Software | Numbers Knowhow

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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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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9 Steps For Using Cash Flow Modelling Software In A Small Business

Mahmood Reza — Mon, 11 Sep 2023 10:21:30 +0000

Cash flow – the heartbeat of any business, big or small. It’s cash that fuels your operations, pays the bills and keeps your business alive. But what happens when the cash tap runs dry? Panic stations and sleepless nights. All is not lost though because we’re diving into the world of cash flow modelling software in the quest for financial zen. What is cash flow, anyway? Cash flow is the difference between money coming in and money going out. Got more money flowing in than flowing out? That’s positive cash flow and everyone’s happy. On the flip side, if your expenses are outpacing your income, you’re in negative cash flow territory and that’s somewhere you don’t want to be for too long. The key elements to keep control of are: Inventory – try not to overstock your business as you don’t want too much cash tied up in goods that are yet to be sold Accounts receivable – don’t allow your customers to delay their payments to you. Keep tight control over the amount of credit you grant Accounts payable – renegotiate any short payment terms so you can keep more of your cash in your bank account for […]

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Budgeting & Forecasting Software For Small Businesses

Mahmood Reza — Thu, 07 Jul 2022 21:32:50 +0000

A good budget planner for small business is a must for businesses that want to stay ahead of the competitive curve by keeping on top of their finances . Whether it’s financial management or expense tracking, for example, the right budgeting and forecasting software can help you dial in your finances – more efficiently and cost-effectively than any other method. What is Budgeting and Forecasting Software for Small Businesses? Budgeting tools for small business, financial planning software for small business, online budget planner, etc. Whatever you call them, they all help you consolidate all your long-term activities around financial planning. Moreover you can track and review your financial progress in real-time. The ‘budgeting’ and ‘forecasting’ elements in budgeting and forecasting software works collaboratively to automate your company’s financial planning. For example, on the budget side of things, the software can help you create and manage highly detailed yet easy-to-understand Financial Story Plans. On the forecasting side of things, it provides an approximation of your company’s revenue vs. expenses based on historical data and future market condition estimates. The right forecasting and budgeting tools for small business allow you to spend less time on cumbersome and often tedious tasks around […]

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