Times have changed. The days of pen and paper have essentially disappeared for all businesses, be it equine, or another industry. Everything is now "mobile and on-the-fly" in today's world. Although many tech-savvy individuals like to feel that ALL business can be handled on their mobile phones (which is, unfortunately, not true) so much can be done via mobile phones and online that businesses today have gotten, and need to be, streamlined and “tech-smart.” And why not? Considering all the helpful options out there, all businesses can benefit their bottom line and time management from today’s technological advances.
Cloud-based bookkeeping and accounting software, like Quickbooks and Xero, utilize the internet “cloud” to permanently store data, generate invoices and statements necessary at tax-time to keep all business records straight. This technology is fantastic at helping to figure out where you are and are NOT making money, aka profit. New businesses often fail because they don’t know what is happening with their finances, so they don’t know if their cash flow is healthy, or if they are even making a profit. Today’s programs are superior because they can give a financial overview and detailed reporting.
Software like Hubdoc, Bill.com, etc. can pay bills automatically and keep you alerted about potential financial problems. They will auto-fetch bank statements, bills, and receipts from financial institutions, utilities, online vendors, etc. Today's software even apps that enable you to take pictures of receipts and automatically connect them with your bookkeeping software. Less time will get wasted chasing down these critical financial documents that often get lost in the car, in a pocket, or purse.
Being able to access tax and accounting data remotely has become tremendously useful, especially when you must be away at horse shows, race meets, events, etc. All small businesses often want and need to record expenses on the go, check financial data and manage accounts from their mobile device. Technology certainly allows tremendous automation of these processes, which definitely can lower your workload, however, it is important to realize that not EVERYTHING get done on the fly and over the phone.
Although technology has made things far better and less time-consuming for all, critical issues can get still sometimes missed, making looking at the books regularly a necessary and necessary step in keeping the business sound and improving. Be sure to, or have your qualified bookkeeper, spend some time at your office to ensure that all things are in fact, running smoothly and important data and numbers don't go missing. If you have an interest in learning more about how technology can help simplify and improve your business, contact me at 352-229-4868. Trot on!
Kismet Business Services, LLC
Virtual Bookkeeping and More
YOUR EQUINE INDUSTRY SPECIALIST