Financial management is a vital part of a startups growth and longevity — many fail due to mismanagement of funds or lack thereof. Many entrepreneurs never truly embrace accounting.
They’d rather focus on strategic growth, tactical execution and growing a businesses organically. However, accounting and financial management is a necessary evil for all startups that want to be “and stay” in business.
When I first got started in business, I utilized QuickBooks and knew of others that adored Peachtree. I quickly realized that bean counting wasn’t my favorite past time. Therefore, I sought out ways to lighten the load and increase productivity elsewhere.
Most entrepreneurs are ‘big picture thinkers’ … visionaries. So while, I adore reviewing a P&L statement or perusing break-even analysis reports I didn’t want to grind through the tedious back-office administrative work to get there.
This doesn’t mean you should be clueless about your cash flow – you should in fact watch it like a hawk. What it means is – focus on your strengths and find other individuals, processes and applications that you can leverage.
The other day I was dreaming that I would one day find an accounting software that fit an internet savvy, new technology, early adapter’s lifestyle – and have a clean, smart and simple interface.
My prayers have been answered (the sky is parting). I stumbled upon Xero.com (and man does this company make accounting sexy). It does things I wished Freshbooks could do – it makes accounting so much easier. So when you sync up with a virtual assistant there is no real learning curve – a 2 year old could maneuver this application.
Xero is an online accounting system designed for small businesses and their advisers. It’s simple, smart and secure. In a nutshell it gives you an over-arching view of your business in a simple & clean dashboard.
Here are some additional reasons why I love Xero.com:
Access accounts and run your business from anywhere in the world on a PC, Mac or mobile device.
A real-time view of your business at a glance with a snapshot of all your transactions.
Easy bank reconciliation keeps your accounts accurate and up to date. Automatic bank feeds get your transactions in to Xero.
Manage the individuals and organizations you do business with and have them easily appear in invoices and transactions.
Get a single view of where your money is coming from and when. Create, send, receive and report on invoices all from one place.
View and manage how much money you owe, what’s overdue and what’s waiting payment.
Easily enter and manage personal expenditures.
Generate and view interactive reports in real-time, anytime. Your financial advisers can also create and publish reports for you.
And for my amazing Accountant – a full accrual accounting system which automates and simplifies your day-to-day bookkeeping.
Lastly, you can sign-up for free and use the free demo instantly.
Let me know what you think about it or if you’ve run across any competitors that give Xero.com a run for their money.
© YFS Magazine. All Rights Reserved. Copying prohibited. All material is protected by U.S. and international copyright laws. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4.0 International terms, listed here, is permitted.