For many small businesses and organisations , the administration and record-keeping is often done last thing in the evening or on weekends and often months in arrears, which for some entities, can work reasonably well, however, more often than not leads to the following problems:
- Duplication of effort which wastes your time
- No real time information for the business owner/manager (how much is the business owed right now ?)
- Not being able to take advantage of developments in on-line accounting & banking etc.
At KPW & Co we can provide all of our clients with on-line integrated accounting software (or work with their bespoke software) , perform the initial set-up, train & support staff on same and provide an overwatch service which may include monthly/quarterly management accounts and a review of same (this is particularly important during the first three months after initial set-up)
How to make life easier for yourself:
- Only operate one bank account if possible
- Do NOT use cheques and cash payments – only USE Visa Debit Card and Electronic Transfer
- Make sure your accounting software can intergrate your bank transactions download (saving up to 80% of time taken by reducing data entry)
- Use on-line intergrated accounting & payroll software
Over the years many clients have come to us with sofware which was being operated in an ineffective manner. In most of the these cases it was clear that root of the problem was that the software was never set up in a manner which reflected the clients reporting requirements and abilities. You have to bear in mind that all “off the shelf” accounting software needs to be tailored (even just a little) to make it easier for the clients to use.
Most small organisations can not justify the cost of a full or even part-time accountant and the record keeping duties are often undertaken my the business owner/manager or split amongst various staff members. Based on a review of your organisations needs we can prepare a training plan based on the following principlies:
- Avoid unnessary complications (simplify whenever possible)
- Automate as much as possible
- Train a person how check their work and find errors as early as possible
Fully Integrating Bank, Accounting & Payroll software:
Recently, some software providers have integrated the accounting, e-mail of sales invoices/statements, payroll and ability to import bank transactions into your software. Which in if set-up and operated effectively should result in the following benefits.
- Data processing reduced by 80% (a number of our clients use such system and have confirmed that the 80% reduction has been their experience)
- All sales estimates, Quotes , sales invoices and customer details generated, stored and emailed from the same software
- Bank lodgements and payments downloaded to the software by the click of a button
- Real time information on hand in relation to amounts owed from customers
- Ability to prepare Profit and loss account shortl after month end
If you feel that this may assist you, please contact us for a no obligation, review of your current arrangement, and our suggested recommendations.