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Are you still shoebox accounting?

When starting your new business venture, it is natural to want to keep costs to a minimum and do as much of the administration and leg work as you can possibly handle yourself in the early stages. As your business has started to grow, you may be finding yourself a slave to your administration and bookkeeping. As an entrepreneur, it is difficult to find a balance. But is your time truly better spent attending to your bookkeeping, or is it better invested in doing the things you’re good at… sales, marketing, product development for example?

When do you find the time to tackle your books? Maybe you put aside one day a month, or perhaps you procrastinate and then burn through a few days at the end of the year as you scramble to get your finances in order before you visit your accountant. Could that time be better spent? Ultimately, if your time spent away from the business is actually hurting the business, plus you don’t want to eat into your precious downtime either, then serious thought should be given to an online accounting system.

You may also be neglecting your billing, chasing outstanding invoices, and in turn hurting your cash flow, meaning you’re drawing upon other income sources to prop up the business until your invoices can be issued and paid. When the business starts to suffer because of the time demands of your manual accounting system, then it’s time to seek assistance.

All of the above scenarios are very common. We know that dealing with your finances is undoubtedly one of the biggest growing pains of a successful business. If you can identify with any of the above, then it may be time to empty the shoebox overflowing with receipts, abandon your spreadsheets, and take the plunge in upgrading to something more efficient.

Mitchell Charlesworth are platinum partners with leading accountancy software Xero. This means that we can assist businesses of all shapes and sizes to get their finances in order. As no two businesses are the same, Xero can be tailored to suit the individual needs of you and your business. We can also offer training and support throughout the implementation process.

How will Xero benefit me and my business

  • The software is simple to use. It’s a clean dashboard layout, for ease of use
  • Flexible: The software can be tailored just how you need it to suit the needs of your business and the way in which you like to work
  • Automated: There are a wide range of complementary apps that can ‘bolt on’ to the software. This software can do the heavy lifting for you – apps such as AutoEntry means you can say goodbye to your shoe boxes stuffed full of receipts – you just photograph your receipt or invoice on your smartphone and the key data is automatically extracted and fed into Xero, with the image being retained for future reference meaning you always have access to your records without retaining the original
  • Dynamic: The software can produce business reports in real time from anywhere in the world – all that is needed is an internet connection
  • Future Focussed: forecasting combined with the breadth and depth of Mitchell Charlesworth experience means that we keep you on track to achieve your business goals
  • Secure: All transactions are backed up to the cloud, so you can be assured that important documents won’t be lost in transit via emails or stored on a corrupt memory stick. Furthermore, it allows us as your accountant, to collaborate with you and view information at the same time.

We aim to offer our clients a holistic service, blending up to the minute cloud accountancy software with our traditional range of business services, complemented by advice and assistance from our friendly and professional advisors, which in turn can allow us to identify any important tax savings. If you feel like you would like an extra level of support then Mitchell Charlesworth Cloud Accounting Solutions may be the best level of support for you.

As a small business you may be concerned about price – there are a range of monthly payment options available to you according to your needs. Please contact your usual Mitchell Charlesworth contact to discuss further, as above, packages can be tailor made to suit the businesses individual requirements.