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How GST-Cloud accounting software increase your small business productivity.

How GST-Cloud accounting software increase your small business productivity.

Financial management is the comprehensive tracking of all income and expenses and it is the pivot on which every business revolves. While every business needs an accurate financial management to grow, ensuring that that task is undertaken by a system is that is capable and efficient is of the utmost importance. It’s no longer a secret that humans are susceptible to errors and the slightest one that goes unnoticed can cost any business a great deal of money as well as goodwill. Business accounting software makes the process of financial management a lot easier and more accurate. While there are a range of small business accounting software aswell as free online accounting software, some are considered to be in a league of their own. A prime example is the GST-Cloud accounting software whose algorithms and programming has been designed to spot any mistakes on the path of the user aswell as provide instant suggestions to rectify them.

A lot of businesses are turning their attention to the GST-Cloud accounting software to increase their productivity and efficiency due to its extensive range of functions. Some include

Oversight functions over your Business finance

The GST-cloud accounting software oversees all accounts associated with your business – accounts payable, accounts receivable as well as ledger accounts. Its has been programmed to provide the business owner with the clear overview of the company’s financial position.

Analyses the performance of your business

A small business needs constant examinations in order to ensure that its activities are right on track to achieve its goals and objectives. While individuals as wells as low-build softwares may miss a little detail, the GST-cloud accounting software is always spot on and it helps the manager take informed decisions in vis-à-vis the financial records provided by the software.

Easy to use- anywhere and anytime

Having a staff or personnel manage your business has a disadvantage because their activities are always limited to when they are onsite. Same applies to traditional accounting software that faces a list of problems that includes;

  • Lack of updated data in the system as well as the software itself
  • Only works on a computer and the data is transferred from one place to another e.g. the data can be transferred from the computer to a flash drive making it susceptible to malware and viruses.
  • Limited user – this restricts key personnel from keeping tabs with the latest financial records and details of customers.
  • Backups are usually costly and complicated to keep.
  • Frequent upgrade of the software is usually difficult, time consuming and quite costly

GST-cloud accounting software remains a cost efficient and super easy way to increase the productivity of your business because it can be managed from any device – tablets, smartphones and computers with an active internet. It provides a detailed and more organized way of staying connected to your business at all times. GST-cloud accounting software also serve as a QuickBooks alternative because it flexible, cost efficient and ultimately easy to use.

myBooks Easy Online Accounting Software |Best Cloud Based Small Business Bookkeeping Software

 

 

 

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Small Business tips

Top 10 Business Apps For Small Business Owners

Top 10 Business Apps For Small Business Owners

If you are an entrepreneur, you cannot deny how much help you sometimes. In fact, it is essential to entrepreneurial success that you ask for help now and again. Often however, you will not get this help in human form. This is no surprise in a world that has gotten rapidly digitized. Your friends are busy anyway as everyone is today. So, if you are caught up in such a situation, what can you do?

There are a lot of apps available online and dedicated to the small business owner. You can even get free online accounting software on the web. These apps are not just a handy help but are result oriented and extremely efficient. If you would like to dig in, then here are top selections of apps to help your business grow.

  1. Mybooks

MyBooks is a cloud based online accounting software designed for small businesses. It has a beautiful invoicing template, is affordable and allows you import your bank into the software so that all your accounting takes place in the same platform. MyBooks helps you manage all your business finances on the go.

  1. Square

Square helps your business by allowing you integrate payment systems into your smartphone. If you are in an industry where your customers have to pay using credit cards at the point-of-purchase, Square can help you deal with this quickly especially if you are low on budget. The app is useful for turning your smartphone into the point-of-sale machine on the spot.

  1. Skype for Business

Microsoft offers Skype for business to allow small businesses organize virtual meetings with up to 250 people attending at the same time. It also contains file transfer features as well as chat. It is a great tool for meeting with clients or having a quick office meeting with employees if you are not at the office.

