April 3, 2019

Top 5 Accounting Hacks for Small Business Owners

Naveen Shayan

LedgerMax specialist

The entire business operation is typically a one-man show for majority of small business owners around the world and particularly in Pakistan given the fact that they start off their operations marginally and make all possible attempts to save on expenses. In other words if you're a small business owner, you۪'re probably doing everything on your own.Starting with the service or production part, your business is running smoothly; you're looking out to provide a great service or product that would be loved by your customers.

But still, you're overlooking the most significant part; that is organizing and systemizing your finances. Since you're already handling all the matters from marketing and customer services to sales and accounting single-handedly, chances are you could slip-up in your managing your business finances.

However, this can be overwhelming for majority of people setting off because in actual fact, very few small business owners have a firm grip over their finances. For this reason, we will discuss the top 5 accounting hacks for small business owners that will help you succeed big time!

1. Switch to the Cloud

If you still don't have your business financial records in the cloud; you are seriously missing out on a lot. Jump out of the dark ages and switch to a cloud based bookkeeping software. A cloud based bookkeeping program is easy to initiate, secured and perfectly handles your financial records by integrating with your business accounts. LedgerMax is one such accounting software that offers a smart and affordable solution to small business owners for handling their business financials effortlessly. It automatically and instantly updates your financial records without you being stuck in the nuisance of data importation or bank reconciliation.

2. Go Mobile

The 21st century consumer wishes to shop and pay online any time, any where. Thus, in order to cope up with the present technological demands, go mobile and let your customers pay through tablets, mobile phones or computers online. Also, this would save you from tons of paperwork and allow you to run your business from anywhere you like.

3. Computerized Invoicing

Switch to computerized systems for invoicing and never lose sight of any outstanding payments. For a minimal one time payment, LedgerMax helps you in invoicing your customers accurately while keeping you up-to-date with the due and unsettled invoices.

4. Set Targets

Each and every business in Pakistan is obligated to abide by the corporate tax laws, including sales tax and income tax etc. LedgerMax is incorporated with Pakistani tax based laws in order to make your financial records error-free and seamless. It keeps track of the statements�۪ due dates and follow them regularly. LedgerMax makes your business reports beforehand to help you stay away from sorting through the books in an eleventh-hour panic and focus on your business development targets.

5. Take Full Control

You can grab the driver's seat of your business by handling your accounts proactively. When you take full charge of your financial records, you can easily estimate future trends and get yourself ready for the demanding and easy prospective schedules which will eventually lead to your business development. In this regard, LedgerMax can help you take immediate and sound decisions by enabling real-time data for you anytime anywhere.

Thus, these 5 accounting hacks are what you need to get your business on the track of success. Get an accounting software like LedgerMax which will save your precious hours spent on tedious bookkeeping tasks and will allow you to focus more on the development of your business.

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