Accounting for your new business opportunity

As a business owner, time management is one of the crucial key skills that can determine the success of failure of your business. With so many tasks to complete, both in terms of operational and strategic, there never seem to be enough hours in the day (or night) to get things done. With that being the case, the focus of todays blog is to highlight an area that is traditionally deemed to be quite tedious and boring, but plays a big part in you managing your business successfully – namely, accounting software.

Far from being the authority in accounting software, we have aimed to highlight some of the choices that are open to you when deciding what software works best for your business. Lets find out more…

• Microsoft Excel Spreadsheets

One of the biggest ways to save money in the short term is to minimise your expenditure on non-income generating software such as accounting systems. One of the best alternatives to using traditional bookkeeping software for instance is to utilise Microsoft Excel spreadsheets that can help you log your income and expenditure. Coupled with Excel formulas and macros (if you feel adventurous), you can produce all sorts of management and reporting data that can assist in running your business.

However, the drawback of this method is that it may be difficult to create the right type of spreadsheet for your business and may become time-consuming identifying errors within a worksheet. However, if money is scare at the start of your business journey this may be the option for you.

• Online Accounting Software

The advent of the Internet has made almost every task user friendly by offering solutions in a non-technical way. The widespread adoption of online accounting software is one example of an industry that has benefited from the information age.

Online accounting software allows busy business owners such as yourself to compete the bookkeeping side of your business in a relatively easy and timely fashion. With everything laid out in simple terms and expert help and assistance available, many business owners are turning to online accounting software to conduct the day to day transactions of their business.

Here at Eazi-Apps we currently use an online package available from KashFlow that allows us to record accounting entries as well as raise invoices etc in a time efficient and simple way. KashFlow is not the only accounting system available and there are others including QuickBooks and SAGE as examples. When choosing any accounting package it is important to pick the right price package for your business as well as the services needed for your business. With many of the providers mentioned above offering free 14 day trials, we strongly recommend trying out each provider and opting with the one that you feel most comfortable with.

As we have seen, there are many options when it comes to selecting to the right type of accounting system for your new business. Some individuals will choose to use Excel Spreadsheets, some will purchase an online package whilst others will decide to leave it their nominated accountant.

There are no right or wrong answers and tailoring your choice to your requirements and budgetary constraints is crucial to finding the solution for your business. To find out how Eazi-Apps can help you enter the mobile landscape and advise you on every facet of your mobile app building business, contact the head office team today.