less control of it. Any cloud accounting program leaves all your important information floating around in the internet ether, and it will also be stored anywhere around the world. Online accounting means you have no control over the risk factor of other people being able to access your books so is a less safe option than in house simple accounting software. You have to rely on your service provider for security, so if you do not like the idea of things being out of your hands, online bookkeeping may not be for you.

Accessibility

Cloud accounting requires an internet connection at all times which will limit where you can gain access to your files. If your internet connection is frequently lost this can cause many problems for your business when trying to update or access any figures, as for a good working system, you are completely reliant on your Wifi connection.

Cost

With cloud accounting you have to enter into a contract and keep your subscription up to date to access your files. Simple accounting software on the other hand is a small initial expense with an even lower annual retainer. If you are debating whether to choose the cloud or simple accounting software, be sure to compare the long term cost, as the price of cloud accounting can grow rapidly over the long term.

Storage and Backup

Many cloud accounting systems do not allow you to back up your data and save it to your own device. For small businesses, keeping a long term record is a must, and internet bookkeeping may require you to continue paying a full subscription even if your businesses closes, for years to come. Simple accounting software on the other hand leaves all of your data at your disposal, inclusive in the upfront cost.

Support

Cloud based accounting systems often lack customer support and helpful service is a low priority. Simple accounting software on the other hand has built in directions and support as well as the added benefit of having been made specifically with small business owner use in mind. Accounting software stored on your own computer is often more user friendly, and there is a 24 hour turnover of email support for any major problems you may face when updating your accounts.

Discover More

If you would like to know more about the advantages of in-house simple accounting software and how it may be better suited to your small business than cloud accounting, download Cash Manager’s comprehensive and complimentary guide: Choosing a Small Business Accounting System today. Simply fill in your details on the right. Or to jump straight in and download our simple accounting software, click here.

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Accounting Software: How to Keep Your Data Safe

Your company accounts and bookkeeping data is a hugely vital aspect of your business, and losing even part of this information or having it compromised in some way could cause all manner of problems for you. I therefore cannot stress just how important it is to take data security measures to ensure that any important documents, figures or records are kept safe from loss or damage.

So how do you do it? The safest place to keep your data is in a piece of simple accounts software for small business. Paper bookkeeping takes time and documents are prone to get lost, and data stored on the cloud is also more open to hacking. So, read on for accounting best practices which should safeguard all your files from getting lost or damaged.

Passwords

Ensure you keep both your computer and files password protected to prevent anyone you haven’t authorised from accessing your private accounts and a barrier in case your computer gets lost or stolen. Make these passwords something memorable but as strong as possible by using both upper and lower case lettering, numbers and symbols. It is also good practice to change your password regularly, and not to keep passwords saved within your system.

Antivirus

When conducting your bookkeeping and accounting digitally using accounts software for small business, you should also install antivirus and antimalware software onto all laptops and desktop computers, and keep these up to date to fix any bugs. This will help to protect your data from any malicious programs or viruses which may try to access your information or log-in details. Note however, that this is far less likely with an in-house piece of software than will cloud accounting programmes kept online.

Internal Backup

To avoid human errors that may result in lost or deleted files and figures, ensure that all the data you input into your accounts software for small business is regularly saved and backed up within your computer. This will save you time and hassle and is the most secure way to keep your records up to date. Note that with cloud accounting, many systems will not allow you to download your files and store them on your own machine as backup; instead you are fully reliant on their software and backup system. If you would like a personal copy, an in-house accounts software for small business may be the better option for you.

External Backup

The safest way to store all your accounting documentation is by having a proper backup procedure to safeguard against damage, loss, theft or other unexpected situations. You can never be too careful when it comes to important and sensitive business information so be sure to keep an external backed up copy of all your data. You can use a hard drive, memory stick, CD or DVD and depending on your business this should be done daily or weekly to ensure if the worst does happen, you would only lose a minimum amount of information.

