The importance of keeping your books & records in real-time - Ad Valorem
2 minutes
The importance of keeping your books & records in real-time
With the ever-enhancing pressure on businesses to be more competitive within the market, the capability to know how you’re performing in these unprecedented times is more essential than ever.
This is where real-time accounting comes into force to an even larger extent. Historically, it was common to only bookkeep quarterly for VAT or annually for year-end accounts, however only viewing accurate figures quarterly or annually does not give an accurate picture of your business, whether you are looking at your P&L or stock figures.
If you keep daily records of all transactions that come in and out of your business, you can recognise areas which are doing well and those that need some improvements. If you keep your data precise and up to date, you can make decisions when they are required.
In today’s business world, time is costly. How often do you utilise your management accounts information to help you run your business on a daily business? How quickly can you currently access your data? Or maybe, it’s the information that’s inaccurate and not useful?
This is where real-time accounting can give you the help and accuracy you need.
Keeping your accounts in real-time gives you information instantly. You will be able to see your current financial position and profit & loss statement within seconds and with this detail, you can be more driven to helping your business grow.
So what accounting software would be recommendable to keep your books and records in real-time?
We are Xero platinum partners and have seen it help businesses by making bookkeeping tasks faster and reduces manual data entry error.
Click here to find out more about Xero.
Here’s a screenshot of a Profit & Loss Statement on Xero, comparing budgeted figures to actual figures. With real-time data, you can immediately identify areas that need reorganising and restructuring to ensure increasing profitability and growth in your business.
* (Profit & Loss Statement used from Demo Company in Xero)
Real-time accounting will give you peace of mind and confidence of a true up-to-date reflection on your business accounts.
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