Five Questions To Ask Before You Choose Accounting Software

Five Questions To Ask Before You Choose Accounting Software

Article credit: Sage 

Want to choose accounting software for your business? It’s no exaggeration to say that getting the right software can mean the difference between success and failure.

Adding in the very best accounting software to your business will make it effortless to manage cash flow and know your company’s financial health at all times. You can issue and track invoices, it will be it easy to keep on top of your accounts receivable payments and you can also chase late payments efficiently.

In this article, we take a look at five factors that you might not have thought about before when you choose accounting software, with some handy insights courtesy of a group of business experts.

1. Will the accounting software grow with me?

Carl Reader is known as The Startup Coach and is the author of The Startup Coach and The Franchising Handbook. He has some wise words when it comes to examining the credentials of the company behind the software.

Carl says: “Look at whether the software provider is going to be around in 10 years’ time. Look at how well capitalised the company is. Has it got the funds to be able to compete going forward? Has it got the staffing, infrastructure and systems that you would expect to allow it to continue going forwards?

“And in 10 years, will it be the same company or is it likely that they might be acquired or pivot their business model, which might mean an uncomfortable transition.”

You hope your business will grow. As it does, what’s required from you as the owner will become more sophisticated too, as will the need to know more about business management.

Yet good accounting software will grow with you, with additional packages by the same software vendor sometimes coming into play as your business develops new requirements, such as payroll or payments processing.

2. Can the right people get the information they need?

Carl says: “Businesses should be run on a grounding of a solid understanding of the financial data by all teams. The more that people understand how their actions contribute to the bigger picture, the better.”

This underlines how far we are from the old days, when financial data was something closely guarded by those who “needed to know”.

In a modern, forward-thinking business, financial data is shared with those who need it – and it’s shared instantly. For example, a sales team might have access to a dashboard showing insights into the company financials that will help with its progress.

This kind of culture is one that promotes success and growth – and at its heart is the right accounting software. The ability to create bespoke dashboards or reports is a necessity, as is the ability to easily share them with key stakeholders.

The very best finance software takes a democratic approach when it comes to financial data. Not all data should be shared, of course, but allowing the right people to know the right information can truly revolutionise a business.

Ask the software vendor the following before purchasing: Is my accounting software designed only for finance professionals or is it for the whole business? And how easy is does it make it to share key data with stakeholders within the business?

3. Will it keep up with tomorrow’s technology?

Roger Knecht is the president of Utah-based training organisation Universal Accounting Center and is an authority on how accounting software can benefit businesses of all sizes.

On the topic of upcoming technologies and their impact on businesses, he says: “Accounting software is helping the business owner be more present in their business.

“With the use of artificial intelligence (AI), we are just in the first phase of this evolution to give business owners the accounting information they need in a way they can use and understand it to make better informed decisions.”

Another incredibly promising technology on the horizon from an accounting perspective is blockchain. The most well-known implementation of this is cryptocurrency, which includes the likes of bitcoin. Cryptocurrency is already accepted by many businesses worldwide and governments are experimenting with the technology, while people use it for investments too.

It’s still too early for accounting software to process cryptocurrencies (most software focuses only on legal tender), yet it’s not unreasonable to ask whether or not the accounting software vendor is monitoring the same technological horizon as you are, or even what its position is on future technologies such as blockchain.

4. Does the software help me remain compliant?

Adam Prince is vice president of product management, compliance and migration at Sage. Talking specifically about accounting software, he says: “Remaining compliant has never been more important.

“Tax, employment law, data protection and more must be high on the list for anybody running a business of any size and are all pushed by the pace of digitisation.

“But the right software helps you get it right without stress or having to sweat the details.”

It’s tough being in business but especially so if you’re a new business owner when there are legal requirements seemingly coming from all sides.

The most obvious is ensuring you take care of tax, because a business that is unable to pay its tax is essentially bust. Another common compliance area is payroll and pensions, where the rules can be complex but software can quickly simplify the workload.