Find Out More

If you would like a fool proof accounts software for small business that can keep all your data free from online hackers, can be saved and backed up and is incredibly simple and easy to use, download Cash Manager’s simple accounting software today. Designed with small business owners in mind it is an efficient way to keep track of your bookkeeping and accounts. Simply click on the image below to download.

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Accounting Software: How to Keep Your Data Safe

Your company accounts and bookkeeping data is a hugely vital aspect of your business, and losing even part of this information or having it compromised in some way could cause all manner of problems for you. I therefore cannot stress just how important it is to take data security measures to ensure that any important documents, figures or records are kept safe from loss or damage.

So how do you do it? The safest place to keep your data is in a piece of simple accounts software for small business. Paper bookkeeping takes time and documents are prone to get lost, and data stored on the cloud is also more open to hacking. So, read on for accounting best practices which should safeguard all your files from getting lost or damaged.

Passwords

Ensure you keep both your computer and files password protected to prevent anyone you haven’t authorised from accessing your private accounts and a barrier in case your computer gets lost or stolen. Make these passwords something memorable but as strong as possible by using both upper and lower case lettering, numbers and symbols. It is also good practice to change your password regularly, and not to keep passwords saved within your system.

Antivirus

When conducting your bookkeeping and accounting digitally using accounts software for small business, you should also install antivirus and antimalware software onto all laptops and desktop computers, and keep these up to date to fix any bugs. This will help to protect your data from any malicious programs or viruses which may try to access your information or log-in details. Note however, that this is far less likely with an in-house piece of software than will cloud accounting programmes kept online.

Internal Backup

To avoid human errors that may result in lost or deleted files and figures, ensure that all the data you input into your accounts software for small business is regularly saved and backed up within your computer. This will save you time and hassle and is the most secure way to keep your records up to date. Note that with cloud accounting, many systems will not allow you to download your files and store them on your own machine as backup; instead you are fully reliant on their software and backup system. If you would like a personal copy, an in-house accounts software for small business may be the better option for you.

External Backup

The safest way to store all your accounting documentation is by having a proper backup procedure to safeguard against damage, loss, theft or other unexpected situations. You can never be too careful when it comes to important and sensitive business information so be sure to keep an external backed up copy of all your data. You can use a hard drive, memory stick, CD or DVD and depending on your business this should be done daily or weekly to ensure if the worst does happen, you would only lose a minimum amount of information.

Find Out More

If you would like a fool proof accounts software for small business that can keep all your data free from online hackers, can be saved and backed up and is incredibly simple and easy to use, download Cash Manager’s simple accounting software today. Designed with small business owners in mind it is an efficient way to keep track of your bookkeeping and accounts. Simply click on the image below to download.

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Simple Accounting Software: Is It For You?

Before you jump straight in, or turn your back on accounting software altogether you should first spend a little time researching what is the most appropriate and helpful way to deal with your business bookkeeping and accounting. A small amount of money on a well suited piece of software could pay dividends in the long run.

So to start you off, do you need accounting software at all? Consider these 4 things before you decide…

Expenses

If you choose to keep your books on paper, you will eventually need to hire an accountant, which doesn’t come cheap. Luckily, many of the things they would do for your business can be done quick and hassle free with a piece of simple accounting software as it allows you to keep track of your cash flow, invoices, profit and VAT to name just a few.

If you are not ready to invest a monthly payment for a cloud accounting system, which can add up to rather a lot, a piece of simple accounting software run off your own computer can be the best option. With only a low one off cost and small annual retainer, in-house software provides you with the most control, the opportunity to download and back up your data and give access to your accountant at a moment’s notice.

Expansion

If your business is growing or you plan to expand, you can expect your bookkeeping duties to do the same. With so many extra figures, records and sheets of paper, things can easily get very confusing and even overwhelming. As your business grows and takes up more and more of your time, save having to burn the midnight oil by putting into action some simple accounting software. It does all the number crunching and hard work for you by automatically generating calculations and documents allowing you to focus all your efforts where they should be: on the business itself.

