The profitability of every business is hinged on two major indices – income and expenditure. Managing these two variables determines, to a large extent, the sustainability of the organization.
Managing expenses is one key aspect most entrepreneurs underestimate. For most start-ups, tracking every dollar spent is vital. However, some owners begin to lose track of money spent running their business operations, especially remotely. Remote accounting is crucial in managing small business expenditure with ease.
What Is Remote Accounting?
Remote accounting is the use of computerized accounting software to post financial transactions and review, update, and manage accounts. It could be the future of bookkeeping, as it’s gaining attraction among small business owners and modern companies.
Interestingly, most entrepreneurs consider expense tracking and accounting for tax preparation to be uphill tasks. However, everyone desires a tidy record whenever the tax officials come around. Remote accounting enables proper financial documentation, which results in improved tax and company records.
We’ll be discussing how remote accounting solves business problems and how you can easily set it up once and for all.
Key Problem: Difficulty in Managing All Aspects of the Business at the Same Time
Maintaining operation control is crucial for small business owners. It helps reduce the cost of production and increase profit. The uncertainty of losing control may force a business owner to remain rooted in the office or to concentrate on one business activity at the expense of the other. Similarly, you would need to take inventories in the warehouse, handle logistics, and analyze documents simultaneously, which could be quite challenging.
Office-bound entrepreneurs may also miss out on scheduled meetings, payments, and sales because they have to juggle between different responsibilities.
Solution: Have Virtual Access to all Company Documents
You can reduce time spent on multiple business activities by setting up remote access to company documents. With computerized software, you’d be able to access your organization’s data from a secure network through your laptop or mobile device. This process saves costs and allows a flexible working arrangement.
Key Problem 1: Moving Between Numerous Accounting Systems
Think about mixing paper documentation and numerous computer accounting systems. It can be frustrating handling them. First, your paper records can get lost, torn, or be easily destroyed. They also occupy office space and are difficult to search through.
On the other hand, using multiple accounting software poses its problems. Each software could have a different accounting system. Learning and navigating through each system can pose a challenge. Using numerous accounting packages for expense management or to record income could be time-consuming and confusing.
Solution: Record Expenses in a Single Application
To solve the problem of using different accounting software, spreadsheets, and papers, you can record your business finances in one application. Make sure the expense management tool you choose is digital and mobile-friendly. This process promotes productivity and efficiency and allows your company to grow.
Key Problem 2: Combining Bank and Account software with Various Login Details:
Using a single password across all accounts is risky. A security breach on one account could compromise the organization’s financial details and sensitive documents. On the other hand, remembering various login details is quite a challenge.
Solution: Use Biometric Login Information
Biometrics measures people's physical characteristics to substantiate their identity. The biometric login feature uses facial and voice recognition, fingerprint scanner, behavioral characteristics, and hand geometry. It's a reliable way to solve the issue of multiple passwords and login details. If you use an optical scan to log into your bank and accounting software, the chance of getting cyber-attacks diminishes.
You can engage the services of a network that provides biometric login features to fortify security. A password manager is also another feature that helps to secure your password while still giving you the flexibility you need.
As a small business owner, managing your expenses is key to your organization’s survival and growth.
You may encounter various difficulties in the process. You have to oversee and manage several business activities, which could make you lose focus and stop concentrating on your company's vision. You may also be using numerous accounting systems and having to deal with various login details. Not only are these processes time consuming and confusing, but they can also lead to accounting errors.
The solution is to manage your business with accurate accounting software. ZayPay helps automate your accounting process. It has a mobile interface and can document receipts. It uses a remote bookkeeper system so you can access documents from anywhere and anytime.
ZayPay expense management software solves the problem of using several software products by integrating all necessary modern features to record and process all business expenditure. It also eliminates delays caused by the strenuous tasks of reviewing spreadsheets and endless paperwork. This can not only save you hours every week, but it can also help curb accounting errors and ensure compliance with taxation and business policies when you need it the most.
Lastly, ZayPay gives you the option of using a biometric login system to increase account security and avoid a breach, while also ensuring you can seamlessly manage your passwords. Using ZayPay is easy, cost-effective, and it gives you the ease of mind and flexibility that you need to run your business efficiently.