Starting a business, but have some nagging accounts questions you need answering? Have a look at Xero’s latest Question and Answer blog…
Q: How do you use software to understand the financial health of your business?
We changed from Excel to cloud software so we could see the latest figures and take advantage of the benefits of the cloud. We make the most of the robust reporting tools within the software. We log in to our accounting software online and it’s super useful to be able to see uploaded receipts, expense claims and bank account and credit card statements.
Q: What’s a good tip for a first-timer in the tech startup space in terms of managing finances?
Move to cloud software sooner rather than later. You just can’t grow if you don’t move to something robust that can handle growing with you. We’ve been adding staff and new accounts and with that comes more complexity. Excel won’t handle growth or complexities like a strong online platform. When you make the move early it will save you so much work in the long run!
Q: What are the ways you know you’re hitting your targets?
We are able to determine whether we are hitting our revenue targets because we are able to take a look and plan out what we need to be putting into the system in order to keep growing and thriving. By being able to plot out what our overhead costs are month to month, we are able to determine what numbers we need to hit in order to achieve the growth that we are looking for.
Have a look at the rest of Xero’s blog here- http://goo.gl/xXFUfz Still feel that some of your questions are unanswered, why not give us a call? We are fully certified Silver Xero partners. Contact us today…