How Sage One can help you manage your bookkeeping

Where would we be without technology to manage our businesses? Cloud-based software and advances in hardware mean modern businesses can run more efficiently and benefit from better communications.

Bookkeepers and those managing business accounts benefit immensely from modern technology, which allows business owners and accountants to manage data easily and accurately.

Better bookkeeping also allows a business to stay competitive, enjoy good client relationships and grow sustainably.

The benefits of efficient bookkeeping

At its core, good bookkeeping helps you get paid on time, pay others on time, and can make a huge difference to your company by helping you succeed and grow.

Having a clear view of your cash flow will help you to track your income sources, and forecast for the future. Being able to access reports with your bookkeeping records makes this a task you can do more regularly too.

Efficient bookkeeping helps you to streamline processes. Having a structure in place means you can keep on top of late payments, saving time on chasing, and keeping your cash flow healthy.

You may also be able to automate processes. Being able to automatically create invoices for regular work, or quickly generate branded invoices and quotes will keep business ticking over.

An organised approach to your accounts will help you keep up with VAT and other tax obligations, to ensure you never miss a deadline which could harm your business.

Can efficient bookkeeping help you achieve your business goals? It can by helping you make the right decisions. For example, if you are thinking about investing in a new piece of machinery, you need to delve into your finances. Reporting can help you see if you are earning income from the right areas to justify the purchase, and if income in that area is likely to increase to allow to you invest.

You can also make better decisions about staffing and expansion in to new product lines or services, based upon what your accounts tell you.

Scaling and growing your business

When you start your business you may find that your bookkeeping doesn’t take too long, but as it grows the workload may increase. However, efficient methods for managing your finance will reduce the amount of time it takes.

By working with a bookkeeper and using efficient accounting software like Sage One, you can reduce the demands of a growing business. Two-way communication is key, allowing you to see what is happening with your business and enabling your bookkeeper to manage the regular tasks.

This time saved will help you to concentrate on growing your business, and to spot new opportunities for growth. Reports will show you which customers are bringing in the most business, so you can concentrate on business development in these areas.

If you are running a retail business you can spot which lines are selling well, and which times of year are particularly good for business.

Being organised with your finances will also make you a more attractive proposition for investors. Combine this with a financially sound business plan and you may be more eligible for grant funding, VC funding or a business loan.

Running your business with bookkeeping software

All of these efficiencies can be achieved by having the right software managing your small business accounts. There are a number of ways that software like Sage One can help you manage your small business bookkeeping, and help you easily complete regular tasks:

Bank reconciliation. Reduce the time it takes to import bank statements and deposits with Sage One. The software allows you to quickly match transactions to accounts information. You have control over the process, but the automation simplifies the task.

Access from anywhere. Your time is precious so it is important to be able to manage your accounts from your desk, a train or wherever you are that day. As long as you have an internet connection, a cloud-based app will allow you to work remotely.

Reporting and analysis. Reporting is useful for both small business owners and bookkeepers. As a bookkeeper you can easily generate the right reports as asked for by your client. As a business owner, reporting allows you to manage your cash flow and help you forecast for the future.

Collaboration. Support and manage your colleagues and clients with a collaborative approach to bookkeeping. You can manage payments with clients and share reports with colleagues and bookkeepers.

Bank reconciliation. Reduce the time it takes to import bank statements and deposits with Sage One. The software allows you to quickly match transactions to accounts information. You have control over the process, but the automation simplifies the task.

Access from anywhere. Your time is precious so it is important to be able to manage your accounts from your desk, a train or wherever you are that day. As long as you have an internet connection, a cloud-based app will allow you to work remotely.

Reporting and analysis. Reporting is useful for both small business owners and bookkeepers. As a bookkeeper you can easily generate the right reports as asked for by your client. As a business owner, reporting allows you to manage your cashflow and help you forecast for the future.

Collaboration. Support and manage your colleagues and clients with a collaborative approach to bookkeeping. You can manage payments with clients and share reports with colleagues and bookkeepers.

Checklist: what to look for in bookkeeping software

Cloud-based so you can access it from anywhere
Connects to your bank
Generates automatic and on-demand reports
Automates transactions and incoming
Generates invoices and quotes
Offers online payments
Integrates with payroll software, should you need it
Secure, to protect your data

You can find all this and more with Sage One Accounting, which has also been accredited by the Institute of Certified Bookkeepers (ICB).

Find out more about how Sage One can help your business. Try it using our free trial, or sign up now to save up to 20% on your subscription.