Are you still using a manual bookkeeping system to manage your finances?
As your business grows, you need a more effective bookkeeping system. This way you can handle multiple transactions and ensure fewer mistakes due to manual data entry.
In this video, the founder of Go Global Bookkeeping and Chartered Accountant Scott Trevethan explains how using cloud accounting software has revolutionised accounting and helped business owners streamline their processes.
For more details, click the play button below and start watching now.
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Keeping everyone on the same page is really important. Now we used to have a situation, this is a lot less frequent now, but we used to have a situation where the owner had a set of books, the accountant had another set of books, and the bookkeeper had another set of books. Maybe if there was a board or an advisory board, they might have had another set of books as well. It was very difficult to get everyone to read from the same page. It was very difficult to get everyone aligned.
But now cloud accounting came along and meant that everyone can use the same set of books. And this is a huge, huge thing, huge thing for small and medium-sized businesses who don’t have floors and floors of accountants to be able to manipulate data and make sure that everyone is reading from the same hymn book.
So cloud accounting really, if you don’t know what that is, it’s where the magic really lies, is it’s something that takes the central point of truth, which is the bank statement.
Let’s face it, there’s a lot less cash in our cash economy nowadays so most of our business transactions flow into and out of our bank statement. By automatically importing that into an accounting system, it means that we can make sure that we’re accounting for everything and that’s a great starting point.
But the other point about cloud accounting is that everyone can access the same set of books. It’s not like we have to copy one set of numbers to another set of numbers. So we don’t really have an excuse anymore for the accountant having different records than the actual business and the business owner.
And those days, thankfully, where the business owners like to keep everything to themselves behind us, which is really exciting as well.