Startups

If you are just starting out as a new business, now is the perfect time to invest in some simple accounting software as it can get your accounts and bookkeeping running smooth and efficiently right from the word go. Before you have an existing paper system already in place it is far easier to implement software based accounts, enabling your new business to have a streamlined system from beginning to end.

Time, Accuracy and Ease

If you are a small business owner, the chances are you are not also a qualified accountant. If you prefer spending more time making a true success of your business rather than stressing over books and figures, then a piece of simple accounting software could be of great use to you. Digital accounting reduces the room for human error, and if you are unsure whether any element of your bookkeeping is correct, software and it’s built in fields, hints and directions can keep you confident in the knowledge you are headed in the right direction. It also automatically generates documents in the correct HMRC format, saving you time, effort and worry.

So, Do You Need It?

If any of these points rang true to you, Cash Manager’s simple accounting software could be the perfect solution for you and your business. Accounting software for small business will help you to track, store and manage all your data and information in a clear and concise way; it really is the way forward for accounting. So if you would like to know more, visit www.cashmgr.co.uk, or to download Cash Manager’s simple accounting software now, click on the image below.

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Simple Accounting Software: Is It For You?

Before you jump straight in, or turn your back on accounting software altogether you should first spend a little time researching what is the most appropriate and helpful way to deal with your business bookkeeping and accounting. A small amount of money on a well suited piece of software could pay dividends in the long run.

So to start you off, do you need accounting software at all? Consider these 4 things before you decide…

Expenses

If you choose to keep your books on paper, you will eventually need to hire an accountant, which doesn’t come cheap. Luckily, many of the things they would do for your business can be done quick and hassle free with a piece of simple accounting software as it allows you to keep track of your cash flow, invoices, profit and VAT to name just a few.

If you are not ready to invest a monthly payment for a cloud accounting system, which can add up to rather a lot, a piece of simple accounting software run off your own computer can be the best option. With only a low one off cost and small annual retainer, in-house software provides you with the most control, the opportunity to download and back up your data and give access to your accountant at a moment’s notice.

Expansion

If your business is growing or you plan to expand, you can expect your bookkeeping duties to do the same. With so many extra figures, records and sheets of paper, things can easily get very confusing and even overwhelming. As your business grows and takes up more and more of your time, save having to burn the midnight oil by putting into action some simple accounting software. It does all the number crunching and hard work for you by automatically generating calculations and documents allowing you to focus all your efforts where they should be: on the business itself.

Startups

If you are just starting out as a new business, now is the perfect time to invest in some simple accounting software as it can get your accounts and bookkeeping running smooth and efficiently right from the word go. Before you have an existing paper system already in place it is far easier to implement software based accounts, enabling your new business to have a streamlined system from beginning to end.

Time, Accuracy and Ease

If you are a small business owner, the chances are you are not also a qualified accountant. If you prefer spending more time making a true success of your business rather than stressing over books and figures, then a piece of simple accounting software could be of great use to you. Digital accounting reduces the room for human error, and if you are unsure whether any element of your bookkeeping is correct, software and it’s built in fields, hints and directions can keep you confident in the knowledge you are headed in the right direction. It also automatically generates documents in the correct HMRC format, saving you time, effort and worry.

So, Do You Need It?

If any of these points rang true to you, Cash Manager’s simple accounting software could be the perfect solution for you and your business. Accounting software for small business will help you to track, store and manage all your data and information in a clear and concise way; it really is the way forward for accounting. So if you would like to know more, visit www.cashmgr.co.uk, or to download Cash Manager’s simple accounting software now, click on the image below.

