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Accounting is an indispensable tool for entrepreneurs to manage their business. The data provided by competent accounting service will help the company to develop and increase their income. A very interesting case that illustrates this is the entrepreneur Phil Knight, who founded Nike. As Tom Taulli says in his article on Forbes, Knight worked full-time as a Certified Public Accountant (CPA) in his early career to make ends meet.
As Taulli pointed out in his article, the knowledge that Knight got from this experience was priceless. Just try to imagine how challenging it might be to manage a fast-growing company…
But what should successful entrepreneurs take into account when it comes to accounting?
To answer this question, Taulli talked to Rob Nixon, CEO and co-founder of Panalitix, who is the key speaker at “Tomorrow’s Practice” – Kreston’s 45th Annual World Conference to be held in London this month. Rob gives us three tips about what entrepreneurs need to know about accounting.
1 – The Cloud – ‘If you are relying on ‘desktop’ accounting software,” according to Rob, “you are looking at redundant data. To get real-time data you need to switch your accounting software to the cloud. You can then access richer, more accurate data on any device.’ He also mentioned some accounting systems that are affordable such as QuickBooks and Xero.
2 – Dashboard – according to Rob, ‘you need to have a consolidated view of the main operating metrics pertinent to your business. For example, if inventory is important, then make sure you track the amounts and timing of the purchases. This can be extremely helpful in avoiding problems with your cash flows. (…) Once you understand the numbers, you can set some goals and apply tactics to improve the numbers. What you can measure, you can manage.’
3 – The whole picture – you can get more from a cloud-based accounting system. Once all your data is centralized, you can connect it to other systems and get a bigger picture of your business, which is excellent. The most information you have, the better.
Identifying key performance indicators, having real-time visibility and insight on the implications for the business is vital for any entrepreneur. Using a qualified accountant that is familiar with cloud accounting and advising growing businesses will enhance this process, giving the entrepreneur the information they need in an understandable format with the added input from their experience of working with a number of businesses.
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