With a goodbye to 2014 and a hello to 2015, another year has gone in the books. The new year brings new opportunities for your startup to grow and brings the opportunity to get your accounting organized to meet the growth of your business. While you may have used a spreadsheet to track your income and expenses or you waited until tax time to get your accounting records in order in the past, now is the time to get your business on the right foundation by implementing an accounting system to handle your growing business.
While the implementation of an accounting system for 2015 may seem like a daunting task (especially if you don’t have your 2014 accounting in order), it is necessary in order to handle the growth of your startup. Having a good accounting system in place allows you to track in real time the health of your business by providing actionable financial information so that you can make better decisions. You can see the inflows and outflows of your cash flow, see if you are operating at a profit or a loss, and see how your startup is performing on a day to day basis.
Finding an accounting system to use has never been easier. Cloud computing has brought great accounting systems, like Xero, for startups to use in their business. Having your accounting software in the cloud allows you to have real-time information that is shareable among many users. Instead of having a software confined to someone’s desktop, cloud accounting systems allow startups to interact with their accountants and financial advisors more readily.
The added beauty of using a cloud based accounting system is that you can integrate your accounting systems with other applications you use, like ZenPayroll for payroll or Unleashed for inventory management. Integrating systems allow automation between the systems you currently use and your accounting records meaning that when you record inventory purchases in Unleashed, those automatically show up in your accounting system. Automation removes the need to enter transactions twice and leads to less potential errors.
If your startup is growing, now is the time to have your accounting organized and ready for your growth. Are you ready to get your accounting organized this year?