Small Accounting Firm: Choosing the Right Accounting Software for Your Small Business
Given the current economic climate in South Africa, being a small business owner is no easy task, that is why SureBooks’ small accounting firm is the key to your financial peace of mind. At SureBooks you will be teamed with an expert small business accountant who will deftly handle the daily chore of your financial management. SureBooks will ensure that you are tax compliant and take care of all payroll services – allowing daily tasks to flow more efficiently and open further scope for the growth of your business.
A core aspect of running a small business in South Africa is having the technological know-how in order to harness cloud-accounting software for your accounting needs. Technological advancement is part and parcel of the modern-day business landscape, thus, when leveraged effectively it can streamline your accounting practices and safeguard your business against any data or security breaches. Moreover, by allowing SureBooks to assist you in finding the right software for your business you can rest assured that it will simplify your financial tasks, boost accuracy and most importantly – save you time.
This article will thus provide a comprehensive roadmap so that you can choose the right accounting software and small accounting firm for your small business.
Assessing Your Small Business’s Accounting Needs
When you are trying to decide which small accounting firm is the best fit for your business, the first thing to consider is the size and scale of your operation. In South Africa’s fluctuating economy, small businesses like spaza shops and other small service providers are considered a small operation if they employ around twenty to fifty individuals. These small businesses serve an integral role in meeting diverse consumer needs and bolstering economic revenue.
These services range widely and can be anything from street vendors offering food and beverage items to beauty, cosmetic and fashion enterprises. Given that each business will face its own unique challenges such as inventory administration, pricing strategies and payroll management, the importance of having a reliable, small accounting firm to assist you is paramount in a highly competitive market.
Once you have ascertained the size of your enterprise, SureBooks’ scalable services will assist you in navigating the various complexities that arise in small business ownership. For example, VAT compliance and forecasting, to budget and cashflow management. Partnered with cutting-edge technological innovators such as Xero, Sage, QuickBooks and SimplePay, SureBooks will guarantee that the tedium of paperwork is a thing of the past with our cloud-based accounting software.
Key Technological Features You Should Look For In A Small Accounting Firm
There are several key features which you may want to consider when you are deciding on which software will best benefit your small business. The first thing to consider is the user-friendliness of the software. This is important so that even if you only have a basic knowledge of accounting, you are still able to manage your financial data efficiently and securely. Additional features to consider when selecting your accounting software includes automation, cloud integration and comprehensive reporting. This will further be extrapolated in the section below.
The use of automation is a major advantage in how cloud-accounting can assist your financial management. An example of this is illustrated by using automation software such as Xero. Xero considers automation the “brawn in your business or practice” and effectively removes the tedium of day-to-day manual tasks and reduces overall workload. Examples of automation include efficient reporting and reconciliation by using bank rules and machine learning.
Furthermore, invoice and cashflow management becomes a painless exercise with the integration of payment platforms such as GoCardless and Stripe. Other automated services include eInvoicing. This is hugely beneficial in that it reduces manual input and speeds up the rate of invoice delivery. Moreover, EInvoicing has international reach to areas such as Australia, New Zealand and Singapore, this guarantees that recipients receive real-time invoices to their own accounting software. This is a major bonus if you are looking to make secure and hassle-free international payments.
The next thing to consider is cloud integration, this is a key factor in how cloud-based accounting software can revolutionise your financial management practices. Ease of access is one of the core benefits of this service, all you need is a reliable internet connection, and you will be able to collaborate in real-time with your accountants, colleagues or any other members of your team with whom you need to liaise.
Added to this, these types of platforms provide advanced security features such as performing regular scheduled back-ups and encryption of your data for increased security. A further benefit to the use of cloud accounting is that as your business adapts and grows, the technology will evolve with it. This means that there won’t be a need for additional hardware or frequent software updates. In fact, because the software updates automatically, you will remain tax compliant and in step with the latest financial regulations.
The final aspect which you should consider when choosing a small accounting firm for your accounting software is the notion of comprehensive reporting. Comprehensive reporting will grant you instant access to accurate and thorough financial reports so that your business will always remain on the right track. Not only this, but accurate reporting extends beyond mere profit-and-loss statements and will incorporate key areas of your business, including reports on budget, cashflow and key performance indicators (KPIs).