  1. Best Small Basecamp

This is a project management app and apparently the most popular. It is also quite easy to use. It allows you to chat in-app, attach files, make checklists and watch how you progress with a project. The app also helps you to keep your team together by allowing you create calendars that clarify how far you have gone with a project.

  1. Rescuetime

This is a time management tool that helps you curb distractions and keeps you glued to your tasks. It allows you see precisely where you spend your time and allows you set goals that target your productivity.

  1. Evernote

Evernote is a tool that allows you to clip information that you found useful for your business from around the web but that you are yet to go through or that you want to keep because you think they are especially useful. You can clip these pieces, add to them and tag them all in one application.

  1. Pocket

This is an alternative to Evernote. You can use Pocket to save articles, blog posts, videos and anything else that catches your fancy so that you can come back to them when you have the time.

  1. Wunderlist

This is an effective to-do list tool. It allows you to create task after task and share them with your employees. When tasks are completed, the app syncs automatically to show the stage of the job at hand.

  1. Toggl

This is a time management tool that helps you track your time by the seconds. It is especially useful if you bill your clients hourly. You can track multiple projects and clients at the same time making it a very valuable tool.

  1. Trello

Trello is a visual project management tool. It allows you create lists and to use cards to indicate the status of projects. You simply drag the card from a list you have completed to a list that you are currently working on.

myBooks Easy Online Accounting Software |Best Cloud Based Small Business Bookkeeping Software

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Online Accounting Software

How Artificial Intelligence and Machine Learning Help Accountants

How Artificial Intelligence and Machine Learning Help Accountants

Artificial intelligence is the new revolution. Machines are replacing humans very fast in many fields but it doesn’t all sound so bleak. Machines are in fact enhancing these fields.

Prominent among the industries making use of machines is the accounting industry. This industry sees artificial intelligence as something of a rival that is about to totally dispense of the need for its services. Although accountants see machines as a challenge especially as it is built into technologies that they use, it is actually an added help to them.

Here are ways in which artificial intelligence and machine learning can help accountants.

Why Accountants Should Start Getting Into The Artificial Intelligence Wave

It is presumed that ‘smart machines will continue to reduce the need for human labor,’ so why not learn as much as you can in taking advantage of them? Artificial intelligence and machine learning can help accountants in the following ways.

  1. It would allow accountants to diversify their services.

There are software programs like online accounting software and mybooks now available to help clients save their time and money and perform accounting tasks such as audit and data entry. What this means is a reduced work load for accountants. They can channel this extra time and lighter work load to diversifying their services while becoming much more efficient at it. Accountants can offer financial consulting for clients for instance instead of specializing in areas that artificial intelligence and machine learning have replaced.

So the new trend of using machine to do work gives them the space and time to add more to their plate.

  1. It enhances their work

With the arrival of cloud accounting, artificial intelligence has only enhanced the job of accountants. Accounting professionals can now access their client base from the cloud. This makes their work easier and faster as it dispenses with a lot of the procedure in between and allows the accountant take on more clients.

  1. It makes them act more proactively

Since machines now perform basic accounting functions, it leaves the accountants with the time to navigate bigger financial transactions for their clients. The best part of this however is that accountants are able to make use of machines to track transactions and predict outcomes before the transactions even begin at all. This helps them to advise their clients better.

  1. It helps the accountant sustain the growth of his own business

By using artificial intelligence and machine learning, accountants can gain increased confidence of their clients because they are better able to help them track their business transaction and to help them make concrete financial decisions. This means that the clients have more trust in the accountant handling their financial affairs.

The accountant can also use the same methods he uses with the client’s business to gain insight into the direction of his own business. This proactive measure can be all he needs to save his firm.

If accountants can see machine learning using these lenses and can put these tips to work, they would soon discard any worry about job loss.

myBooks Easy Online Accounting Software |Best Cloud Based Small Business Bookkeeping Software

Categories
Small Business tips

Financial budgeting for your small business

FINANCIAL BUDGETING FOR YOUR SMALL BUSINESS

Rosette Mugidde once said, ‘Budgeting is not just for people who do not have enough money. It is for everyone who wants to ensure that their money is enough.