And then there’s the need to keep your data is kept secure so you don’t fall foul of data protection laws.

Good accounting software will certainly help you stay on the right side of the law by providing functions and features that make it easier for you to remain compliant. Essentially, the folks behind the software will have done the hard lifting for you and thought through the processes, making it easier for you to fulfill the requirements.

5. What reports and dashboards do you get out of the box?

Just like in your car, the dashboard in accounting software aims to provide the key information you need at a glance. The very best accounting software includes at least one dashboard and they can be revolutionary for a business. Rather than having to run a report each time you want to see data in context, you can simply take a glance at a dashboard and see live, up-to-the-minute information.

Seeing data in this way means you can become responsive and truly track trends and developments, or simply stop any problems before they have a chance to arise. Compare that to the old days of periodic and basic reports, which forced people to be reactive and to make decisions based on things that had already occurred.

However, it’s not just key accounting information that benefits from being shown on a dashboard. The ability to configure bespoke dashboards (or bespoke reporting) can provide unique perspectives and reveal relationships between data that wasn’t possible to see before. Dashboards can allow different departments in a business to work together more efficiently too because they’re able to see a broader picture.

Therefore, the ability of accounting software to let you go beyond the basic dashboard is simply a necessity. And only the best accounting software includes such features.

How to choose accounting software: final thoughts

Businesses start with an idea and a passion and they should continue to drive you forward. Getting the right accounting software can be about more than taking care of the numbers – it can help to support your mission and goals.

The right software will support your business as it grows and prepare you for whatever the future brings. Making the right choice when your mind is on other things might take effort but, as with all things in life where effort is demanded upfront, doing so will mean significantly less work over the long term.

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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How To Improve Business Finance Management In 2019

How To Improve Business Finance Management In 2019

Article credit: Sage 

January is the ideal time to review your company’s financial situation and to find ways in which you can improve your business finance management over the year and years to come.

In this article, we summarise some of the new year’s resolutions you could set for your company in 2019 so you can improve your prospects. You’ll thank yourself for taking the time to spruce up your company’s finances.

Create a realistic budget

Setting out a practical financial plan for the year ahead will give you a good idea of what the year has in store for your business.

A budget will tell you what state your business is in at the moment and where it will be in the next year, month by month, and with all predictable expenses factored in.

It’s also a good idea to factor the unexpected costs into your budget, although this is understandably difficult to predict.

Look into the different types of forecasting and accounting software available – using it will make the whole process easier for you and could even open up new financial aspects of your business that you hadn’t previously considered.

It’s also a good idea to create multiple forecasts for your business, which show how your finances will be in the best, average and worst-case scenarios. That way you’ll be better prepared to adapt at any point in the year should your finances drastically change in 2019.

Take control of your cash flow

If your business struggles to maintain a healthy cash flow, make 2019 the year to solve that problem.

Perhaps your customers often make late payments – invoice finance could help. It’s a type of lending that pays you based on unpaid invoices.

Top tip: Bear in mind that January is typically the month with the highest number of staff absences, which could affect your cash flow. Make sure you factor that into your overall budget for the year as part of the unexpected costs.

Don’t forget your tax bills

You should plan to put aside money for your tax bills, because that’s one area you can’t cut back on. VAT bills are due every quarter and corporation tax is due once a year.

You’d be surprised how many businesses struggle to make their tax payments. However, are lots of options for businesses who are struggling to pay their tax bill, such as short-term business loans, overdraft finance and other alternative finance solutions that are worth considering.

Regularly check your personal credit

Although your personal and business credit ratings are generally kept separate, you should keep an eye on your personal credit score and make sure it doesn’t dip too low.

If a small business applies for finance, its directors are more likely to be more personally involved in applying for finance and that could mean their personal credit file will be checked in the process.

This is particularly likely if you apply for a loan with a personal guarantee but is also likely to happen for other types of finance.

Keep your accounts up to date

This one is a no-brainer. Up-to-date accounts will benefit you and your business in many ways. It’ll give you a clear view of the state of your business, which will also help inform that all-important budget we mentioned earlier.

