/Pricing/Accounting;/U/Marketing;/U/Blog;

Make Small Business Accounting Fun

Small business accounting challenges

When we talk to the small business community and accountants and bookkeepers, several things become obvious. It’s clear that all small businesses need good cashflow to survive. But many don’t really understand or manage their cashflow. They also don’t have good visibility of their accounts.

If you’re a small business owner, there might be a few reasons you started your own company. You may have wanted to do something you’re passionate about, have control of your future, or be your own boss. But it’s likely that balancing the books wasn’t high on the list of potential advantages.

Having passion for your business is great, but accounting often sits at the opposite end of the scale. The software many businesses have is often difficult to use. It’s had a history of being time consuming and confusing for anyone who isn’t an accountant.

If you’re a business owner, you might relate to this sentiment:

” I would rather face root canal with no anesthetic than do bank reconciliations.” 

Too many people are frustrated with the software they use. Why is that? Small business accounting software has been unintuitive and difficult to use for years. Business owners often find themselves chained to an old desktop in the back room labouring over the finances. With a system like that, it becomes obvious why people don’t have good visibility of their accounts.

Five ways cloud software makes accounting fun

  1. When statement lines from your bank account are fed into your accounting software automatically, you can see your cashflow in real-time.
  2. Being able to see bank balances, invoices, bills and expenses at a glance gives you a clear picture of your finances.
  3. View your accounts in the cloud so you can access them when you want, where you want, on any device.
  4. You’re free to be mobile – not chained to your desktop. When you can work on the same data as your advisors at the same time, there’s no need to share a computer or exchange files.
  5. Small business accounting software with free updates means there’s no need for installations or maintenance.

Accounting can be fun and addictive

Software that makes doing business a pleasure, can only be a good thing. Making money and seeing how your business is doing should be fun. If your software is intuitive, it can be addictive to use.

What this means for small business

When business owners use software that’s intuitive and easy, they are much more in tune with their financial situation. This means they can avoid problems and take action when it matters, not after the fact, when it’s too late. Adding to that, accountants and financial advisors are able to give them much better insight and advice, spotting future opportunities for growth.

When you get excited about using your accounting software, you’ll notice the positive effect it has on your business.

Read more

It’s About Time

I work with successful CEOs, entrepreneurs and founders who typically have one thing in common: They’re all slammed. People who are successful in their careers often arrive innocently at this sense of busy being best. Many of them grew up with hard-working parents who encouraged putting in the time to do your best.

You might see the problem, but keep doing it anyway. You know you need to change, but don’t know how. You are too busy to figure out how not to be so busy.

I view it entirely differently.

  1. You can change.
  2. You can get started and see the impact very quickly.
  3. If you’re that busy, you’re most certainly missing opportunity.
  4. What you gain from the change will far outweigh what you give up.
  5. The little voice that says “someday,” is a bold-faced liar.

I have lived the 3,500 hours-a-year work life. I have also lived the life of ease and grace. I’ll take the latter! It is not about giving up, copping out or not making money. To the contrary, it’s about gaining more of what matters.

EO believes that it is entrepreneurs’ connection to family and community that enables them to thrive as business leaders. That’s why we’ve gathered top experts in relationships, parenting, and building meaningful legacies to take part in EO24/7, EO’s annual virtual learning event. Register today for this free week-long event, and then start unlocking exclusive content on 12 November, 2018.

Begin with these three recommendations to start making time and making change today.
  1. Review the big picture. Get a sense of where your 168 hours a week go. Divide it between work and personal. Break the work down between highest and best value activities and lower value activities. On the personal side, see what you have available for working out, time with your spouse and kids, time for personal growth, chores, etc.
  2. Create an ideal. Thoughtfully and creatively consider your situation. Create another column that represents your “ideal scene.” That is, what would serve you best? In terms of your financial wealth and your life? It’s only the next 10 or 20 years! What would happen if you took 10 or 15 hours a week from those lower categories and put them into high-value categories? What if you took some work out of the equation, and just slowed down? Might you create more good, make better decisions, create more wealth, and have more time with your kids before they grow up?
  3. Create a plan and march forward. I asked a business owner to sit at the dining room table with a stack of note cards and write everything he does. Then, gather in one pile the top 25% of the tasks that are the highest value to his company, finances, family, and his life dream. Sweep the rest of the cards onto the floor. I can tell you, his face lit up like a little kid. Do you suppose that over time he can eliminate those lower priority tasks? Of course! After all, he owns the company.

Ultimately, the way you reach your ideal is to make it happen. You hire, delegate differently, pay up for more talent, and sometimes make different decisions. There are always workable solutions. It may take months or a year, but the results are worth the investment in energy and time.

Read more