Complement your accounting software with an effective financial management system
Accounting software is prominent in most small to medium businesses. But there are a surprising number of business owners who still don’t understand the importance of implementing an effective system to complement their software.
While financial management programmes, such as those available from QuickBooks, can be incredibly useful when managing almost every aspect of a company’s finances, they are only tools. As with all tools, software is only as good as the person using it. QuickBooks programmes are accounting made easy and implementing them is both quick and convenient. However, if you want them to perform to the best of their ability, you’ll need to do your part too.
Browse our range of packages, including SimpleStart, Pro and Premier, and choose which will best fit into your current system.
Business accounting software is only the first step
In essence, a financial management system is the process through which you record all of your income and expenses. This is done to give you an overview of your business’s financial health, as well as provide your investors, shareholders and other interested parties with a detailed record of the day-to-day aspects of running your business should they request it.
QuickBooks can help you streamline your bookkeeping processes, but there are also some things that you can do to ensure accuracy and efficiency.
- Record everything – Before you start using your accounting software, take a step back and think about all of the different types of transactions you’ll need to record on a daily, weekly, monthly and yearly basis. This may be time consuming, but you’ll only need to do it once. When you know exactly what you need to record and when you need to record it, you’ll find that the actual day-to-day tasks run smoothly.
- Do it right the first time – There’s always the possibility of human error sneaking into any task. It’s best to minimise this where your money is concerned. If you enter a figure into a programme correctly, you won’t have to worry about it again. However, if you do it incorrectly, it could be months before you discover your error. Going back to find it will take more time than checking it twice when you originally entered it.
If your accounting system is correctly set up and effectively managed, you can rest assured that the information you seek is correct and can be found easily.
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