6 Solutions for Beginner Bookkeeping Pain Points

Business bookkeeping is an important task when it comes to handling costs and bank reconciliation. Good bookkeeping can bring down your annual bill and monthly costs. Most beginner businesses getting into bookkeeping are low on knowledge or budget, therefore have to face one or more of these pain points discussed below. We will try to understand the root of these pain points and find a viable solution.

If you have some suppliers and a decent clientele, you need a proper accounting and business management solution. The internal software were good for their time but now are outdated and slow. Everyone is shifting to advance cloud based business management software. Let us see how using a fitting Business Solution software such as SMIELS can ease your common bookkeeping pain points.

Value of your time

You are not factoring the cost of your time when calculating accounting costs. Your time is precious, and it needs to be spent on core business activities like growth planning and strategizing. Spending hours managing accounts to save some money is not an ideal investment of time. Let the professionals handle it for you.

Team communication

Updating files and keeping everything in sync is a difficult task. You also have to manage your team communication in order to be efficient and provide meaningful results for the business. This task can become easy with a good business management tool such as SMIELS which provides unlimited team members with custom roles and permissions.

Going Digital

This is a no brainer. Humans can make errors, it’s a fact of life. A completely physical bookkeeping method can become difficult to manage and does not provide any useful insights. It is also not possible to lookup any information or sort and filter your results if you’re not using a digital solution. Moreover, a digital solution will be able to provide reports and graphs to understand business numbers and highlight areas which require your attention.

Understand your Cash flow

Cash Flow is the health of your business, it shows you how much is going in and out of your company. Business projections into the future also depend on your cash flow. When your bookkeeping is in place, you will be able to better understand your cash flow and make informed decisions. The key is to update and check these projections regularly which will help you understand how much profit you’re making and how much to invest back into the business.

Taxes

Taxes are painful but that does not mean you have to be reactive to it, instead be proactive. Bookkeeping helps you manage taxation and custom duties. Good bookkeeping and an Accountant can also help you minimize taxes by making advantageous moves and purchases before year-end.

Accounting Knowledge

If you don’t use an accounting service, you are probably managing your accounts yourself. And this comes at risk of having outdated or no knowledge about accounting. If you’re blank, consider hiring a professional or using a proper business management tool such as SMIELS.

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