In our blog post this week, we continue a series looking at the three key steps that businesses need to tackle to get their business finances sorted. And our focus in this blog post is on accounting software and managing your finances.
Step 2 – How to use an accounting software to track your performance
The first thing you need is an accounting software for your business. Some of the key things you should think about when looking at accounting software are:
- Cloud v desktop. Do you need access on the go and have multiple users or want to share data with your bookkeeper and accountant in real time, than a cloud based accounting software package is probably more suitable for you.
- Do you invoice and need unlimited invoicing? Accounting software has a strong focus on invoicing and should be able to help you manage this function.
- Do you track inventory? Make sure that your accounting software has this functionality so you don’t need to worry about costly addons.
- Do you have overseas sales and need to consider other currencies. It will often be an additional cost but it is so important in tracking things effectively.
Continue reading “Getting your business finances sorted. We look at accounting software…”
One of the questions StartUp businesses often ask is how do they know what accounting package is right for them. At Nudge we use both MYOB and Xero (for more about why we chose these packages, read Aaron’s blog post “Why MYOB and Xero. Why not MYOB or Xero?”).
This week I wrote an article for Shoe String StartUps on how to choose the right accounting package for your Startup. In deciding which accounting package to use, it’s really important to understand whether the accounting package has features which your StartUp needs.
Steps to choosing the right package for your startup, involves asking questions such as:
- Do you want your package to be in the cloud or do you prefer desktop software?
- Do you have staff, so need a payroll feature?
- Do you need unlimited invoicing?
- Do you keep stock and want to record the stock inside your accounting package?
- Do you sell to overseas customers, so need mult-currency features?
- How much do you want to spend on software?
If you want to have a read through the article on Shoe String, it is available here.
Cheers and enjoy your weekend!
I had a potential client call up this week and we spent a bit of time talking about the return on investment (ROI) of the work that Nudge does. Having only started her business in August, she wanted to get on top of the numbers. And she was interested in what Nudge could offer her business. But most of all, she wanted to understand what return her business would generate from one of our monthly Nudge packages.
It was a really good question. How do you assess the ROI on the work that your accountant does? From a Nudge perspective, we think about it as follows:
- Traditional accountants generally help you comply with your taxes. The return that you generate from them doing this work can be broken down into (1) you are not an expert in it so let them do it all and (2) the time you need to spend getting them the work. This work really can be viewed as something to help you stay on the right side of the ATO but does it really add any value to your business.
- On top of the cost of a traditional accountant, you have the following choices in getting your books up to speed. You can do it yourself, at a considerable time cost (time which you could spend getting more sales through the door) or you can hire a bookkeeper which is another separate cost.
- How do you track your income and expenses? Often you will need to go and buy some accounting software to help you manage the business finances and to do your invoicing. You need to pay for this on top of your accounting and bookkeeping costs.
- Then, because you bookkeeper and accountant work for different companies, you need to help them talk to each other and often when they have questions, you somehow get involved in answering them.
Is something missing here? With this complicated, timely and expensive process, have you noticed that no one is talking about how this helps your small business grow!
Continue reading “What is the ROI on knowing your numbers?”
We are often asked about the types of software we use within Nudge. Why, because being an online accounting firm, the systems we use are really important to us.
When we look at software, some things we consider are:
- Everything we do is for our customers. What do they want or what do they use.
- What are the most efficient systems available in the market? It makes sense for our clients and it makes sense to us.
- Cloud based systems are changing the way business is done, and the way accountants treat businesses. How can we offer our customers a better experience
When it comes to the type of accounting software that we use with our customers, there were many options we had to consider. But the two stand-out options for Nudge were Xero and MYOB. Continue reading “Why MYOB and Xero. Why not MYOB or Xero?”
We are proud to say that that our co-founder, Emma Petroulas, was listed earlier this week as one of the 8 women to watch in the Sydney Tech-Startup Scene by Shoe String.
It’s a real honour that Nudge has been listed alongside some really amazing Aussie women in startups who are doing such exciting things! Many of whom we have followed their journeys as we were starting Nudge.
Other women included on the list were:
- Katrin Suess from Vimily: a new online concept where you can leave video messages for future generations
- Fiona Anson and Alison Baker from Hire me Up: recruitment for the part-time and casual markets making waves at the moment
- Kat McKinnon from Verify1st: on a mission to stop fake websites and scammers
- Katie Campbell from firehosiery: a subscription service for hosiery
- Jodie Fox from Shoes of Prey and Pascale Helyar Moray from Style Rocks: design your own shoes and jewellery
- Priyanka Rao from Evolvex: online flat-packed furniture
- Bronwen O’Brien from Digital Sorbet: virtual PA services
Read the full-story here.
Aaron and Mark