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One of the things that often scares mums who want to start their own business is the numbers. So many women’s experience with maths in school was a negative one that the idea of dealing with accounts can be terrifying. That’s why accounting software for your micro business exists, it removes the maths element, you just type in the numbers and it does the rest.
How Software Can Help in Your Business
There are lots of different types of software you can use in your micro business that can save you time, money and grief. If you are worried about keeping on top of your invoices, software like that made by Chaserhq.com can help. It allows you to automate invoice reminders which in turns helps keep your cash flowing. It can save you both time and a lot of stress. If your business is using leases you can even get help with your lease accounting compliance to make sure everything is done correctly.
Using a Spreadsheet for your Accounts
If you’re just starting out and trying to keep costs down, the idea of paying for software might be off putting. Many micro businesses try to use spreadsheets to keep track of their accounts. If you’re great with excel, that can work. You’ll need to set up formulas in your spreadsheet to keep track of your numbers so that, when it’s time to submit your self assessment tax return, you have all the information you need.
The downside of using a spreadsheet is that it can’t create reports for you. To find out how your businesses is doing you’ll have to manually extract the relevant figures to create your own report. Each month you’ll also need to tally your recorded transaction against your bank account. As spreadsheets are quite unwieldy you’ll generally need to do this on a PC or laptop as you’re unlikely to be able to see all the details on a mobile device.
Accounting Software for your Micro Business
If that all sounds a bit much then you may want to consider accounting software for your micro business. For small businesses and freelancers I recommend Sage’s “Accounting Start” package. I always imagined that accounting software would be way beyond the price range of my micro business but the package is just £10 a month. That £10 can easily save me much more than £10 worth of my time every month.
The Accounting Start package allows you to do so much more than you can with a spreadsheet. It creates reports at the touch of a button so all the numbers you need to complete your self assessment are there waiting for you. The reports allow you to check how your businesses doing, compared to previous time periods.
You can also manage your invoicing by using accounting software for your micro business. You can create sales invoices through the software and also track money that’s owed to you. By connecting the software to your bank account, you can tie up payments to the correct invoice, saving you time balancing the books each month.
Access your Accounts Anytime, Anywhere
For me, the greatest benefit of using accounting software for your micro business is the ability to work on your mobile device. I rarely use my laptop and do most of my work on my iPad, so being able to view my accounts there is a must. With accounting software that I can access through my phone, I can also compete quick tasks while waiting for the kids to finish a class or while they have a play at the park.
If you’re considering using accounting software for your micro business but aren’t ready to commit, Sage offer a 30 day free trial. This gives you a chance to check out the software and see if it works for you and your business. That can be really important if you worry about dealing with numbers as it gives you an opportunity to have a play around and check you’re comfortable with it.
If you’re considering starting to use an accounting software for your micro business or are still at the stage of making an initial decision about how you will record your numbers, I suggest you check out the Accounting Start package from Sage. While spending money on something might seem a bit scary, it will free up your time to focus on the tasks that bring cash into your business.