Times are hard and it is becoming difficult to run business, especially if it is a start-up or small business. But at the same time, we have been witnessing a great number of start-ups creating a buzz in the market worldwide like Uber. So what is it that is helping them to sail through and stand even in these turbulent hard times when others are struggling to stand in the midst of the storms of the financial crises? Well if you look at things from far it would appear and many would say it is just sheer luck or being into the right business at the right time; however this is certainly not true for all. A deeper study of how these start-ups made so far would show that their success is result of the way they manage their finances. When you are a start-up or a small business then each penny counts – remember a penny saved is a penny earned. And I believe today’s young CEOs acknowledge know this pretty well and have made this the mantra of their business success. Let’s see what these CEO’s actually do.
The main thing that drives these start-ups is DIY on most of the financial aspects which the young CEOs are ready to carry out. So how do you do DIY for your business especially in matter of finances? A simple bookkeeping accounting software
can be a good Do-it-yourself solution for your business. You need to find an accounting software that can perform a range of tasks, including tracking expenses, automating invoicing and billing, organizing tax and banking information, and providing payroll services.
Many a start-ups fail because they run an out of cash. A CEO’s key job is to understand how much cash is left and whether it’s sufficient to that will carry the company to a milestone and lead to success.
And the successful CEOs execute their plans well. Since, As mentioned earlier, small businesses need to save even a single penny so that it is not spend on a thing that isn’t necessary like in such a case hiring a full-time bookkeeper can be a burden and if not then you surely have to shell out an additional salary each month when you can do all these at a very low cost with a simple bookkeeping software. With an bookkeeping software
, you don’t need to hire a bookkeeper to manage your company's finances. With an integrated accounting software, you can even manage the payroll yourself.
An incredibly common problem because of which a number of start-ups fail is poor weak management. With an integrated accounting software that manages and keeps track of all the gives a 360° view of all financial activities of your each department you can easily manage the finances and know from which department you are gaining and where is the leak this will help to target on the problematic areas. Nomisma cloud-based accounting software provides departmental accounting feature which has the ability to breakdown costs and profits based on each operation. For example you can analyse how each of your function like finance, marketing, etc., is performing. From cheap and simple bookkeeping software to high-end solutions there is a huge range of online bookkeeping software in the market and finding what exactly fits your situation can be a little tricky especially if you are a beginner bookkeeper!
Read Also:Why is Nomisma the best accounting software for small business?
Here we provide you a simple guide on choosing the best and simple bookkeeping software to make your life easy.
“Simplicity and integration into daily routines are very important features,” said Nathan Stewart, CEO of Alkemi International.
Choose for software that can be set up with your business easily and quickly. Nomisma online accounting software can be set up in minutes.
When you are investing in an online accounting software then it is best to look for software a system that does most of the accounting financial tasks and payroll is one of them. Maintaining payroll of your employees can be time-consuming but bookkeeping software like Nomisma accounting software can calculate all payroll requirements like PAYE, annual leave, long service leave, etc., easily with just a few clicks.
Robust accounting software
Buy a robust accounting software that can quickly grow along with your business. The software that you select should well integrate with various processes of your business and should be time-saving and should reduce data entry errors. Nomisma is a comprehensive software that can be well integrated with your business to give you a simple and an effective solution at the most competitive price starting at as low as £1 per month.
Mobile Accounting App
“Businesses need to look strategically at how mobility can support the enterprise and how it can be integrated to optimise processes,” said Chris Tranquil, managing director of ACS' communications and consumer goods line of business. Look for a software that provides you mobile app so that it supports your business on go. Nomisma provides fully functional apps to manage daily business activities and mobile app for a separate receipt management app that helps you keep track of your expenses and you will never lose receipts as you can click a picture of it and upload it.
Track your business anytime anywhere
Look for a bookkeeping software that tracks stock, work in progress, orders, jobs and other task required by you. Nomisma is an online cloud-based bookkeeping software that does all this and in addition to this, you can track your business anytime from anywhere since it is a cloud-based solution. With Nomisma you will have all details of your business in your pocket [mobile].
Multiple Accounts Integration
Look for a comprehensive accounting software that is able to handle multiple bank accounts. With Nomisma you can add as many accounts as you want and it will directly feed all the details in your account books.
With the business taking place across the borders you need to have a system that can handle foreign currency. Nomisma a cloud-based solution allows you to have transactions in multiple currencies.
When selecting small business accounting software system
, make sure that the system would encrypt your confidential financial information. Nomisma does these in addition to scheduling backups so that you do not lose important information during a computer crash. Imagine you take backup of your business data and store it off-site and in case a catastrophic event happens and all your data is lost. What will you do then? Well, this is a very worst kind of imagination but things of this sort do take place. To swiftly restore the information the best solution now is a cloud-based solution that stores all your information online so that there is no worry for data loss.
Detailed accounting reports can help you take better-informed decisions. For example, having a daily cash report helps you to switch funds of your company. Look for an accounting system that generates all kinds of financial statements like income statement, balance sheet, cash flows statement as well as statement of equity so that you have a clear picture of all your business processes. Nomisma understands the need to have detailed reports and it provides reports like VAT comparison report, management reports, balance sheet, trial balance, profit and loss, departmental reports, detailed audit trail, detailed ledger report, transactional report, debtor summary, debtor detail, creditor summary and creditor detailed report.
An Accounting software that helps you with taxes can make your life easier. Nomisma includes features like automatic tax calculations including VAT and CIS, multiple tax rates, and tax reporting, and can instantly email all necessary data and files to your accountant at just a click. Nomisma also has the ability to File VAT returns online.
Nomisma offers a gives you free trial with full support for and full support for 28 days so that you can use run the software and is fully satisfied that it meets your needs and requirements.