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Trading Up – Why accounting software is vital for tradespeople

by on February 25, 2019 in Latest News, Lead Article, Marketing, News you can use, Nuggets, Small Business, Startups

Trading Up – Why accounting software is vital for tradespeople

If you own a trades business, chances are you’ve put off investing your money in “luxuries” such as accounting software.

After all, most people don’t immediately think of technology when it comes to businesses that deal with manual labour.

However, you’d be surprised to know that in this era of all things digital, more and more tradesmen are liberating themselves by investing in accounting software.

Whether it is bricklaying, plumbing or sprinkler fitting, all trade industries could benefit from the use of accounting software to streamline their businesses. In this article, experts in accounting software in the UK have shared with us why accounting software is vital for tradespeople, so read on to find out more!

  • Save Immense Amounts Of Time

Let’s be honest – accounting isn’t exactly fun, especially when you are someone who is already busy enough trying to run a successful business.

Handling the accounts on a monthly basis, as well as at the end of the financial year, is something that is tiresome, often confusing and takes up a good chunk of your time. When you invest in accounting software, you can increase your accounting efficiency tenfold and say goodbye to wasting precious hours on trying to balance the books yourself.

Something as simple as shifting your accounts from paper to an accounting software can save you invaluable amounts of time in the long run, and ensure that everything is documented, accurate and spoken for.

Many accounting softwares also offer services such as accounting automation and invoice generation which makes life easy when you need to send invoices out or calculate certain costs. In any business, time is money – so invest in accounting software to save yourself incredible amounts of time and money.

     2. Keep The Business Compliant

As many trades business operate partly in the cash economy, chances are these business may not have the best track record when it comes to tax compliance. With an increase in attention being put on cracking down on non-compliant companies today, it is no wonder that so many tradespeople are rushing to legitimise their businesses.

One of the best ways you can keep your business compliant is with the assistance of accounting software. Accounting software will assist you in cleaning up all your current messy paperwork, and streamlining your accounting process in the future to keep you out of hot water.

     3. Improve Your Cash Flow

Cash flow is paramount to the success of any small businesses, and as someone in the trade industry, you will want to ensure that your cash flow is as healthy as it can possibly be.

Accounting software can assist you in this department by improving the efficiency at which you send out and collect invoices, helping your business run better and taking a heavy burden off your shoulders.

Accounting services and softwares can also assist you in improving your profitability and collectibles, and can assist you in freeing up capital that may be stuck in machinery that is not being used.

     4. Know Exactly Where Your Money Is Going

When accounts are handled on paper, or worse, in someone’s head, it is no surprise that business owners are clueless as to where their money has gone at the end of the day.

By using technology in the accounting department, you’ll be able to keep track of exactly where your funds are going and what they are being used for.

You can gain more control and visibility of your own business with the assistance of accounting software, enabling you to make smarter business decisions in the future in a bid to increase your profits and prevent unnecessary loss of income.

     5. Handle Accounts On The Road

Unlike office workers, tradespeople don’t spend a majority of their time sat in front of a computer. This is why it is important that you are able to manage your business whilst on the move.

When you use accounting software, you will be able to pull your financial records up no matter where you are, and on any device that you have access to.

Most softwares run on tables, PCs, laptops and smartphones, so instead of having to call someone or travel back to HQ, you’ll be able to have instant access to your financial information at the click of a button.

You will also be able to quote clients instantly, regardless of whether you are at work or on holiday.

We hope that this article has given you some insight into exactly why accounting software is imperative for the growth and success of your trade business.

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