How Real-Time Accounting Accelerates Business Growth

In this fast-paced world, your business must be able to adapt to change, properly manage cash-flow, understand and track performance and profitability, and strategically plan for tax time – or, bust.

Real-time accounting is the difference between proactive business growth and maybe staying afloat next year. Choose growth.

Here are a few reasons why real-time accounting will change your life:

What Is Real-Time Information

Thanks to cloud computing and software like Xero, you and your accountant can access your real-time financial information anytime, anywhere. You immediately understand how your business is performing on a daily and monthly basis so you can respond accordingly.

In comparison, traditional financial accounting takes a more historical view – you get a glimpse of your performance year-end when you file your tax return. But, that’s not overly helpful information to have after-the-fact!

Why Your Business Needs It

When you have streamlined budgeting and forecasting in place – and business goals that drive you forward each year, you want the best systems to track your ongoing performance. That is, where you need to be, versus where you really are.

With real-time information, your business benefits from:

• Real-time profit and loss accounts for an accurate picture of your business’s financial health
• Real-time visibility of your cash-flow
• Understanding your tax position so you can reduce your tax liability
• Accessibility to accurate information for efficient and effective decision-making.

Real-time information helps you answer the questions you haven’t yet thought to ask –

Can we afford to hire more staff next project?

Can we survive if a customer takes 3 months to pay an invoice?

When can the business realistically expand?

How It Makes a Difference

When you have an accurate, up-to-date view of your business and how it’s performing against your budget and forecasts – it’s a lot easier to identify critical issues and underperformance as it happens, so you can implement effective strategies to improve your situation.

Real-time information hands you control of your business so you can be proactive instead of reactive; In control and not in chaos. Ultimately, you’re able to make better, more informed decisions that maximise your growth and profitability.

Why You Must Establish Good Reporting Habits from The Start

It’s important your business has the right reporting systems, tools, and technology in place from the very beginning, so you’re best positioned for growth. Partner with a new age accountant who can set your business up for success from the start.

With the right real-time technology you can:

• Streamline your accounting, reporting, and compliance
• Implement useful and effective reporting frameworks to know your numbers and monitor your performance
• Implement cashflow forecasting so you can stay on top of expenses
• Ensure all your record-keeping is effective and compliant throughout the year.

If your business needs to improve its cash-flow, performance, and profitability – get in touch with our team today.