digital accounting Archives | 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 […]

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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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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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