Using the cloud as an entrepreneur
Starting your own business is a daunting task, but perhaps the most daunting is managing your finances. As an entrepreneur, you want to spend your time focusing on building your business, networking, and growing your client base. What you don’t want to do is sit down with mountains of invoices and bills and corresponding these to your bank transactions, all to make sure you are keeping a good cash flow. Even more frustrating, when it comes to paying your taxes, you need everything to be accessible and organised. These are the kinds of things that will slow you down and make you long for the days of being a regular employee.
Sound familiar? You should consider using online accounting software to make life easier. Consider these reasons why your business will benefit from the cloud:
- Never miss a beat. Check your accounts in real-time. Traditional accounting methods would leave you trawling through pages upon pages of reports, corresponding payments with invoices, spending your time looking at past transactions. With online accounting software like Xero, you see your accounts updated as you go, and you’ll watch your business grow in front of you.
- Access your accounts anywhere. The cloud is accessible 24/7 anywhere you go, so whether you are abroad on business, working from home, or on the road, you won’t fall behind. Cloud-based software like Xero is hosted remotely, so there’s nothing to download, and with a mobile app like Xero Touch you don’t even need a computer – just check your accounts from your phone.
- Go paperless. Over time, paper-based accounts will be unmanageable – even banks and HMRC are moving into a digital world. Free up space in your office, and you can fill your surroundings with things you actually enjoy rather than dusty piles of paper.
- Keep your accountant up to speed. As a business owner, you will feel more confident speaking to your accountant when you know you’re both on the same page. You will both be looking at the same ledger at the same time, so issues can be brought up immediately, and your accounts will feel like an integrated and natural part of everyday business.
- Safe storage. The cloud will back up your stuff and keep it secure. Xero makes sure your data is encrypted and stored in several locations, and they use the same two-step authentication that you see with banks and other online services. You get to choose who can look at your information – even the support team at Xero can only access your account if you give them permission.
Berley Chartered Accountants, a Xero bronze partner
As part of Xero’s partner programme, we have reached bronze status and have access to exclusive features. We utilise Xero with many of our clients and know how it can help entrepreneurs and small businesses save time and focus on the important stuff.
If you need help with small business accountancy, or if you want to know more about Xero, call Berley Chartered Accountants today on 020 7788 8261 or use our quick online enquiry form.