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3 Great Reasons To Keep Your Bookkeeping In House

Running a small business or start up is a tall order with so many different aspects in need of your attention. So trying to be your own accountant can see like a daunting and time consuming addition to your work load. Understandably, it can seem like the easiest option to simply hire a bookkeeper and accountant to cover your finances for you. But it really doesn’t have to be such an overload if you make use of some accounts software for small business. To help you decide, we have put together a set of reasons why you should consider keeping your bookkeeping in house, so take a look and see how your business could benefit from doing so…

It Will Save You Money

Accounts software for small business is a quick and easy to use system which is more efficient than any manual paper process. This will save you time and allow you to keep things in house without letting the financial side of business take up all your time which is better spent elsewhere.

Instead of having to pay an accountant a huge portion of your hard earned cash, accounts software for small business comes at a low annual cost of around £100 per year providing great value for money. It is a cost effective way of keeping on top of your finances whilst being a far cheaper alternative to hiring a bookkeeper.

Saving money on accountancy will increase your profit margin and budget to play with which can subsequently be re-invested into growing your business with things such as extending stores or expanding your product base. Keeping your bookkeeping in house allows you to spend more money in the places you want, rather than being eaten away by administrative expenses.

You Will Have Easy and Complete Access

Accounts software for small business is an efficient way of keeping your bookkeeping in house. If you know how to enter your data in a paper cash book you will be able to operate accounting software as it is designed with the small business owner in mind, not for qualified accountants.

Utilising accounts software will keep all of your bookkeeping extremely organised. Any portion of information, small or large, concerning your company finances are accessible to you anytime and anywhere simply at the click of a button. When your bookkeeping is in house there is no need to spend time trawling through pages of figures and data or on the phone to your accountant.

Another benefit of keeping your accounting in house is that you will have a full and complete knowledge of the state of your finances. Knowing exactly where your money is and when bills are due is imperative when making any business decisions, as the slightest thing overlooked could entail more serious repercussions.

It Will Increase Your Business Productivity

Having your bookkeeping in house with accounts software for small business will help with the organisation of your company. The software will automatically generate reports of your cash flow, projections for the coming months and invoices without the worry of any human errors having occurred. Using accounting software will minimise the windows for wastage in all avenues of your business, be it time, man power and even paper as you say goodbye to endless files. Having finances and systems optimised and working efficiently will allow your focus to lean towards more productive aspects such as sales and marketing to help increase revenue.

Discover More

Want to know more about using accounts software for small business in order to keep your bookkeeping in house? Download Cash Manager’s Comprehensive Guide to Small Business Accounting Software today!

Click on the image below to download Cash Manager’s accounting software today.

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Invoicing for Startups: 6 Top Tips

Invoices are the lifeblood of any small business, and getting them right is imperative in order to secure steady cash flow from day 1. Inputting invoice details into a piece of small business accounts software is a great way to keep on top of unpaid bills, but for small businesses and startups even getting the them out of the door in the first place can be a challenge. Here are a few handy invoicing tips to help you get started:

1 – Email Every Invoice

Emailing invoices is not only good housekeeping, it also helps you when chasing up late payment. Send every invoice you raise to the client with an email tracker – that way you can monitor receipt and whether or not they have viewed the document. This may sound extreme and will only apply to a minority of clients, but it will give you a firm leg to stand on when chasing a late payment.

2 – Cover Yourself For Late Payment

Late payment of invoices can grind small businesses to a halt, especially if – as is often the case – the guilty party is a big-spending large corporation. Invoices are paid on average two weeks late, so factor this in when setting payment deadlines. If you generally set a 4 week deadline for payment but are being stung by clients regularly paying late, why not half that deadline to 2 weeks? It’s not an unreasonable deadline and won’t do your cashflow any harm whatsoever. You can then use your small business accounts software to track payment and monitor your cash flow.

