“There are no shortcuts to success” – Annika Sorenstam
I’m sure you’ve heard of this quote at some point – and it’s true, isn’t it?
You can’t achieve success if you don’t work hard for it. You have to do your part of the work to achieve the real success which is your business goal.
Why did you start your business? What are you trying to achieve?
Every plan requires steps, and each step requires hard work and dedication. But who’s to say you can’t use cheat codes?
Now when I say cheat codes, I don’t mean anything illegal. I mean using things that can significantly make managing your business easier.
Sure, you can go through the long and hard way, but if there’s a shortcut that gives the same or even better results compared to the long way, why not choose the shortcut?
The quote is true to a certain extent. But thanks to our developing technology, we have tools that can make managing our business easier than ever – which are Softwares.
Softwares are computer programs or apps that do certain tasks based on how they are programmed. In other words, whatever they are made to do, they will do it for you.
For example, Facebook is a software that provides a communication platform where you can interact and reach out to other people through messages or replying to their posts. Google is a web browser software that gives you everything shared on the internet at the click of a button.
There are all kinds of softwares, but in this article, we’ll be focusing on software that makes the lives of all business owners easier – accounting software.
Finance is the most important function in a business because to make good decisions and future goals, you need good finance, and an Accounting Software is perfect to make organizing your finances easier.
But software is still software. Accounting software is useless if you don’t know how to use it. The only way for you to fully utilize this Software is to have an expert teach you.
For start-ups or small to medium-sized businesses, you don’t need to permanently hire an accountant. However, you do need one to help you set up an accounting system that’s suitable for your business and easy to use so that you can manage it on your own.
An excellent and experienced financial advisor and accountant you can go to is Freelance Finance Controller – FFC helps entrepreneurs, influencers, and business owners with their accounting and financial system and process along with solutions personally applicable to the needs of your business.
To make organizing your accounting and financial information easy, they will set up a system to help you compile all the data to make your business processing easier.
And this includes helping you choose the best Accounting Software that’s suitable for your business.
Accounting Software – Xero
One of the Software Freelance Finance Controller recommends is Xero.
Xero is a good accounting software for Small and Medium Businesses. However, according to research, it is highly recommended for online businesses or eCommerce stores that are extending their selling services overseas.
Firstly, Xero is an automated process making it easy and efficient for you to organize all the data in your business. No need for those big and thick file cabinets anymore because Xero will do the work, and keep and organize all the data for you. It will make the reports for you and categorize your expenses, revenues, and accounts for you. All you have to do is input all your data into the system every time there’s a transaction.
Aside from organizing, it can also help you make a sales invoice or a purchase order along with financial reports and charts or graphs of all your common expenses, revenues, and immediate payables.
You can even reconcile your payments with Xero.
For local payments, Xero will calculate your location’s tax rules and apply them to your sales.
The same applies to oversea payments where each tax rule varies from one location to another. Xero will compile, categorize and summarize all of the information of the payments made based on the marketplace of where that payment came from. Because the tax rules for every location are different, computing an accurate tax report can be time-consuming and hard, making a lot of international businesses prone to mistakes and inaccuracies.
However, for Xero, computing tax rates has never been simpler. Xero will cross-check all the orders and refunds to make sure every piece of information from that location is correct and will assign the appropriate local tax rate for each group or payment to make sure you are in line with the standards of that country or location. With this, your VAT or tax report will be accurate and ready for tax season.
Xero will accurately account for your sales, fees, and taxes which will save you a lot of time every month or every tax season when you have to give out your statements or compute them.
Contact Freelance Finance Controller to help you get a great start with Xero!
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