This style of comprehensive reporting is also customisable. This is key as it means that businesses can then tailor their data segmentation according to their operational or strategic needs. For example, this may include areas such as expense and product categories, customer demographics and vendor performance. Therefore, having real-time, accurate reporting in cloud-based systems is integral for your financial development and growth. It will guarantee that things remain timeous and up to date while making sure that your business continues to meet regulatory compliance. Areas of concern that are addressed through customization also include comprehensive audit trails, tax summaries and VAT diagnostics.
From the above it becomes clear that there are various factors to consider when choosing cloud-based accounting software. With SureBooks to guide you with expertise in using software such as Xero for your automation, cloud integration and comprehensive reporting, you can be certain that your business will remain agile and financially secure.
SureBooks Small Accounting Firm Accounting Packages
Now that you understand what to look for with regards to cloud-based accounting and the key areas of interest, here are three tailor made accounting packages offered by SureBooks which can help you get started:
SureStart: This is a basic accounting package which enters the market at R2200 a month. This pack is ideal for small businesses who are only just starting out. SureStart will streamline key services such as bookkeeping, reconciliation and tax compliance.
SureGrowth: at R3300 per month SureGrowth is designed for businesses who are further along in their development and need more advanced features such as in-depth forecasting, budgeting and thorough reporting. Utilising this package is a sure way to assist you in the further development of your business.
SurePlus: Coming in at R4500 per month, SurePlus is an accounting package designed for businesses that need more complex accounting services. Services rendered for this purpose may include payroll management, weekly reconciliation and more nuanced/detailed financial reporting.
With these three accounting packages on offer, SureBooks is confident that with the unlimited access that you will have to these tailored accounting features, the resulting growth and development of your small business is non-negotiable.
How SureBooks Small Accounting Firm Can Help Your Business
Whilst this article has focused primarily on how SureBooks can assist your business with state-of-the-art accounting software, beyond this, there is much more we have to offer. Aside from tailor made accounting services, we will also personalise other services to make sure that all your financial operations are running smoothly. From assistance with VAT returns and tax compliance to the management of daily accounting tasks, SureBooks will take the burden of accounting off your shoulders.
Other services which we provide extend to virtual CFO services which ensures that you are receiving expert financial advice at a fraction of the cost of a full-time CFO. Moreover, monthly business health checks will be performed in order to mitigate any financial areas of concern.
Another core service offered by SureBooks is that we can guarantee compliance and reduce financial risk related to improper tax management. Tax compliance and staying on par with tax regulations is one of the trickiest aspects of accounting. With SureBooks however, making sure that your business complies with South Africa’s VAT laws and meeting other regulatory requirements is one of our primary areas of expertise. Streamlined into our automation accounting services, vital tax functions are automated, for example, VAT calculation and submission to further mitigate any fees or penalties unaccounted for. Lastly, with the VAT-related support offered by SureBooks, tax season will find you fully prepared.
Getting Started With SureBooks Small Accounting Firm
You have now familiarised yourself with the accounting packages and assessed how SureBooks can assist your small business, the next step is to get in touch. First, you can schedule an initial consultation where we will do an in-depth analysis of what your business needs and formulate a tailored action plan best fitted to your operation.
With SureBooks, you can rest assured that you will have expert guidance provided to you for every step of your business journey. Whether this entails taking over your existing accounting duties, or assisting you in the upgrade to newer and more streamlined accounting services, SureBooks has a solution for every stage. This is especially true for fledging or developing businesses where this type of guidance is a sure way to secure the wellness and longevity of your business.
Empowering Your Small Business With The Right Accounting Tools
In summary, finding the right small accounting firm for your business is crucial for the security and durableness of your enterprise. In a nutshell, this is what cloud-based accounting can do for your business:
- Guaranteed access to your financial data from anywhere in the world.
- The benefit of automation which means that software updates be pre-programmed for the surety of the latest accounting features and compliance tools.
- Seamless collaboration: This is a given as cloud software ensures access to our accountants and your team members in real-time meaning that communication and efficiency will never be compromised again.
Selecting the right accounting software is paramount if you intend to remain ahead of the technological curve with automation services which provide guaranteed compliance and overall business wellness. With SureBooks your business will meet all these essential requirements and assist you in securing a tailored solution best designed for your small business. Schedule a consultation with one of our SureBooks small accounting firm consultants today and see how we can provide you with the expertise and guidance to streamline your small business accounting needs.
