3 things to make the most out of your accounting software

Taking care of your accounts is one of the most important things that any business should do, but it can also be one of the more difficult to get right. But, once this is done correctly, it is one of the most empowering things you can do. As a small business owner, you need to know what is coming in and out of your account, identify opportunities to save money or to invest further to grow – using an accounting software program is a great way to do this.

If you’ve been following me for a while, you’ll know that I am on a mission to make this simpler for women in business and give the right tools to empower you to grow.

This week, I’m talking all things accounting software. You may already be using one of these, for example, Xero, Free Agent, QuickBooks or Sage are all popular online account software programs that help you to manage your accounts.

Most of these require a monthly subscription and what I see more often than not are people paying for these programs but not using them properly or making the most out of them.

So, to make things as easy as possible, I’ve listed below the three most important things you can do to make the most out of your accounting software (and that monthly subscription fee.)

1. Make sure you set up your accounting software correctly

I see a lot of people who are paying monthly for software but because it never got set up right it’s pretty much useless.

The first thing you need to do is set up your accounting software correctly. If you don’t, it can be very difficult and time-consuming to fix later on.

If you set up your system correctly from the start, then everything will be much easier for you down the road when it comes time for tax season or other important dates in your business cycle. This includes creating reports and finding key information about transactions made in previous years and so that they’re easy for others (like us freelance accountants) who may need to help you with your accounts during those key periods.

2. Make sure you link every place cash comes in and out of the business

Link every place cash comes in and out of the business.

This is a must-do for any accounting software. The reason? You’ll have a much easier time keeping track of everything that happens with money in your business. 

So, not only your bank account needs to be linked in but also Stripe, Paypal, Credit cards so that you get the whole view of what’s going on in the business. 

If you use another system like Dubsado for invoicing check if you can integrate that in too! It makes things a lot easier to have all cash movements in one place.

3. Make sure you keep your accounting software up to date

Keeping your accounting software up to date is one of the most important things you can do to make sure that it’s working well for you. If you’re not keeping up with updates, it’s easy for bugs and errors to creep in. This can lead to problems with bookkeeping, which can be costly in terms of time wasted as well as money lost from poor financial decisions made on incomplete information.

Keeping track of where cash comes into and goes out of your business is crucial for making smart financial decisions about expanding, raising your prices, investing in marketing and more.

4. BONUS: Consider using a freelance accountant

It might sound like a bit of an extravagance or a strange idea to hire an accountant just to look at software. But we’re pro’s at accounting software, we use it daily and know all the tricks to get it set up and working well for your business. In fact I’m so passionate about this I’m building a step-by-step Xero course to take you through how to set it up and get the most out of it.

So if you want your software to do the hard work for you & your life made a lot easier then sign up to the waitlist for the course to hear more about it & get exclusive access.