Difference Between Cash Flow and ProfitJuly 13, 2018
We’re already midway through 2018 and there is still plenty of time for more ‘next big things’ to hit the world of small business. However, I thought it necessary to give a bit of an overview of 2018’s must have small business cloud software so far in order to run an effective small business.
A few key areas:
1. General Accounting System
There are plenty of systems to choose for your day-to-day processing of accounts. We use the household names of MYOB, QuickBooks and Xero, and then we can go even more industry specific if those general accounting systems don’t suit your purpose.
For us, it was Xero that caught our eye and it was really just a timing thing. The introduction of the cloud based software many moons ago meant the introduction and domination of our pick, Xero. The ‘beautiful’ accounting software threw out the traditional desktop software design and went 100% into the cloud. Basically revolutionising the accounting software space.
I wouldn’t say they are still the dominant cloud based software anymore, with the likes of MYOB and QuickBooks finally catching up.
Honestly, if it has the basic accounting functionality it is probably going to meet your needs. The only criteria that I recommend all small businesses tick off is that the software is in the cloud. If it isn’t, I’m confident that your processing time is way too high and your compliance costs (bookkeeper and accountant) are just not economical.
2. Staff Management
Staff management is arguably one of the most challenging parts of any small business. And if you have any more than one staff member you would know the pain.
The basic payroll processing can be done in your accounting system (Xero, MYOB, Reckon etc.), but it is the reporting/document requirements that can take up time.
There is a need to prepare offer letters, contracts, performance reports, OH&S reporting and that is just naming some of the many reporting requirements.
Our pick for this is EnableHR. This system will report from ‘candidates’ to ‘employees’.
3. Process/Procedure System
If staff management is challenging, process/procedure writing must be as fun as a teeth pulling!
One simple and effective system is SweetProcess. It doesn’t have all the bells and whistles, however, it is a good starting block for any small business wanting to document up processes.
4. Document Management System (DMS)
There are plenty of great DMS out there. It is tough to pick one that dominates, however, for the small business I would have to say that Dropbox was the easiest for us to sign up to and operate.
Whichever one you pick, just keep in mind your personal criteria. It will be the little things that will make or break your option here.
Further to the above, there are many more specific areas where you can adopt some great software to help your business; financial reporting, scheduling, job management to name a few. All these systems come at a price and complexities within themselves (you will have to be flexible with many of these systems) but you must consider the costs vs. benefits. Always ensure that you and your business will be better because of the implementation.
So be sure to test all systems before implementation and if you have any question or need any help with systems review, please don’t hesitate to touch base with us.