3 – Build An Invoicing Schedule

This is especially important if you have lots of clients on monthly retainers. Agree a monthly interval that suits both you and the client and generate the invoices accordingly using small business accounts software. Be wary if your client insists on a longer payment period – this can be indicative of underlying cash flow issues which is a warning sign for unreliable payment.

4 – Know Your Tax Laws

In the UK, if not all, the vast majority of the invoices you send out will be subject to VAT. If it is a Business to Business transaction, the payee can deduct the VAT at a later date, but make sure you know your VAT code and include it on every invoice. Not doing so is bad practice, and can land you in hot water in the long run. Small business accounts software is a valuable tool if you are new to raising invoices but aren’t clear on tax law.

5 – Don’t Be Afraid To Chase

A lot of this post has focused on how to deal with late payment. While the majority of your customers will pay on time, it only takes one late payment to decimate a startup’s cash flow. Chasing up payment can be daunting, especially when dealing with a large company that dwarfs your own business. At the end of the day however, if you have provided a service and a client – big or small – hasn’t paid for it, it is only them in the wrong. Don’t be afraid to chase the payment. A little persistence never hurt anyone.

6 – Keep It Simple

Finally and above all else, make sure it’s easy for your clients to pay you! Nobody really likes spending money, and if you make it difficult for your customers to do so they are unlikely to go out of their way for you. Therefore, make sure payment is easy. For small ticket items, why not make it an option to pay via PayPal? Most people have it, and all it takes is a couple of clicks. When invoicing for big-ticket items, ensure the cash amount is clear and unambiguous, and your company account details obvious.

Want To Know More?

The best way to keep on top of your business invoices is by investing in a piece of small business accounts software to help you track, manage and monitor your payments. Download Cash Manager’s Comprehensive Guide to Small Business Accounting Systems today!

Click on the image below to download Cash Manager‘s simple accounting software today.

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Invoicing for Startups: 6 Top Tips

Invoices are the lifeblood of any small business, and getting them right is imperative in order to secure steady cash flow from day 1. Inputting invoice details into a piece of small business accounts software is a great way to keep on top of unpaid bills, but for small businesses and startups even getting the them out of the door in the first place can be a challenge. Here are a few handy invoicing tips to help you get started:

1 – Email Every Invoice

Emailing invoices is not only good housekeeping, it also helps you when chasing up late payment. Send every invoice you raise to the client with an email tracker – that way you can monitor receipt and whether or not they have viewed the document. This may sound extreme and will only apply to a minority of clients, but it will give you a firm leg to stand on when chasing a late payment.

2 – Cover Yourself For Late Payment

Late payment of invoices can grind small businesses to a halt, especially if – as is often the case – the guilty party is a big-spending large corporation. Invoices are paid on average two weeks late, so factor this in when setting payment deadlines. If you generally set a 4 week deadline for payment but are being stung by clients regularly paying late, why not half that deadline to 2 weeks? It’s not an unreasonable deadline and won’t do your cashflow any harm whatsoever. You can then use your small business accounts software to track payment and monitor your cash flow.

3 – Build An Invoicing Schedule

This is especially important if you have lots of clients on monthly retainers. Agree a monthly interval that suits both you and the client and generate the invoices accordingly using small business accounts software. Be wary if your client insists on a longer payment period – this can be indicative of underlying cash flow issues which is a warning sign for unreliable payment.

4 – Know Your Tax Laws

In the UK, if not all, the vast majority of the invoices you send out will be subject to VAT. If it is a Business to Business transaction, the payee can deduct the VAT at a later date, but make sure you know your VAT code and include it on every invoice. Not doing so is bad practice, and can land you in hot water in the long run. Small business accounts software is a valuable tool if you are new to raising invoices but aren’t clear on tax law.

5 – Don’t Be Afraid To Chase

A lot of this post has focused on how to deal with late payment. While the majority of your customers will pay on time, it only takes one late payment to decimate a startup’s cash flow. Chasing up payment can be daunting, especially when dealing with a large company that dwarfs your own business. At the end of the day however, if you have provided a service and a client – big or small – hasn’t paid for it, it is only them in the wrong. Don’t be afraid to chase the payment. A little persistence never hurt anyone.

