Building and implementing the right accounting system for your business
Whatever the size of your business, having the right accounting system is invaluable. Running a business and making key decisions is always a challenge, but trying to do so without up-to-date and accurate information is much more difficult!
Building a good accounting system involves choosing the right software, defining responsibilities of personnel, putting in place controls to minimise risk of fraud or error, and implementing measures to ensure data is captured and information flows through the system efficiently.
This could range from the smallest business using a very simple system, to a much larger company with a finance team or anywhere in between. In all cases, the principles remain the same, but the appropriate system will depend on the size and nature of the business and the reporting requirements that may be specific to the company or industry it operates in.
At Approved Accounting, we specialise in helping businesses design, build and maintain systems to achieve their aims and provide the correct information to management and meet all compliance obligations.
Whether your business is established and looking to update, modernise or grow your existing systems, or you’re starting a new business and want to have the right system in place from day one, we can help!
Simple systems (for startups and micro businesses)
In most cases, we will recommend using cloud software such as Xero as the focal point of a simple but effective accounting system.
Whether you look after this yourself or ask us to manage it for you, our service will include helping you to set everything up correctly and ensure you’re taking advantage of the important time-saving features to give you maximum efficiency.
We will then work with you to develop the system and keep it evolving and improving in the line with technology, legal requirements and the needs of your business.
Intermediate systems (for growing businesses)
As a business starts to grow, the accounting system needs to grow and develop at the same rate. This may mean finance staff are recruited, or the finance function is outsourced.
Typically, the volume and/or complexity of transactions will be ramped up, and this is often where we see business owners in most need of support. As the ‘money in, money out’ nature of the accounts starts to move on to something more complex, the need for specialist expertise increases quickly. At the same time, having easy access to good quality information to support management in running the business also takes on added importance.
Often, a growing business will find itself needing to develop their system, but not having the knowledge or skills to be able to do so in-house. Again, this is where Approved Accounting can step in and assist. Initially we would conduct a review of the current arrangements, look at what the business needs immediately and what it is I expected to need in both the short and medium term, and recommend a solution to meet those immediate needs as well as having built-in scalability.
Add-on integrations (for anyone!)
- Online sales platforms
- Stock/inventory management
- Invoice / receipt entry (OCR)
- Payment collection
- Sales ledger control
- Cashflow forecasting
- Customer Relationship Management (CRM)
- Time recording / invoicing
Choosing the right add-on product(s) and then linking them to your existing system (or building into a new one) is crucial, which is something Approved Accounting can guide you through.
Bespoke systems
Sometimes, ‘off-the-shelf’ accounting packages do not quite meet the needs of the business. It is becoming increasingly viable for small businesses to build systems with bespoke integrations through API technology, and products such as Zapier.
Systems like these can allow access to benefits which have in the past only been available to big businesses with big budgets, allowing data links and logical programming to be put in place between systems, such as generating an invoice in Xero when a sale takes place online, or creating a workflow task in a CRM system when an email is received.
We have experience of building integrated systems for clients, as well as developing systems for use in our own business.
Larger departmental systems
Management of a finance team in a larger company can be very challenging, both in terms of implementing systems and managing staff (and sometimes staff turnover).
At Approved Accounting we have experience of managing accounts departments, and providing project-based consultancy services for example to conduct a system migration, train staff or carry out specific reporting assignments for directors.
Whatever accounting system you need, we can help!
Whatever size or stage your business is at, at Approved Accounting we are well-placed to provide the service you need and help you build the right system to suit your needs.
So please do contact us today to discuss your needs!
