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5 Apps for Tracking Small Business Expenses

News Article: February 23, 2018 by dwaoaktree Save Money

Did you know that 50% of small business expenses are generated on the go? It’s no wonder the majority of expense receipts end up shoved in coat pockets or an old shoebox.

In spite of all of the high-tech options out there, 47% of small businesses are still using spreadsheets for expense management, leaving room for errors that could really hurt their bottom line come tax time.

Cloud Accounting can literally transform the way small businesses operate.  From on-the-go invoicing, automatic bank reconciliations and the ability to view your business finances in real time.  It’s an accounting solution that has been designed with the small business owner in mind, from the low monthly cost to the simple reports and usability.

So what is cloud accounting?

Cloud accounting is simply using a cloud based accounting system to manage your accounts rather than a traditional accounting software you install on your desktop.  As the system is ‘cloud based’ it does not sit on your device or server, there are no download or installation requirements, updates are automatic, security is world class and you can assess your accounts anytime, anywhere using any device you can access the internet on. Giving your complete freedom to work when and where it suits you.

5 Benefits of Cloud Accounting

1. User friendly system designed with the end user in mind – no need to have experience of accounting
2. Affordable – plans start from just $50 per month
3. Real time data – by setting your bank feeds you can see your business financials as they really are
4. Saves you time – With a heap of time saving tools such as automatic bank reconciliations, automatic invoice chasing and a single view of your business finances
5. World class security – Your data is safe as Xero have invested thousands in the best security possible

Add-Ons create even more value

Cloud Accounting Systems also have a number of add-ons that integrate with your accounting system to save even more time and streamline processes.  It is all about making running your business easier, saving you time, money and ensuring you can see at the touch of a button what is going on in your business.

Speak to us today about how cloud accounting cold help you manage your business and save you time and money!

Case study

One of our clients runs a local plumbing business with 3 staff.  Every week it would take him 3 hours to send all of the invoices, check which invoices had been paid and which were still outstanding and organise payment of staff and suppliers.  His time could be billed for $90 per hour, these three hours of admin cost him $270 a week.

We helped him make the move to Xero, set up his bank feeds and took over his payroll all for less that he was paying his old accountant, plus we have freed up over $1,000 per month in billable hours.  To make his life easier, his invoices are automatically matched to payments made and he can see at the touch of a button which invoices are outstanding and can set up automatic reminders to customers that invoices are due for payment.

Being in Business is hard enough, why make it harder?  Speak to us today!  Book a FREE No Obligation Review.  

We can give you a live demo on Xero, review your business and show you exactly how we can help!  Simply complete the form on the right and we will be in touch within the hour.

Check out these useful Cloud Accounting resources;