6 – Keep It Simple

Finally and above all else, make sure it’s easy for your clients to pay you! Nobody really likes spending money, and if you make it difficult for your customers to do so they are unlikely to go out of their way for you. Therefore, make sure payment is easy. For small ticket items, why not make it an option to pay via PayPal? Most people have it, and all it takes is a couple of clicks. When invoicing for big-ticket items, ensure the cash amount is clear and unambiguous, and your company account details obvious.

Want To Know More?

The best way to keep on top of your business invoices is by investing in a piece of small business accounts software to help you track, manage and monitor your payments. Download Cash Manager’s Comprehensive Guide to Small Business Accounting Systems today!

Click on the image below to download Cash Manager‘s simple accounting software today.

The post Invoicing for Startups: 6 Top Tips appeared first on Cash Manager.

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Growing Your Business: How Simple Accounting Software Can Help

As an ambitious small business owner, expansion is likely to be high on your list of goals, but growing your business requires a lot of capital to do so. With profit margins and savings then as a top priority, why would you pay large amounts of money to someone else, to perform a job that you are capable of doing yourself? Simple accounting software could be the answer to reducing your overheads and increasing your growth potential. SO here’s how…

Cut Accounting Time and Costs

Simple accounting software costs around £100 per annum, a fraction of the average price of an accountant or bookkeeper. You may be reluctant to take a leap of faith in transferring your trust from a person to software or fear you have neither the time or know how to manage your finances completely in house. However in the case of simple accounting software this could not be further from the truth.

Bookkeeping software is extremely user friendly and accessible to anyone, no need for any accountancy qualifications, and it allows you to manage your money easily, and most importantly; quickly. All that is required from you is the input of initial data and figures regarding your sales and expenses and from there, the software will take care of complicated financial calculations and analysis for you. Monthly and annual reports are produced clearly and in the correct HMRC format, which saves you time and effort whilst keeping you fully informed of the status of your money. Having all of these systems automated will allow you to focus more of your time on marketing, sales and improvement of your product or service in order to maximise profit and work towards business expansion.

Avoid Potential Growth Barriers

Calculations and analysis are all produced automatically by the software system, reducing the opportunity for human error. Any mistakes within the data input can be rectified quickly and easily and at any time. There is also an integrated prompting system that will remind you to enter any required fields which have been left incomplete. The use of software can prevent you from being left in any sticky situations which can occur from miscalculations and omissions, which could be fatal to your budgeting when trying to grow your business. All of your important information is safely stored and backed up which also prevents the loss of any data on loose sheets of paper.

Have More to Re-Invest

Simple accounting software enables you to have fast access to your accounts and a greater awareness and outlook on the exact state of your finances. This knowledge will enable to navigate your budgeting and thus your growth potential more closely. Having total and firm control gives you the power to react swiftly to any changes, problems or unforeseen circumstances that may arise in your business expansion. Having a full knowledge and command of figures and account status gives you greater financial manoeuvrability and will allow you to take advantage of any new business opportunities you may come across.

Simple accounting software provides a high quality accounting system whilst remaining a much cheaper alternative to paying for a bookkeeper. By switching to software you can save thousands of pounds which can instead be re-invested into your business. Cutting out the middle-man allows you to take control of your businesses finances and mould them in the direction in which you want to see your business grow.

Discover…

Want to know more about how simple accounting software can benefit your business? Download Cash Manager’s guide to Small Business Accounting Software today!

Click on the image below to download Cash Manager‘s simple accounting software now.

The post Growing Your Business: How Simple Accounting Software Can Help appeared first on Cash Manager.

