Some love it, others loathe it, but however you feel about change, it’s the only constant in this life. In order for your small business to stay competitive, it’s crucial you stay tuned to changes in industry and general working practices. How well you respond to this change will ultimately determine whether you’ll sink or swim. Below we’ve listed 4 small business accounting predictions that we believe are around the corner and that you should know about.
- Automation will rule the world
Automation takes the hard work out of some of life’s more menial tasks and makes for a more efficient world. Small business accounting software can automate a lot of the time-consuming tasks that bug many companies. For example, you can easily scan paperwork through small business accounting software to reduce data entry and admin time, leaving you to tackle other areas of your business that’s otherwise neglected. Putting automation at the heart of your business practices not just helps you deliver more for your customers but it will also secure the long-term future of your business.
- Cloud accounting will be the norm
In the fast paced world of business, you and your customers expect to do everything on the move. Traditional small business accounting will no longer be managed out of a shoebox, on a spreadsheet or via a hard-drive based accounting system. Eventually, older hard drive based accounting systems will no longer be updated or supported and phased out to make way for powerful omnipresent cloud software.
- Business compliance will be easier
To make tax compliance easier and quicker HMRC will announce at the end of January their vision for a fully digitised system under their ‘Making Tax Digital’ initiative. Soon the way all businesses handle compliance will be as speedy and as simple as this.
- Marketing and sales skills will be needed
As automated services save businesses time and money this is turn encourages new low-cost entrants into the market. You will need to differentiate yourself from the competition and make compelling reasons as to why you’re the best at what you do. So sharpening up on your marketing and sales skills will be a must if you want to remain at the sharp end of your sector.
KashFlow is small business accounting software that lets you easily create professional invoices and add cashless payments to get paid instantly. You don’t need any specialist bookkeeping or payroll knowledge to use it as it’s simple to get to grips with.
By using KashFlow you can save money, hassle and time, leaving you more time to respond to your customer’s needs. For a free no-obligation 1-2-1 demo just call the KashFlow On boarding team on 0844 815 5779.