For small businesses, keeping control of cashflow is vital. The ability to juggle day-to-day finances can sometimes be the difference between success and failure. The prudent business owner needs to watch the money daily.
Thankfully, tools exist to help with this. Cloud accounting with built in bank feeds allows bank transactions to link directly to bookkeeping and invoicing software. With a cloud accounting tool like Xero, for example, the business bank balance is highly visible on a dashboard. Also shown on the dashboard is money due to come in and money due to be paid out, so providing an extremely useful ‘snapshot’ of the financial health of the business.
What’s more, the dashboard can be accessed from anywhere (with an internet connection), and from any device. So now you can keep an eye on the money from the car, from home, even on holiday!
As one MyTax client commented, “Keeping on top of the book-keeping is now a pleasure and not a chore. The dashboard gives an instant overview of our company accounts and helps us keep on top of invoice and bill payments.”