It’s also really useful to have your updated accounts ready if you need to apply for business finance. In almost all cases, you’ll need to pass your accounts to a lender if you apply for finance, and having up-to-date accounts will make that whole process quicker and smoother.

Check your funding options

An injection of capital is often what businesses need to propel them to their next stage of growth. That’s why some of these resolutions are focused around applying for business finance.

And sticking to these resolutions will be good for the health of your business in 2019 and beyond.

Final thoughts on business finance management

By taking the time to review your business finances and put good habits in place, you will be setting your business up for a positive 2019.

And while there are no guarantees that everything will be smooth sailing, a bit of preparation could help you go a long way to tackling any challenges that arise over the next 12 months.

Business finance management is an important part of making sure your company is moving in the right direction. Give your finances the attention they need as you bid to keep building your business.

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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New Year’s Business Resolutions For Success In 2019

New Year’s Business Resolutions For Success In 2019

Article credit: Sage 

Have you set your new year’s business resolutions for 2019 yet? The end of the year is a great time to reflect on the past 12 months and set goals for the future. Why not take some time to put some resolutions and plans in place?

This article will take a look at some of the challenges your company will face in 2019. It also offers advice from a group of business owners, which you can use to inspire your new year’s business resolutions as you look to succeed in 2019.

Business challenges in 2019

Tax returns

Using accounting software can help you to make sure all your numbers are in one place, making it easier when it comes to getting your figures together.

It might also be worth employing the services of an accountant when dealing with your tax returns.

 

New year’s business resolutions for 2019

Having plans in place for these business challenges will help your company as you approach each one. And while these will be big focuses, there will no doubt be other areas that you will look to tackle, such as finding new customers while retaining existing ones, scaling your business, dealing with late payments and managing your business admin.

Creating business resolutions (as well as personal ones) will help you to tackle these challenges. It’s important to remember that you’re not alone and other businesses are going through the same problems and looking to find solutions.

Here, a group of business owners, known as the Sage Business Experts, share their new year’s business resolutions – they might inspire you as your put your plans (and resolutions) together.

Sue Keogh, Sookio

“Firstly, think before saying yes to things. I need to value my time more, and remember that time taken to pause and think things through is time saved later.

“Secondly, with every task, think: ‘Can I delegate this?’ As the business owner, there’s no one above me telling me what to do, and I need to be more disciplined and inventive about what tasks I can pass on, so I can concentrate on the bigger picture stuff relating to actually growing the business.

“Finally, with every decision, think: ‘Is this strategic?’ So while it might be tempting to take on a project where everyone is jumping up and down wanting everything done yesterday – purely because they have my attention – it might be better in the long term to go and have a coffee with some of our lovely long-term clients to see how they’re doing and to check if there’s anything else we can help them with.”

Jeremy Corner, Blue Eyed Sun

“The name Blue Eyed Sun comes from Bob Dylan’s A Hard Rain’s A-Gonna Fall. It’s all about the end of days, injustice, suffering and pollution. This is where change begins.

“We want to create and distribute beautiful products that help the world. Whether it’s cards handmade with love on FSC boards that help people connect and stay close to one another, environmentally friendly products such as BambooCup that reduce single-use plastic waste or other products that alleviate suffering, our goals are all about change for the better.

“The main goal of Blue Eyed Sun is to distribute mindful and meaningful products that unite hearts.”

Jenny Garrett, coach, speaker and trainer

Firstly, to do the important work, not just the busy work.

It’s so easy to get sucked in to social media or responding to emails and not do the work that really makes a difference. I will be asking myself every morning what the important work I need to do today is.

Secondly to fall in love with the numbers and keep a keen eye on them.

Numbers aren’t my first love but keeping on top of my cash flow, managing my money well and ensuring I am ready for Making Tax Digital will give me peace of mind and help me to scale up.

Lastly to take out time out quarterly to work on the business, not just in it.

