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5 Benefits Of Digital Accounting For Arts & Creative Businesses

Mahmood Reza — Fri, 24 Nov 2023 11:24:45 +0000

Let’s delve into the benefits of digital accounting for arts and creative businesses. These benefits extend far beyond simply using a piece of software rather than doing your accounts on the back of an envelope or a spreadsheet. Arts and creative business owners who come to us for help with their numbers often aren’t very familiar with the range of tech now available to simplify bookkeeping and accounting processes. They just don’t realise how much time and stress they can save by moving to digital accounting. The benefits of digital accounting include: Save time You might think that recording your financial transactions on a spreadsheet keeps things simple. However, in the long run, the benefits of digital accounting outweigh the downsides. Yes, you’ll have to spend time learning how to use new software, but that’s a one-time activity. Overall, bringing your bookkeeping online will free up more capacity to provide your core services and products to your clients. This is especially true for creative business owners with many receipts and significant volumes of payment transactions each month. Reduce errors We all make mistakes with admin from time to time – we’re only human. Problems with your bookkeeping can lead […]

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Digital Accounting – Assessing The Landscape For Social Enterprises

Mahmood Reza — Fri, 24 Nov 2023 11:14:38 +0000

A GUIDE FOR THE SOCIAL ENTERPRISE SECTOR Social Enterprise UK estimates that there are over 100,000 social enterprises in the UK (Sept 2023). Social enterprises are unique organisations dedicated to making the world a better place. They operate differently from traditional charities. They’re profit-focused, but here’s the twist: their profits often get reinvested or channelled towards noble social causes. To effectively fulfil their missions, social enterprises must maintain tight control over their finances. This guide looks at how digital accounting can benefit social enterprises. What is digital accounting? Digital accounting is simply accounting done using online software tools to create, manage and store your financial transactions. It produces the same results as traditional accounting but it has benefits such as wider access to data and opportunities to automate time-consuming processes. Why is it important for the social enterprise sector? Digital accounting can turbocharge the financial management of social enterprises, which increases profitability. You can reinvest extra profits back into the organisation on new initiatives or donate more to current or future social aims. What are the benefits of digital accounting? Digital accounting stands head and shoulders above its traditional cousin. The biggest advantage of digital accounting is the time saved […]

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Cloud Accounting For Creative Businesses

Mahmood Reza — Fri, 17 Nov 2023 11:48:47 +0000

You’ve probably heard the term ‘cloud accounting’. But you might not be sure exactly what it is or how it could benefit your creative business. In this article, we’ll explore what you can do with cloud accounting. We’ll also consider why you might switch if you are currently using a paper or desktop-based accounting system. What is cloud accounting? Cloud accounting is simply accounting that’s managed online. The ‘cloud’ is a network of remote computer servers hosted on the internet that store and process data. As it’s all online, your data is backed up and always available. You can access it wherever you are and whenever you want to. Why is cloud accounting a good fit for creative businesses? Creative business owners are often out and about, away from your desk or office. You may be travelling for business, on a film or TV set, in the theatre, performing in concerts or gigs or supporting others at creative events such as fashion shows or exhibitions. When you spend a lot of time on the road, you want easy access to your business data. What sort of cloud accounting packages are available? When we think of accounting, we often think […]

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Xero Accounting – An Onboarding Checklist For Your Business

Mahmood Reza — Mon, 30 Oct 2023 11:26:13 +0000

So, you’ve decided to bring your accounting into the 21st century and you’ve picked one of the market leaders, Xero. As a result moving your accounting online may seem like a daunting task, but this simple-to-use Xero onboarding checklist will make sure you don’t miss any vital steps. So let’s get started. Benefits of Xero accounting To clarify Xero has many benefits over using a spreadsheet or traditional ledger accounting including: Access to real-time financial information, wherever you are in the world Automated bank feeds make bank reconciliation simple Recurring invoicing saves you tons of time each month Easy expense capture removes the need to keep paper files Payroll and tax processing, ensures you keep compliant with the authorities. Xero accounting onboarding checklist Most importantly there are several steps required to get your business fully set up and ready to start receiving transactions and issuing invoices through Xero. So follow our easy-to-use Xero accounting onboarding checklist and tick them off as you complete them. Gather your data Collect all your business bank and credit card statements and any other financial records. Create/obtain a list of all your suppliers, customers and employees. Make a list of the different types of […]

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How To Move From Paper-Based Accounting To Cloud Accounting

Mahmood Reza — Fri, 27 Oct 2023 09:22:33 +0000

Look, I get it. You’re used to chucking your business receipts into a carrier bag or shoe box and dumping them on your accountant’s desk in time for your January tax return. But this way of doing things doesn’t help you understand how your business is doing. It’s also a pretty inefficient way of working because you’ve got to pay your accountant for hours and hours of admin. There’s a better way and it’s not hard to get the hang of either. Let’s dive into how to move from paper-based accounting to cloud accounting. What is cloud accounting? Cloud accounting, also known as digital accounting, uses software that’s stored online (in the cloud) which means you can access it from anywhere provided you have an internet connection. Tools such as Xero are available as desktop and mobile versions so you really can have your financial information at your fingertips night and day wherever you are in the world. Benefits of cloud accounting for small businesses Aside from real-time, anywhere, access to your financials, digital accounting offers several advantages over traditional paper-based accounting methods. Increased efficiency and productivity Your business can run much more efficiently using cloud accounting technology because […]

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Manage Cashflow: Five Top Tips

Mahmood Reza — Mon, 21 Aug 2023 09:04:28 +0000

Wondering how to manage your cashflow? You’ve come to the right place. By the end of this blog, you’ll have read about top tips to manage your cashflow and you will be equipped with the necessary information to help you do a really good job at it. Cash and business But firstly, what is cash? It’s what gets paid into your bank account. It’s factual, and more importantly, is the lifeblood of your business. Secondly, why do we need cash? Your business needs it for a whole bunch of things. Typically, cash is needed for: So running out of cash, access to cash or poor cash flow is squeaky bum time. Your business will survive if your cash flow supports it. However, if you do a bad job at managing your cashflow, the cash will run out, or access to it will dry up. Unfortunately, it is the end of the business road if you reach that point. It’s not for nothing that the phrase “Revenue is vanity, profit is sanity, and cash is reality”, rings true. It’s good business practice to have a good cash flow management strategy. Here are the five key elements that you should include […]

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Why A Business Must Make A Profit

Mahmood Reza — Tue, 21 Feb 2023 10:33:27 +0000

Making profit must be at the top of your business goals – ignore that at your peril. Firstly, I am going to tell you why making profit is vital for you and your business. Secondly, I will tell you how you go about making profit. But before we go into that, let’s think about another very important question: Why are you in business? We all have our reasons for being our own boss. It could be financial independence, being more in control, helping others, freedom and flexibility. Maybe it’s life circumstances, a change of scenery, grabbing opportunities – and making money! For myself, I went into business over 28 years ago, started from my own back bedroom, because I wanted more control. I wanted to help people, I wanted to make an impact on their lives, I wanted to have that independence, make my own decisions, and make money. Why a business must make a profit – overview Making a profit is vital for your business. It is the fuel that keeps it going and helps you to grow. Without a profit, your business will eventually fail. And if you’re not making enough of one, then it’s time to […]

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