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What’s Different With MyBooks

What’s Different With MyBooks

As one of the latest entrant into the online accounting software industry, MyBooks is making a significant headway into the industry. MyBooks is here to make running businesses easier for entrepreneurs. MyBooks is guided by a vision of the future, it is helping small and medium sized businesses leverage on technology. This is paving way for small businesses who are strong beneficiary of the technology at the disposal of MyBooks. It is all about create a level playing ground for all businesses regardless of size and capital base. It is all about placing rare technologies in the hands of entrepreneurs and start-ups. When it comes to MyBooks, it’s all about giving you a tool that can handle every of your basic and complex accounting needs.

MyBooks is just one of the scores of accounting software available, but it’s making waves with the features available. MyBooks operates across all platforms and requires limited computational knowledge and power. If you are wondering what makes MyBooks different, here are the reasons;

1. Full Scale Implementation of Artificial Intelligence and Machine Learning

MyBooks is one of the most advanced in the industry. With the hopes of implementing advanced functionalities of artificial intelligence and machine learning. The workings of these two will provide expert financial insights that can help make important business decisions. It has an analytical dashboard which allows for easy monitoring of important business and account indicators.

You can see the expenses, revenue, and tax summaries on the analytical dashboard. MyBooks allows you to draw quick inferences without the need for human advice. Artificial intelligence and Machine Learning can help with market and customer analysis, data-driving trading, credit scoring and much more.

2. Ease of Use

There’s a short learning curve when it comes to MyBooks. You don’t have to possess any professional training to use MyBooks. One of the primary objective of the founders of MyBooks is to make a software that comes easy with usage. Limited financial knowledge is required to be able to use all the features of MyBooks. MyBooks can be used by anyone regardless of training and certification.

Not every entrepreneur possesses accounting skills, which is why MyBooks is designed. It’s all about cutting out the time needed to perform accounting functions as business owners. MyBooks cut out the need for hiring professional accountants as a small business.

3. Automated Financial Planning and Analysis

MyBooks is not like any other accounting software for small business. Useful apps are integrated into MyBooks to provide business owners with all the tools needed to run their business effectively. MyBooks helps entrepreneur to effectively plan their finances and be able to draw out inferences necessary for business continuity. Without proper financial planning, businesses cannot measure their progress and profitability.

Through MyBooks, financial analysis can be swiftly carried out. Small business owners are provided all the data needed to decide the direction their business is headed. Most importantly, in order to assess cash flow, profitability and control expenses.

4. Affordability and Cost Reduction

The early years of every small businesses is always difficult as they move between making profit and breaking even. There is usually a thin line between profits and losses. As a small business, there is a need to cut out unnecessary expenses as much as possible. One of such expenses usually bothers on employee salaries, which many small businesses cannot afford.

Most importantly, MyBooks allows businesses to be able to prioritize the most important expenses. Mybooks alleviates the pain of many small businesses as it is affordable with an excellent pricing plan.

5. Cutting Out Business Resources; Time and Labour

Rather than spend useful time performing accounting functions, MyBooks can be used. MyBooks is able to reduce time expended on accounting functions, this can be invested into other important areas of the business. Not every entrepreneur has the luxury of time, neither do they have the skill and labour strength. With MyBooks, the most important accounting tasks get done without much efforts.

You don’t have to spend too much time creating invoices, making payments, tracking cost and sending reminders to debtors . MyBooks does it all with little or no human effort. MyBooks is also a mobile oriented platform that allows you to create invoice and even request payment on the go.


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Significance of financial planning for Small Businesses

Significance of Financial Planning For Small Businesses

It won’t amount to an exaggeration to say that a financial plan is the most important thing a small business needs. It doesn’t just serve as a guide but also as a reminder and roadmap in achieving your set out goals. With proper financial planning, you are able to put into black and white, what your long and short-term plans are. Without a financial plan, it will be a hard task convincing an investor, creditors and bankers to have a meeting with you. Proper financial planning spell out your taxes, cash flow and even your budgeting.

Financial planning and business success goes hand in hand. You will know before setting out if your business is profitable. With a financial plan, you will be able to have a good grip on your cash flow. The inability to handle cash flow is the reason why many small businesses close their doors early into the business. In essence, a financial plan helps you ascertain if you are doing the right things at the right time.

