The backbone of any business, all companies recognise the simple fact that the bottom line is often the most important factor they need to control. Attaining the necessary capital to launch a business venture is one thing but maintaining high levels of profit with minimal losses is something which requires far greater work.
Whilst the direction a business takes and the manner in which it operates will naturally influence this, other factors can also come into play. Financial management is a key skill and businesses who are able to keep track of their transactions with precision are often those who perform the best; irrespective of the economic climate.
Online accountancy software, such as Intuit’s QuickBooks Online accounting software, offers a modern form of financial management which many companies are adopting. Available to businesses via the web, the use of such software can improve business finances dramatically – but how?
Business finances are anything but simple. With multiple procedures and considerations to be made, those in charge of this area of the business must track all transactions, both ingoing and outgoing, whilst ensuring that reports and analysis of figures are completed at set times. Projections for future growth can only be made on the basis of strong financial understanding and a business’ success is measured by its financial past. Overall, financial management can be an arduous and time consuming process.
Online accounting software which can be accessed via the cloud, such as that offered by Intuit, simplifies many of these processes by providing a seamless, easy to navigate service, which can create VAT returns automatically and perform other vital tasks
Invoices can be created with ease and these programmes are even capable of tracking transactions and payments on your behalf. This means there is less involvement needed from you, making the tasks less labour intensive and saving you time.
Aside from improving your finances by making them easier to manage, the use of online programmes such as QuickBooks Invoicing software can help you grow your business by turning drudgery into time that you can spend on what matters most, such as finding new customers and developing your product offerings.
QuickBooks software also enables you to work with your accountant more efficiently. With instant online access to your accounts your accountant can keep a close eye on your business finances to review your records and provide timely advice all without ever leaving their desk, saving time on data entry and unnecessary travel you would normally pay them for.
Navigate the market
Considering the current state of the economy, (the BBC recently claimed it to be experiencing the highest trade deficit in fifteen years ), it is no wonder that many businesses are struggling to assert themselves. Navigating a market as turbulent as ours requires thorough research and knowledge – something which experts such as Intuit have in abundance.
Intuit’s online accounting service was launched just last year, but is tailor made to meet UK market specifications following thorough communication with small businesses.