Running your own business can be a great experience. You get to make a living by following your passion. And you get to be your own boss and run the business on your terms.
But in order to succeed as a small business owner, you need to manage cashflow correctly. This means keeping accurate accounting records that provide total visibility into the money moving in and out of your business.
While “doing the books” is an absolute must, it’s often no fun at all.
A major reason accounting can feel like such a chore is because antiquated desktop software is still commonly used to do it. It makes the process complicated and time consuming.
Outdated software can be so excruciating to use that many small business owners just give up on it — sacrificing their insight into cashflow at the same time.
The good news is that accounting doesn’t have to be grueling. In fact, it can actually be pretty fun when you drop your old software for a modern cloud-based solution.
Here are some examples of how cloud accounting software makes managing finances a much more enjoyable experience:
- Bank transactions are automatically imported into your accounting software, giving you a real-time view of your cashflow.
- Account balances, invoices, bills and expenses can be viewed at a glance, so you instantly know the state of your finances.
- The cloud can be accessed from any computer or mobile device with an internet connection. You can take care of your accounting responsibilities whenever you have a free moment, instead of setting aside time for desk work.
- Your accountant can easily access your finances from their home or office, cultivating a closer and more collaborative relationship.
- Updates and maintenance occur automatically in the cloud. No more manual installations or buying newer versions of software every couple years.
When you don’t dread using your accounting software, you’ll likely be a happier and more successful business owner.
You’ll be able to identify problems before they get worse and uncover opportunities to increase revenue. With the right software, accounting can be an exciting process that improves your life and business, not another hidden responsibility that comes with pursuing your dream.
If you’re interested in learning more, check out Xero’s guide on making small business accounting fun.