Have you ever used the most basic version of your accounting software because you couldn’t be bothered to learn the ins and outs? If you’re a small business owner, you need to know the fundamentals of whatever accounting software you use. Used properly, it can keep you from making bad decisions, and help you to make great ones. So we’ve put together four accounting software absolute must-knows in order to keep your business running smoothly:
Balance your books
Using your accounting software to balance the books with your bank account is the number one activity we recommend for any small business owner. This way you know what real cash you have available, preventing future problems and keeping you 100% on top of your financials.
Keep track of who owes you money
Never let that invoice fall through the cracks again and, conversely, make sure you’re always getting paid on time yourself. Keep control of your outstanding credit by being able to tell – easily and at the push of a button – who owes you money and when it was due. The same goes for keeping track of your outstanding debt.
Know what products are making you money
When was the last time you reviewed exactly which parts of your business are making you money and which ones need a good once-over? The great thing about having a simple accounting software solution is that this process becomes infinitely easier to manage on a regular basis and can keep your business as effective and financially successful as possible.
A regular analysis of your company’s performance can be incredibly fast and easy when you’re using the right software. Instead of slaving over the books a few times per year, schedule in one hour every month to review your business performance. This will save you heaps of time, money and make sure everything is being accurately reported. Just as importantly, you will feel in control.
If you’re a small business owner, really take advantage of your accounting software. It pays dividends in the end!
Grant Hewson is managing director of Accomplish.
Accomplish CashManager is small business accounting software that allows business owners to focus on their businesses. You can download a free trial here.