We’ve outlined why you need to have a financial plan as a small business;

1. A Clue into What The Future Holds

As a small business, you need to be able to plan out the future of your business. That’s the only way to stay ahead in the game. In as much as you need to be able to stay in charge of the current issues in your business, proper financial planning will also reveal a glimpse of what the future holds.

You will always have to yourself myriads of issues to deal with daily, this can make you lose sight of the future. With a progressive and forward looking financial planning, you will be aware of the monetary expenditures which is required to grow your business.

2. Controlling Your Expenses With Proper Budgeting

An aspect of a financial plan is budgeting, this is to map out the costs even before they arise. To help your business run smoothly in the long term, you need to be aware of what it will cost to get your business going on a daily basis.

You need to be able to prioritize and conserve financial resources. With a financial plan, you’ll highlight what is considered most important of your day to day expenses. You will prioritize those that are important to the immediate growth of the business.

3. Forecasting Sales, Revenue and Opportunities

How much revenue can you get in the short and long term? This should be the determinant of every other aspect of the business. With an eye on the revenue, you can be sure of your profitability as a business. You will be well informed of whether you are meeting your revenue forecasts or not. With a financial plan, you will be aware of the performance of your business using revenue as a yardstick for measurement.

A financial plan helps to spot sales trends and how to capitalize on the opportunities it provides. Proper financial planning helps to identify which of your products is performing excellently and how you can get more revenue through it.

4. Measure of Progress and Growth

Look at the state of your business in relation to what you set out in your financial plans. You will have an idea of whether there’s growth in the real sense of it. You cannot assume you are growing without referring to the financial plan. You would have invested long hours into the business and ascertaining whether you are making progress will be difficult.

With the actual results in comparison to the forecasts, you are sure of the progress being made. Whether it’s a rising cash balance, or increase in revenue, the small business owner is sure of the progress being made.

5. Identifying Trends and Opportunities

Every business has a trend that can be banked on, this can translate to opportunities for a small business to capitalize on. It’s only through proper financial planning that this trend can be identified.

You cannot be sure of which of your business decisions led to a particular success. Financial planning is all about quantifiable planning, which can help your business focus on the trend that yields the most profit.

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Future of Financial Accounting

What is the Future of Financial Accounting.

The future of accounting will be determined by technology. Over the last decade, rarely will you see any business function not impacted by technology. Even though financial accounting is a latecomer to the party, it is playing catch up with a huge leap. Over the last few years, we have witnessed the automation of repetitive and monotonous accounting tasks. We are in the era of modern finance where the definition of accountant is taking on a new role closer to that of a financial analyst. These changes are basically the result of the growth in artificial intelligence which is making may industry watcher as a simple but confusing question; what is the future of financial accounting?

Of course, with the current leap in technology, the accounting profession will experience major changes in the next two decades. There’s a trend already and it will shape the future in the following way;

1. Bots Will Take Over Many Accounting Job Descriptions

Saying the robots are coming is an understatement, they are here already and will take over many of what used to be the core roles of accountants. This will even go as far as preparing bank reconciliation accounts. For accountants to remain relevant in the scheme of business, they will need to become more sophisticated and advanced in the use of technologies. Accounting functions will heavily rely on the use of smart technologies.

The whole idea behind the use of bots is for automation of accounting tasks. It will go a long way to save businesses a lot of time and resources that is often invested. It will reduce a lot of burden related to manual accounting.

2. Advanced Financial Insights Through Business Assistant Bots

Today, more businesses are leveraging on artificial intelligence and machine learning. This is helping them reduce costs and serving customers more efficiently. The idea is to be able to provide a quicker and effective transactional services. Now, with assistants bots, basic tasks such as bank accountant details, loan enquiries, and balance enquiries can be handled by bots. This will allow for humans to focus on complex issues.

This business assistant bots will allow businesses save billions of dollars. AI and Machine Learning will cease to be just buzzword but an integral part of business.

3. Voice and Chat Based Interaction Over Screen Based UI

Unlike before, accounting tools will assume an interactional dimension. The future of technology will be more interactional, and financial accounting will not be left behind. User experience will change towards voice and chat based interface. It’s all about making technology more human rather than imposing technology on humans. Technology will go a long way to shape how accountants work and how accounting functions are performed.

