Having an overview of your business cash flow is incredibly important to ensure that you have an overall picture of how your business is performing. There are a number of ways that you can do this and using accounting software can be a great place to start. If you are unsure of which platform to use, you can speak with a Bookkeepers Witham way such as yourbookkeepers.co.uk/bookkeepers-near-me/witham who will be able to support you with the best options.
Accounting software enables you to enter your invoices and to have these emailed directly from the platform. These can then be tracked so you can see when your clients and customers open the invoices and when they pay them. There is also the ability to send automated chasing emails if your invoices remain unpaid.
Another important feature of accounting platforms is the ability to be able to take images of your receipts and store these in the platform. You can then assign them to the correct cost code and arrange for your employees to be reimbursed for any items that they have purchased for their job role.
Having the ability to pull off reports relating to your business finances allows you to have a real time overview of how your business is performing and whether your products and services are viable. Your accountant will also be able to pull these reports off for you.