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Growing Your Business: How Simple Accounting Software Can Help

As an ambitious small business owner, expansion is likely to be high on your list of goals, but growing your business requires a lot of capital to do so. With profit margins and savings then as a top priority, why would you pay large amounts of money to someone else, to perform a job that you are capable of doing yourself? Simple accounting software could be the answer to reducing your overheads and increasing your growth potential. SO here’s how…

Cut Accounting Time and Costs

Simple accounting software costs around £100 per annum, a fraction of the average price of an accountant or bookkeeper. You may be reluctant to take a leap of faith in transferring your trust from a person to software or fear you have neither the time or know how to manage your finances completely in house. However in the case of simple accounting software this could not be further from the truth.

Bookkeeping software is extremely user friendly and accessible to anyone, no need for any accountancy qualifications, and it allows you to manage your money easily, and most importantly; quickly. All that is required from you is the input of initial data and figures regarding your sales and expenses and from there, the software will take care of complicated financial calculations and analysis for you. Monthly and annual reports are produced clearly and in the correct HMRC format, which saves you time and effort whilst keeping you fully informed of the status of your money. Having all of these systems automated will allow you to focus more of your time on marketing, sales and improvement of your product or service in order to maximise profit and work towards business expansion.

Avoid Potential Growth Barriers

Calculations and analysis are all produced automatically by the software system, reducing the opportunity for human error. Any mistakes within the data input can be rectified quickly and easily and at any time. There is also an integrated prompting system that will remind you to enter any required fields which have been left incomplete. The use of software can prevent you from being left in any sticky situations which can occur from miscalculations and omissions, which could be fatal to your budgeting when trying to grow your business. All of your important information is safely stored and backed up which also prevents the loss of any data on loose sheets of paper.

Have More to Re-Invest

Simple accounting software enables you to have fast access to your accounts and a greater awareness and outlook on the exact state of your finances. This knowledge will enable to navigate your budgeting and thus your growth potential more closely. Having total and firm control gives you the power to react swiftly to any changes, problems or unforeseen circumstances that may arise in your business expansion. Having a full knowledge and command of figures and account status gives you greater financial manoeuvrability and will allow you to take advantage of any new business opportunities you may come across.

Simple accounting software provides a high quality accounting system whilst remaining a much cheaper alternative to paying for a bookkeeper. By switching to software you can save thousands of pounds which can instead be re-invested into your business. Cutting out the middle-man allows you to take control of your businesses finances and mould them in the direction in which you want to see your business grow.

Discover…

Want to know more about how simple accounting software can benefit your business? Download Cash Manager’s guide to Small Business Accounting Software today!

Click on the image below to download Cash Manager‘s simple accounting software now.

The post Growing Your Business: How Simple Accounting Software Can Help appeared first on Cash Manager.

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Startup 101: Using Simple Accounting Software to Monitor Cashflow

Cashflow is an all-important metric for every small business. Naturally, there will be peaks and troughs, but knowing exactly what your cashflow is and how to accurately predict it is key when you are looking to invest internally and expand. Here are a few quick and easy tips on how to best utilize simple accounting software to both monitor and predict your business’s cashflow.

An Invoice Does Not Necessarily Mean Income…

When you make a big sale or take on a client that is going to make you a lot of money, it can be tempting to put that money straight into your books. Be aware, however, that you might not actually be getting that money straight away. While a client may have agreed to pay you £10,000, double check on the invoice that this money is due straight away and not in 3 months time. Income is not income until it hits your bank account – use simple accounting software to help determine when money is there to be spent and when it is not.

…And An Expense May Not Be A Cost

It is just as important to cover all bases when making a payment as it is when receiving one. If you decide to invest in a new office computer, for example, but agreed to pay in installments or even delay payment for a month, make sure this is noted. If outgoings are incorrectly declared, you can find yourself unknowingly overspending or under-investing. Simple accounting software can be a useful tool both for declaring and monitoring your monthly outgoings.