There’s a transition from screen based UI to Voice and Chat Based UI. No, you can access financial data more faster and decisions can be made in an instant.

4. Mobile First App Rather Than Web or Desktop.

We are in the era of mobile computing rather than web or desktop applications. Today, 70% of tech savvy individuals rely on mobile device rather than their desktop. This is an era of information overload, and businesses are learning to grasp the attention of users by focusing on mobile first apps. With a mobile first app, it is narrowed down to it most essential features. Additional features are now thrown into the desktop app.

With this approach, users are inclined to use both the mobile and the desktop app. They are complementing one another rather than competing against each other.

5. Easy Integration With Other Apps

The future of accounting is all about being able to do all that is needed without logging out of a single app. Today, an accounting app for small business is able to perform other roles such as payroll, CRM and more. There’s an ease that comes with having all your data in one single spot, that’s what the future is like for accounting and finance.

This will definitely boost productivity as you can do more with less. That’s what the future is like for accounting and it’s already in motion. The fusion of more than a single function in an app.

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Why we choose Office365 over Google Suite

Why We Choose Office365 Over Google Suite

Confused on the cloud productivity software to use? The choice is always between office365 and Google Suite. These two are the major productivity tool for businesses all over the world. They are always yearning to outplay each other in terms of features and ease of use. They both have their strengths and weaknesses but there are reasons why we choose Office 365 over Google suite. We’ll look at it from the angle of what Office365 is doing or has done that has made them miles ahead of Google Suite;

1. The Quick Evolution of Office 365.

Office365 is not what it used to be, it is always undergoing a shift. This shift is always to the benefit of the users. Office 365 has always been ruling the productivity space, it was slow to join the cloud race. However, since it joined the cloud space, it has made a huge leap than Google Suite in all areas. Microsoft through Satya Nadella was able to close the gap between the platform and Google suite. It is able to focus more on mobile and cloud computing. There is a rapid development which makes it a complete productivity tool which performs better than Google suite on all front.

2. The Lack of Attention On Google Suite

When put side by side, the attention Microsoft Office enjoys is not at the same level with Google Suite. This is not to say that Google Suite is not being updated but at a slower pace and rate to Office 365. Google is just playing catch up with the digital transformation trends. The flexible options offered by Office 365 put it ahead of Google Suite also. There’s even an hybrid solution which means you can use Office 365 both offline, on-premises, on-cloud or even both together at once. For an organization yet to make a full migration to cloud, using Google Suite is nothing but a stress.

3. The Variety of Apps Available on Office 365

Apps are the influencing reasons why some people choose Office 365 over Google Suite. We can’t blame them actually, there’s an abundance of apps that makes business easier. There are most applications available to Office 365 users that don’t have an alternative on Google Suite. With applications such as Microsoft Teams, Planner and more, Office 365 offers businesses the edge they need over Google Suite. Even with the common applications Microsoft Excel, there’s an advance feature than Google Sheets. For every Google Suite app, there’s an advanced similar application offered by Office 365.

4. The Leadership at Office 365 is the Backbone

It all boils down to the attention given to Office 365. The quality of leadership is evident in the quality, innovation and stability enjoyed by users of Office 365. What the leadership at Office 365 offers witnessed the influx of users from Google Suite to Office 365. The thoughts and ideas from the Satya Nadella era is giving Office 365 a good push. Being a second generation CEO, Satya was able to inject life into Office 365. It went from being a tool playing catch up to a trail blazer in the business productivity environment.

5. Value For Money, Best Bang For Every Buck

We cannot rule out the role played by pricing in the choice of any business software. In our own choice, pricing was an important factor considered. We choose Office 365 as it offers the best value for money. This is considering the weight and importance of the tools and applications available on the Office 365 platform. For a new start up or a medium sized company with limited number of employees, pitching your tent with Office 365 is the best decision you can make.

Conclusion

Truly, they both performs at the same rate but there will always be competition between these two. At every point, you will have to weigh and pitch the two against one another. When we made our choice, these five points guided our choice. As a point of summary; the advanced and powerful functionalities, the hybrid nature and the pricing served as enough reason to choose Office 365. It doesn’t matter when and where you work from, Office 365 is the right way to go.