Technology | Numbers Knowhow

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 […]

The post 5 Benefits Of Digital Accounting For Arts & Creative Businesses appeared first on 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 […]

The post Digital Accounting – Assessing The Landscape For Social Enterprises appeared first on Numbers Knowhow.

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 […]

The post How To Move From Paper-Based Accounting To Cloud Accounting appeared first on Numbers Knowhow.