Keeping up-to-date records of your business transactions isn’t the most glamorous part of being an entrepreneur, that’s for sure.
But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control
Digital bookkeeping is the future of your finance
The digital age has revolutionized the way many business owners carry out their bookkeeping. From digital accounting to real-time data, the modern bookkeeper is now equipped with the tools and resources to make the job easier, more efficient and (crucially) less time-consuming.
When your bookkeeping goes digital, that means:
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- Your data entry process gets automated – receipts, invoices and other supporting documents can all be scanned using OCR software. This gives you a digital copy of the paperwork, but also digitizes the data and pulls it into your online ledgers. There’s no need for tedious manual data entry, and you also reduce the chances of human error.
- Your digital records are available 24/7 in the cloud – instead of searching through messy hard drives or dusty filing cabinets, all your financial documentation is available at the press of a button. You can pull up the documents you need at any time of day, from any location with internet access. And everything is safely encrypted and backed up.
- Your tax returns can be filed digitally – with all your bookkeeping data saved and accessed via your cloud bookkeeping/accounting software, your tax returns become a lot more straightforward. Whether it’s quarterly GST/VAT returns or annual corporation tax returns, you have all the data the tax office needs, ready to send in a digital format.
- Your finance data goes real-time – scanning and digitizing your receipts at the time you make the transaction doesn’t just keep your records up to date. It also gives you real-time data on all your income, expenditure and operational costs. Instead of working with management information that’s months out of date, you have informative real-time data on which to base all your big business decisions.
- You’re 100% in control of your finances – by embracing the benefits of digital bookkeeping, you kick your finances into shape. You and your finance team have accurate real-time records of all income and outgoings, and can stay in complete control of the financial management of the business. Your accounts are in tip-top shape and you’re ready to file your tax returns at every significant period throughout the year.
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Talk to us about switching to digital bookkeeping
If you want to transform your bookkeeping, now’s the ideal time to go digital.
Talk to our team and find out what bookkeeping or accounting software is right for your business.
Once you see the efficiency, accuracy and long-term benefits of digital bookkeeping, you’ll understand why going digital is a no-brainer, whatever type of business you run.
Many entrepreneurs will have:
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- Visionary mindset – entrepreneurs possess the ability to envision future opportunities, set ambitious goals and develop a clear direction for their ventures.
- Resilience – successful entrepreneurs are good at bouncing back from failures, persevering through challenges and maintaining a positive mindset.
- Adaptability – entrepreneurs are usually highly flexible and open to change, helping them to adjust their strategies and business models to changes in the market.
- Risk-taking propensity – willingness to take calculated risks is crucial for entrepreneurs, allowing them to seize opportunities and drive innovation.
- Strong leadership skills – entrepreneurs inspire and motivate their teams, effectively communicate their vision and make sound decisions in dynamic business environments.
Talk to us about boosting your entrepreneurial skills
Does this sound like a description of you? Perhaps you relish the possibility of taking a calculated risk as an owner but feel your leadership skills are somewhat lacking. Or maybe you have immense vision for your business but find it difficult to deal with the highs and lows.
Whatever your current entrepreneurial skill set, we can work with you to refine and boost your abilities as a business leader. Working with a business mentor not only helps you push yourself to do better, but also lightens the load of being the sole captain of the ship.
Get in touch to talk about business mentoring.
The following content was originally published by BOMA. We have updated some of this article for our readers.