The landscape has changed so much in recent years that some view accounting and bookkeeping as an administrative and unimportant task that’s beneath them.
For us, that couldn’t be further from the truth. With the advent of Xero and other smart tools, you have greater access to key information for your business – but you need support in implementing that.
That support comes in the form of Live Accounting. It gives you support from an entire accounting department so that you have access to your business’ numbers right away, allowing you to become more agile, more efficient and ultimately more profitable.
It’s about productivity, and creating a thriving business, but it all starts with having the right information readily available.
The reasons your tech business needs Live Accounting
- You want access to management information needed to make crucial decisions.
- You’ve missed or over-claimed VAT.
- You’re currently scrambling for up-to-date figures when pitching to investors.
- Your finance tasks are difficult to delegate, tying up your valuable time.
- Your accounting costs are higher as your current accountant is spending time correcting mistakes.
Talk to us about implementing Live Accounting.
What is Live Accounting and how does it work?
As with any software, the tools are only ever as good as the data fed into them. Our Live Accounting process is complex,
but it’s also a partnership with shared responsibility.
It’s designed to ensure your financial records are accurate and up-to-date, and the elements involved are:
1) Automated bank feeds – This means your financial information flows into the system without any manual intervention, keeping your data accurate, up-to-date and without delay.
2) Receipt Bank data – Along with a single email address for suppliers, you’ll use Receipt Bank to capture the relevant information automatically. Your single supplier address means we have access to the mailbox to further ensure accuracy also.
1) Weekly check-ins – This is so nothing lingers or piles up. You’re committed to meeting once a week to stay accountable but also stay close to the numbers you need.
2) Reports & actions – When it works, this foundational information means you have the building blocks to make the right decisions at the right times.
“Not only have Square Mile cracked the monthly bookkeeping and accounting, they are also helping me put cashflow forecasting and budgeting tools in place that will help me grow my business.”
– Jill Hodges, Founder, Fire Tech Camp
The benefits Live Accounting brings tech businesses
It’s no exaggeration to say that the numbers are the foundation upon which your entire business is built. So,
by taking advantage of Live Accounting, you’re also creating the building blocks for:
You’ll be able to produce insightful reports to get an overview of where your business stands.
Look ahead with your cashflow so you can make longer term decisions in addition to decisions here & now.
Get a lid on the money owed to you and reduce the time spent manually chasing debtors.