If you have a trade business, you probably didn’t get into it because you enjoy accounting or bookkeeping, but you will quickly realise that you have to keep on top of your accounts if you are going to be successful in the industry. You might be the best plumber, roofer or electrical contractor in your market, but it should still be a high priority to get the financial part of your business under control.
A business can grow at a rapid pace but ultimately fail if it can’t handle cash flow. It happens all the time. Or a tradie can be too busy working and delivering services to customers to do the quarterly business activity statements (BAS). They pile up, quarter after quarter, providing no idea of how the trade business is performing, as well as a big – and totally unnecessary – compliance issue with the taxman.
In the past, the image of a small business person managing their finances has been at the kitchen table at home, strewn with piles of bank statements and receipts trying to make sense of it all. For many small business owners, this is a nightmare image which comes true all too often. Fortunately, it doesn’t have to be like that. Today, there are solutions out there to automate most of this work and it doesn’t mean bothering your accountant with a barrage of emails and phone calls.
Tools at hand
The advent of cloud computing has given smaller businesses access to sophisticated software that was once available only to the largest corporates.
With the cloud, businesses pay small monthly subscriptions for what they use – a little like turning a tap on and off as you need it. In the past, the cost of these software licences was prohibitive but now the same software is widely accessible to businesses of all kinds.
Accounting software for all trades
The growth of cloud computing has opened the door for cloud accounting software like Reckon One. Intuitive, easy to use and cheap as nails, Reckon One provides users with the powerful tools needed to bring your financial management under control.
This doesn’t turn small business owners into accountants, but enables them to stay on top of the progress of the business through regular data entry and a bit of vigilance. Keeping it all in one place on a mobile app means that when the time comes, files can easily be sent off to the accountant for processing and lodgement. This can minimise your time and the accountant’s time, keeping costs down, and making it easier to keep track of records and back them up for safe keeping. It also has the benefit of providing an idea of the ongoing performance of your business. Wave goodbye to BAS denial and the kitchen table nightmare.
With the peace of mind that comes from being on top of your finances, there’s more time to do what you do best – operate and grow your trade business. Check out Reckon One for the most affordable, top-of-the-line cloud accounting app on the market for tradies, the self-employed and small businesses.