In 2018, I took a couple of retreats that enabled me to take a step back and review how my business was doing and reconnect with the goals I had set at the beginning of the year. I plan to do this quarterly in 2019.

Advice to achieve your business goals in 2019

Here, some of the Sage Business Experts share some tips for you to achieve what you set out to do in 2019.

Sue Keogh, Sookio

“Easy to say this but set some time aside for planning, so you are being proactive and have something to aim for, rather than just reacting to every little thing that happens.

“It doesn’t have to be a massive business plan. But even just mapping out your sales targets, your marketing activities and any challenges that lie ahead will be a big help to you in keeping the ship steady in the coming year.

“You should really think through if you are spending your time in the most productive way possible. For example, you might be spending a lot of time chasing new clients when actually you could upsell more to your existing ones.

“Or there might be tasks relating to HR or accounts that are not only time consuming but give you a headache; these could easily be outsourced. Lastly, get some sleep.”

Jeremy Corner, Blue Eyed Sun

“Figure out what pain in the world your product alleviates, understand how you are different from everyone else and sing about it in an engaging way that makes you stand out from the crowd.

Pay attention to the market, to cash flow and to sales, but don’t let them drive your reason for being.

“Shine bright, contribute, engage and have fun. Work to live – don’t live to work. I learned this early on in my career and it has served me well.”

Jenny Garrett, coach, speaker and trainer

To achieve your goals in 2019, I recommend you spend some time thinking about the areas of your business, such as staffing, cash flow, marketing, your product and your clients, and give yourself a score: 10 being you are doing an amazing job in this area, 1 being that it is neglected.

Once you’ve done that, you can see what you need to work on and what you need to maintain.

Perhaps if you have a high turnover of staff, you need to spend some time understanding why. Maybe you need to improve the work environment, develop your staff or invest in some training for yourself.

Or perhaps you want to have more staff but are struggling to afford it. Perhaps you could offer internships, work placements or apprenticeships, which have a shorter time commitment.

In an increasingly uncertain environment, finding creative solutions will be essential to your business success, so be open to doing things differently. What gets measured, gets done, so set stretch targets and measure yourself against them regularly.

Antonia Chitty, Family Friendly Working

“A tip for retaining great staff in 2019: recruitment is important but retention of great staff saves you time and money. If you have issues with retention, make 2019 the time to ask your staff about what’s important to them.

“Develop a strategy of interviewing those who leave too soon and assessing why they leave. Don’t forget to ask great staff with long service what incentives keep them with your business.

“With this information in hand, re-examine your working practices and set yourself achievable targets for improved staff retention in 2019.”

Steve Johnson, Graphite Web Solutions

“It may sound obvious but without setting goals at the start of the year, how will you ever know how close you got to them? So, set the scene, define what your goals are and make sure they are SMART (specific, measurable, achievable, realistic, time-based).

“For example, while having a goal of increasing your revenue may seem reasonable, let’s make it smart:

  • Increase revenue by 20% – specific
  • If 2018’s revenue was £500k then 2019’s needs to be £600k – measurable
  • Do you have the resources to increase work/revenue by 20% – achievable
  • Last year, you increased revenue by 15% so this year increase by 20% – realistic
  • January to December 2019, your revenue will be £600k – time-based

“By defining this, it will help you reach your goal. Breaking this goal into 90 days or quarters will allow you to monitor progress towards that goal, therefore making it more achievable. Now we can monitor and review:

  • 31 March – revenue should be around £150k
  • 30 June – revenue should be around £300k
  • 30 September – revenue should be around £450k
  • 31 December – revenue should be £600k

“Now you have a schedule to help you achieve that goal and can break each quarter into, what you need to do to reach that target.

“For example, work out how many new customers you need. Then set the process to gain those new customers.

“And consider how many customers need to renew. Look at how many normally renew and come up with strategies to increase that.

“Think about who is responsible for each element. Ensuring the right people own the relevant elements will help you reach your target.”