As this is an era where small businesses are progressively being made, it is important to understand the Concept of Financial Budgeting for your business, no matter how small you may think it is.

A Financial budget is a plan for the coordination of resources and expenditures in a business. It helps in the control of the inflows and outflows of cash and the overall financial positioning of the business. Basically, it involves a setup that guides safe cash flow and in the long run, a smooth business. It is only wise and advisable to employ good budgeting skills and take advantage of these features.

A crippled budgeting will not only cripple the business but will eventually kill it.

That is why I have put together some methods to help you budget the finances of your small business.

METHODS TO BUDGET THE FINANCES OF YOUR SMALL BUSINESS

Various methods exist to budget the finances of your business, some of which are;

1.KEEPING SPREADSHEETS

A spreadsheet is usually a sheet of paper that shows accounting or similar data in rows and columns. A spreadsheet is also a computer application program that simulates a physical spreadsheet by capturing, displaying, and manipulating data arranged in rows and columns. Spreadsheets are used to keep budgets but they can be tasking and time taking.

Using spreadsheets will require you to be settled and not get confused with the numbers. However, if you can’t keep up with spreadsheets, my other budgeting methods below can work for you.

2. Online accounting software:

As a small business owner, online accounting helps you track expenses and sales, thereby facilitating the running of your business. This software program also helps clients save their time and money and perform tasks such as data entry, audit and the likes.

3.Business accounting software

A similitude of the online accounting software, which includes various applications that record and process accounting transactions within various modules such as accounts payable, accounts transferable and the likes.

An example is MyBooks, a Quickbooks alternative, and which is a cloud-based online accounting software designed for small businesses with a friendly invoicing template and among other uses, helps to import your bank into the interface so you can interact with your bank conveniently.

4.SEND YOUR MONEY ERRANDS

It is important to know where your money is going into, and your money will only go wherever you send it. Maintain a Capital Expenditures budget, where you plan and set apart the amount needed to purchase any capital expenditure, for example, a processing machine that will stay over a long time. Also, a budgeted balance sheet and a cash budget will do.

5.The 60-20-20-10 METHOD

As a small business owner, it is possible that you have no employee to pay; this doesn’t imply that you swallow all the profits realized from the business at the end of each year. The 60-20-10-10 is a budgeting principle for your finances such that 60% goes to spending; 20% goes to savings; 10% goes to investing and 10% goes to donating to charity. Employing this principle is also a method to budget the finances of your business.

I know these tips helped you and I’m glad they did. Enjoy the finances of your business henceforth, as you budget them wisely.

myBooks Easy Online Accounting Software |Best Cloud Based Small Business Bookkeeping Software

Categories
Small Business tips

How to avoid small business financial mistakes

How to avoid small business financial mistakes

A business, whether small or large scale, has pillars on which it stands. Accounting and bookkeeping are one of those pillars, and a faulty bookkeeping practice will bring down the whole business as is the case when a building’s pillar is removed. If you own a small business or you are just starting a new business, it is necessary for you to set up a good bookkeeping and accounting practice.

Often, you will not be able to do this on your own. You will need the expertise of seasoned professionals to help you succeed with your accounting and bookkeeping. It then becomes essential to practice outsourcing of this vital part of your business. There is the need, in most cases, an urgent need, for businesses to outsource their bookkeeping activities to experts who have been specially trained for this purpose. Bookkeepers can help you achieve your financial evaluation goals with ease.

If you are wondering what makes bookkeeping so important, then you should read on and find out reasons why you should outsource.

  1. Bookkeeping Services Reduce The Workload On Business Owners

Looking at all the aspects of business like marketing, personnel management, processing, sales, logistics and so on, businesses will be better off if their owners outsource their bookkeeping to trained bookkeepers. That way, they can concentrate on the other aspects of the business and work more efficiently. Small business owners, in particular, will cherish the extra time they get in return as they are usually bagging different roles at a time.

