Please Invest in Bookkeeping Software
When you first start your business, you might not see bookkeeping software as a must-have. You might even be tempted to rely on your trusty Excel spreadsheet and a shoebox of receipts (*horrified gasp*) instead. I get why you’d be leaning towards the no-frills version of bookkeeping but PLEASE, invest in bookkeeping software. I would rank it as one of the most essential expenses in your business. I too am a complete Excel lover (to the extreme) but it has it’s place and here’s why.
Insight
Professional, paid accounting software gives you so much insight into your business. At the click of a button, you can pull year on year reports, track your expenditure by type and analyse your income. I can’t tell you how many clients think they are running a tight ship only to find out they are spending in excess of $200 per month on subscriptions. Without the right accounting software, this could easily be lost in translation. Knowledge is power and money talks so keep yours in check!
Cost-Effective
If it’s the cost of the software that’s stopping you, consider the amount of time you spend reconciling receipts and spreadsheets. I can guarantee it’s a whole lot. The right software enables you to take photos of your receipts and will automatically pull in your income and expenditure without you having to do any of the heavy lifting!
How much do you think you’re hourly rate is? Is it more than $50 an hour (it should be!)? Well then, you have no excuse!
Xero plans start from $50/month. I’m biased being 100% True blue Xero – but it’s totally amazing! That $50 you’ve spent will pay itself off in time saved.
You can then reinvest that time into your business or spend it with your favourite little people. Win/win I say!
Oh and I should mention, if you know a Xero Partner (*cough* ME!), you can purchase a lite subscription for as little as $10 a month.
You’ll keep your bookkeeper happy
So, here’s a little industry tip. Bookkeepers won’t work with clients if they don’t have a trustworthy electronic accounting system. It’s just not cost-effective for anyone to balance a spreadsheet and chase clients for the correct info.
If you plan on expanding and growing your business one of these days, accounting software is a must. So please – invest in bookkeeping software and it’s really investing in yourself and your future success.
Ok, I’m going to step off my soapbox now.
Yours in numbers,
Lisa x
By the way – looking for a checklist for new businesses? Email us and we’ll send your free copy.
