For a new business owner or start-up introducing a new product, service, or concept, it’s vital to be equipped with tools that can support you and your business. From inception, finances are a key component to ensuring your business succeeds with accounting at the forefront. Cloud-based accounting apps are the key to getting your start-up off the ground and continuing to support it well into the future. Below are four ways cloud accounting for start-ups such as Xero, can support your new business venture.
Understand your financials with easy-to-use reports
Chances are, accounting isn’t your specialty. However, every business owner must have a solid understanding of their business financials in order to make well-informed decisions. Without a strong understanding, reaching business goals will be a shot in the dark—a true guessing game. How does one gain an understanding of the business finances without hitting the books?
Don’t worry, you are not alone in this. With the help of Xero financial reports, business owners can quickly gain valuable insights into their business finances without an accounting degree. Xero reports can be customized based on the information needed and pulled with the click of a button. Customized dashboards can also provide business owners with an overview of the business’s financial health, or a deeper look into specific accounts.
Need more assistance understanding your reports and analytics? A cloud-based accountant can work with you to understand what the numbers are telling you and explain why they are important.
Accept payments instantly, and on the go
It’s no surprise that the number one reason why new businesses fail is due to lack of cash flow. If there is no gas in the tank, the car just can’t continue to run. Start-ups typically run on a tight budget with little wiggle room or the ability to extend lengthy payment terms. What better way to improve cash flow than to accept payments instantly through Xero eInvoices? Even if you send only a handful of invoices each month, eInvoices are a tool you don’t want to miss out on.
Clients can securely pay their invoices instantly with a debit or credit card, or via select third-party payment processing apps. Need to send an invoice on the go? No worries; business owners have the ability to send invoices from any supported mobile device.
Stay on top of your finances from anywhere
As a busy start-up business owner, you are probably on the go a lot—visiting clients, vendors, or simply grabbing lunch. Adopting cloud-based accounting apps allows business owners to view their finances, employee time, invoices, and other essential accounting functions from wherever they are. Staying in the know, with real-time insights, is crucial to success.
Seamlessly integrate commonly used apps
Need to accept payments online or on the go? Do you have employees who need to keep time and get paid? Is inventory your company’s main asset? The good news is the apps that you use to manage your company’s core functions seamlessly integrate with Xero. Integrations between the apps mean your data is automatically relayed between the apps, without the need to manually enter data in multiple places. Below are some common accounting functions that start-ups can automate, saving valuable time:
- Payroll – allow your employees to track time, manage PTO and pay payroll taxes automatically from one app.
- Payments – accept payments from customers online, and in-person, with revenue automatically relayed to your central accounting system.
- Inventory – manage inventory, set automatic restock alerts, all coordinated with your purchase orders.
- Expenses – allow your employees to smart-scan receipts directly into the app, with custom classification and approval alerts, resulting in quicker reimbursements and up-to-date cash flow views.
Get the support you need
If you have yet to take advantage of these incredible time-saving tools to automate your accounting processes, you’re missing out. If you’re not sure where to start or how cloud accounting for start-ups would benefit your unique business, send us a message. We have worked with hundreds of start-ups to incorporate cloud-based accounting apps into their back offices.
Our team specializes in cloud-based accounting for small to mid-size businesses. We work with business owners at various stages. If you simply need assistance with migrating to the cloud, we can work to implement beneficial apps into your back office. Or, if you desire ongoing support and training for your team, we can work with you to ensure you’re getting the most out of your cloud-based apps.