  1. You Want To Do Best What You Know How To Do

Just as not all people can be doctors, not everyone is good with the numbers. In fact, I know more people who don’t like dealing with numbers. You can be a business owner with a good business but struggle with your bookkeeping and keeping of financial records in general. You will realize how much you need the expertise of bookkeepers.

  1. Bookkeeping Services Provide You With The Accurate Financial Situation Of Your Business

The job of the bookkeeper is to collect, collate, analyze, calculate, record data and report the financial information to the business owner. In essence, bookkeepers and accountants can assess the financial situation of your business more than anyone else. This is what they are trained to do. As a result of that training, they are able to deliver accurate and precise information, thereby promoting the business.

  1. Bookkeepers Help Business Owners Count The Cost

Bookkeepers can also take the place of financial counselors and answer the questions of the business owner on some financial issues. Business owners need such sound financial advice to help them steer the course of their business towards attaining the financial stance that they aim for.

With a bookkeeper or an accountant handling your financial affairs, you can put your mind at rest and enjoy the freedom that comes with outsourcing which means giving you time to actually enjoy doing your job.

 

Categories
Small Business tips

Time saving methods and steps for managing small businesses

TIME SAVING METHODS AND STEPS FOR MANAGING SMALL BUSINESSES

The default time allotted to every human on earth is twenty four hours. It is however a common phenomenon that this time is never enough. This is so true for small business owners. These entrepreneurs have a lot to do and to put into their businesses and as a result, they always feel like time picked the marathon shoes and has refused to wait for them.

In a world where it is now agreed that time equals money, it is essential for small business owners to know how to utilize the time they have and thus produce efficient results at the end of each day.

 TIME SAVING METHODS FOR MANAGING YOUR SMALL BUSINESS

Can time be saved?

Can you ever catch the racing time and cage it in a box?

Great men and women of the business world that we all read and talk about today are great because one of the skills they have is that of saving time. They have the same twenty four hours in a day that we all do but often they produce more efficient results. Why the marked difference? Yes, you guessed right. They are very efficient at saving their time.

We have distilled for you some of their methods.

Below are some of the time saving methods for your small business that we have put together to help you and your small business grow and produce more efficiently.

1.Engage The Use Of Online Accounting Software

Your business transactions can now be done faster with the evolution of the free online accounting software and business accounting software that are in vogue now. You don’t need to expend hours and days, racking your brain about transactions and cash flow when you can have a software program that runs the errands for you. Mybooks, for instance, which is a QuickBooks alternative, helps you take care of your accounting so that you can focus the rest of your time on other aspects of your business.

 2.Plan Your Time

A building without planning will never be successfully built because planning is the essence of life. You can plan your day in a way that every necessary thing would be achieved in that day and the unnecessary things would be avoided. You need to have a schedule or a to-do list that shows you the activities you have for each day. As your business grows, you can employ a personal assistant to remind you of activities on your schedule. Your business might involve some time consuming processes and if you use most of your time to do unproductive activities unintentionally, your productivity will of course suffer. This is another reason you should plan. Organize your activities in such a way that you remove the unproductive tasks and save them for last.

3.Employ More Hands

Sometimes, extra hands really help lift some luggage off our shoulders. As a small business owner, there are various aspects of your business that need your attention. You are your own accountant, sales person, auditor, brand ambassador, product designer and so on. The truth is that you cannot do everything alone if you want to be efficient.

Service providers exist all around to help you out and at affordable prices. You do not need to be operating on a large scale before you employ extra hands. If you use social media assistants to organize your social media for example, you will discover that the time you spend on social media will be removed from your planning and this can allow you to move on to other things.

4.Use Time Saving Machinery

Apart from the online accounting software and other business accounting  software that can help handle the finances of your business, you may also need to employ the use of some equipment that are specially designed to save time and produce efficiently. For instance, if you are a baker, a cake mixer would be faster than the regular manual mixing. It will also help to enhance your speed and accuracy.

Such time saving machineries are assets that will benefit your business for a long time and something you should invest in. Maximize these methods and enjoy saving your time.