30 May Why cloud accountancy software is good for startups
Starting up in business is an exciting, hectic period in your life when all your time and energies are focused on building up your new company. But, it’s important to put good accountancy habits in place right from the outset of your startup, in order to sustain and increase growth and success.
The use of cloud accounting software can be an ideal solution for financial management and helps ensure you have all the financial data you need at your fingertips, at any time.
Finance for startups
Managing cash flow and maintaining a watchful eye on business finances are essential to the success of your startup, as many new businesses fail within the first few months due to lack of stringent financial controls. Many new business owners get quite anxious about managing their finances, but cash flow management is something that will have to be learnt. Even if you have hired a finance manager or director for your business, you still need to be able to get to grips with the ramifications of balancing your spending requirements against your figures for receivables and payables.
Manual records and spreadsheets will not really be sufficient for the management of your startup accounting as it’s easy to build in errors and they are time-consuming. What’s more, once you’re in the habit of using accounting software, you’ll find finance management becomes simple. Cloud accounting software is an ideal solution for growth and can easily be shared with accountants and team members further down the line. Cloud accountancy software allows you to access your real-time financial records any time, any place and offers the kind of reporting and analytical functions you’d expect from finance professionals.
Manage your finances easier
Using cloud accounting software gives you the ability to quantify and project data for the coming months and years, making it far easier to manage your business finances and prepare detailed and accurate charts and forecasts for business planning purposes. So, approaching lenders for additional funding when your business needs to expand becomes much simpler.
Get in touch
SQK Accountancy offers professional accounting services to businesses and specialise in cloud accountancy and VAT issues. Contact us for more information.