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27 December, 2019
Once you have chosen your cloud accounting software, you will need to set it up properly in order to get useful information out. Every online accounting software system will have default settings but they may not suit your business. Making sure you set up bank accountants correctly and run a proper director’s loan account can be very confusing to the non-specialist. So take time and get advice to make sure everything is set up correctly from the start. In the end that will save both time and money, as well as enabling you to get the most from the software you have chosen.
You can then report on just about everything from a well set-up online accounting system. You should also be able to see a visual dashboard of your business progress. You will also want to know who owes you money and for how long (You can also get apps to automate the chasing process – see below). You will certainly want to know what products and services are making you money and which are losing you income. Being able to make adjustments to the business as you go along is one of the great advantages of having financial information available 24/7.
You should, if you use any of the leading brands of online accounting software, be able to add on apps that will help you automate credit control, produce fantastic projections, take credit card payments and much, much more. There are loads of apps for QuickBooks Online and Xero who probably have the widest offerings in terms of integrations.
A good well set-up system will give you control over your business so you can make good decisions based on up to date knowledge of the facts.
You can also view our online accounting guide that will take you step by step through the process of choosing and setting up the cloud accounting software that best suits your business needs. Previously, we’ve also written about what is the best software for online accounting.
Blog post by: Ian Marlow