Joanne Dewberry, JoanneDewberry.co.uk

“Get yourself an accountability group. The best way to reach your goal is to share them with others, people who will support and guide you to your end result.

“Setting up or joining an accountability group is the best way to actually turn your dreams into tangible goals.”

Final thoughts on new year’s business resolutions

While new year’s resolutions can be a bit of fun – and perhaps not kept past the end of January (three times a week at the gym, anyone?), setting them for your business (and keeping them) can make a big difference to your company.

So take some time out, think about what you want to achieve in 2019, consider the challenges that your business will face and work out how you’ll tackle them. Then set out your new year’s business resolutions and put them to work.

And in 12 months’ time, when it comes to reviewing how far you’ve become, with a bit of luck, your business will be in a stronger place.

What new year’s business resolutions will you be working to stick to and achieve in 2019? Let us know in the comments below.

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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Client Testimonial – Lambson’s Hire

Client Testimonial – Lambson’s Hire

Find out what Sonette and the team from Lambson’s Hire Testimonial have to say about Sage Evolution business partner Kiteview Technologies service and Sage Evolution support.

About Kiteview
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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How To End Your Year With A Big Bang – Tips On Being More Productive

How To End Your Year With A Big Bang – Tips On Being More Productive

Article credit: Sage 

The end of the year seems to have a knack of creeping up on us, even though it’s the same time every year! One minute it’s September and kids are going back to school. The next minute it’s mid-November and Christmas is just weeks away.

All of a sudden, the rush is on – to finish projects, push at targets and get those year-end deliverables over the line – as well as the day to day, the Christmas shopping, and trying to fit all of December’s work into 3 weeks.

How do you end your year with a big bang, without burning yourself out and collapsing in a heap on Christmas day with a pocket full of tissues and a head full of cold?

Here are four ways:

1. Wrap up

Choose one big project you’ve been working on this year (one, not ten!) and set yourself a finish line. Depending on the project, your finish line may be the end of a stage or the entire project.

We live in a world where work never ends. The nature of our work is that there’s always more we can do. Without a finish line, it’s easy to lose momentum, and for the project to creep. That’s why we need to actively create our own finish lines, to define what ‘job done’ looks like and to enjoy that sense of satisfaction that comes with completion.

2. Let go

You, your clients, your industry, are not the same as they were at the beginning of the year. Things change. What projects did you start, that no longer serve you? What goals have changed? What plans have become redundant?

As Louise Smith, the first lady of NASCAR said, “You can’t reach for anything new if your hands are still full of yesterday’s junk.”

What do you need to let go of? What expectations do you need to release, in order to reach for what’s next with both hands.

3. Take stock

It’s easy to be so focused on what’s still on our to-do list that you forget to take stock of what you have done, what’s gone well and how far you’ve come.

If you’ve come to the end of a crazy year, and there’s still more to do, take a moment to reflect. Celebrate what you have done, what you have achieved, and what you have enjoyed. Write a ‘ta-da’ list, or create a celebrations board in the office. Thank the people who have helped you.

4. Make space

Perhaps it’s a training course you’ve always wanted to do, a conference or retreat you want to attend, a personal project, a bold new business direction or simply space to recharge. Start making that space now, instead of waiting for when you might ‘have time’ as the weeks and months roll by. Once you’ve committed to it, you’ll find the emails, meetings and other jobs have a way of fitting in around them.

And instead of waiting until the New Year to make all those plans for next year? How about making a start now, so you finish the year with excitement for the year ahead?

Over to you. What will you wrap up, let go of, take stock of or make space for, to end the year with a productive bang! Let us know what you decide to do.

About Us
Kiteview Technologies (Pty) Ltd was founded in May 2010 to provide the Sage Evolution Business Management solution to the SME market. The management team of Kiteview have combined +30 years of experience in the delivery of small to mid-market Financial & Business Management solutions. This experience, combined with a sound project implementation methodology has helped in Kiteview’s growth, becoming a Platinum status partner for SAGE Pastel within just 1 year.

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