Plan For The Seasons

You may be wondering where I’m going with this, but do bear with me! If your business has dedicated premises, chances are you will be paying utility bills of some sort. While utilities like broadband and business taxes will be constant throughout the year, your electricity and heating bills may not be. Bear in mind while forecasting for the current year that some utilities are likely to spike in the colder months and budget accordingly. Some businesses’ cashflow suffers in the winter months, so use simple accounting software to make sure you’re covered for a spike in utility bills.

Remember To Be Realistic

Above all else, as someone running a startup or small business, it is vital to be realistic. Everyone wants their business to hit the bigtime, but it won’t happen overnight. When forecasting your cashflow, remember that significant growth rarely takes place without significant investment. Sure, you might set realistic targets and then smash them, but you’re just as likely not to. As long as you don’t overstretch yourself you should be fine, but in this case it pays to have high quality simple accounting software with an in-built functionality for accurately and sensibly forecasting cashflow.

Want To Know More?

Using simple accounting software to forecast your cashflow can seem daunting at first, and often businesspeople can be reluctant to place such a significant part of their business’s future in the hands of a piece of software. To find out more, download Cash Manager’s comprehensive guide to Small Business Accounting Software today!

Click on the image below to download Cash Manager‘s accounts software for small business today.

The post Startup 101: Using Simple Accounting Software to Monitor Cashflow appeared first on Cash Manager.

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Startup 101: Using Simple Accounting Software to Monitor Cashflow

Cashflow is an all-important metric for every small business. Naturally, there will be peaks and troughs, but knowing exactly what your cashflow is and how to accurately predict it is key when you are looking to invest internally and expand. Here are a few quick and easy tips on how to best utilize simple accounting software to both monitor and predict your business’s cashflow.

An Invoice Does Not Necessarily Mean Income…

When you make a big sale or take on a client that is going to make you a lot of money, it can be tempting to put that money straight into your books. Be aware, however, that you might not actually be getting that money straight away. While a client may have agreed to pay you £10,000, double check on the invoice that this money is due straight away and not in 3 months time. Income is not income until it hits your bank account – use simple accounting software to help determine when money is there to be spent and when it is not.

…And An Expense May Not Be A Cost

It is just as important to cover all bases when making a payment as it is when receiving one. If you decide to invest in a new office computer, for example, but agreed to pay in installments or even delay payment for a month, make sure this is noted. If outgoings are incorrectly declared, you can find yourself unknowingly overspending or under-investing. Simple accounting software can be a useful tool both for declaring and monitoring your monthly outgoings.

Plan For The Seasons

You may be wondering where I’m going with this, but do bear with me! If your business has dedicated premises, chances are you will be paying utility bills of some sort. While utilities like broadband and business taxes will be constant throughout the year, your electricity and heating bills may not be. Bear in mind while forecasting for the current year that some utilities are likely to spike in the colder months and budget accordingly. Some businesses’ cashflow suffers in the winter months, so use simple accounting software to make sure you’re covered for a spike in utility bills.

Remember To Be Realistic

Above all else, as someone running a startup or small business, it is vital to be realistic. Everyone wants their business to hit the bigtime, but it won’t happen overnight. When forecasting your cashflow, remember that significant growth rarely takes place without significant investment. Sure, you might set realistic targets and then smash them, but you’re just as likely not to. As long as you don’t overstretch yourself you should be fine, but in this case it pays to have high quality simple accounting software with an in-built functionality for accurately and sensibly forecasting cashflow.

Want To Know More?

Using simple accounting software to forecast your cashflow can seem daunting at first, and often businesspeople can be reluctant to place such a significant part of their business’s future in the hands of a piece of software. To find out more, download Cash Manager’s comprehensive guide to Small Business Accounting Software today!

Click on the image below to download Cash Manager‘s accounts software for small business today.

The post Startup 101: Using Simple Accounting Software to Monitor Cashflow appeared first on Cash Manager.

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