Columnist Shishir Khadka, founder and CEO of Boost Accounting, is an author, international speaker, and financial transformational coach. Shishir helps entrepreneurs build financial confidence and successful financial stories, transforming client businesses from £150k to £38.5m.
Read all of Shishir’s articles here.
Have you ever been driving along the busy road, and you come up against no access sign? You want to get through, but you can’t, because there’s a road work going on. So you put the Sat Nav on to find an alternative route. But the problem is instead of providing an alternative route, your sat nav keeps taking you in the same direction and doesn’t offer the realtime solution. It happened to me a week ago, and it was so frustrating.
You might be wondering how is this relevant to me and my business?
Let me ask you a question.
What’s not working right now?
Maybe just like I was stuck on the road, you are stuck in your business, trying to figure out how to collect information from different departments that work on silo mentality. There’s a lot of duplication of work. As a result, there’s a lot of time and money wasted.
Perhaps you are frustrated, just like I was when I didn’t have a realtime travel update. You may be still using spreadsheets or desktop accounting solutions or not getting the best out of online accounting software. As a consequence, you do not have realtime financial information to make critical financial decisions.
Possibly, your business growth has stagnated, as your accounting system can’t keep up with your business growth. Consequently, you are so far away from your projected financial goal.
Where do you want to be?
What if you completely streamline and systemize your business and your business goes wherever you go, even though you run five, six, seven figures business.
How would you feel?
Imagine you have realtime financial information, and you know exactly how your business is performing? Now, you have clarity and control in your business.
What if you could streamline the processing of accounting data and you save at least 2-3 hours a week, which is 14 days in a year even if you’ve just started the business.
Let me ask you a question, what would you do if you have an additional 14 days in a year?
I’m sure you would agree, from what’s not working for you right now, to the result you want to achieve, you need to do something different from already what you are doing currently.
Yes or no.
So let me talk to you about the integrated accounting systems. What do I mean by this?
When you don’t have this in place, your business works on the silo and has no coordination. As a result, business is not moving forward as you have wanted. You may be frustrated that your business growth has stagnated as you can’t afford to hire more people to do the work manually for you.
When you have this in place, systems do the heavy lifting for you, so you need fewer people to manage your business.
Imagine you are walking carrying a heavy load, and someone comes and takes away the weight off your shoulder.
How would you feel?
You will feel good right.
When your accounting system is integrated into data extractions apps, payment portal, time, and project management software, then most of the accounting is done automatically. Now you can focus more on growing your business. You can avoid lots of human errors and process transactions that take hours manually to minutes when you have systems in place.
“Systems run the business, and people run the systems” ~ Michael Gerber
7 benefits of having accounting software integration in place.
1. Streamline accounting data entry, systemize your business to save at least 2-3 hours a week, even if you are just getting started in your business.
2. Build a solid foundation to provide scalability. When the right accounting systems are integrated properly, it allows you to do the heavy lifting for you where the priority on delivery is through the system rather than from the people.
3. Flexibility and a choice- Have a lifestyle business. You can work from anywhere in the world. All you need is a laptop and internet.
4. Gain control and handle in your business. Take your business wherever you go. Your financial data is in your palms, and you can access it at the touch of a button.
5. Generate realtime accounting reports to make informed decisions at the right time, not based on historical information. Business is about the present and future.
6. Opportunity to tighten up loose ends in your business to reduce expenses and save more tax. It’s challenging to find out missing opportunities when you don’t have a system or system that works in a silo mentality.
7. Synergize your financial data and non-financial data to boost profits by having clarity and focus on your business.
Having a system of processes in place is a must for most businesses. However, knowing where to start is one of the hardest things to do.
In the next article, I will list all the tools that I know; you can go through them and choose what works for you so that you can streamline and systemize your business.