A story for entrepreneurs

Not doing accounts is a recipe for disaster. Many entrepreneurs come to us needing help on their business plans or for information on finance. The only thing they all have in common is no accounts - oh and the need for more money to finance their business.

The first thing you should do when you start up your business is to commit yourself to keeping your accounts up to date. Many people have a great idea, and start their business without worrying about their accounts.

Who needs your accounts?
- The receiver of revenue?
- Your accountant or bookkeeper?
- Your bank manager?

No! The real person who needs accounts is YOU, the business owner. Sure SARS and your accountant needs to look at your accounts. Sure the bank manager wants accounts if you are asking for a loan, but the real person who needs it is you, the person who manages and runs your business. You need it to setup and follow a business plan, you need accounts to see how well you are doing and help you find where you want to go. This cannot be ignored or delegated.

What do you need from your accounts?
1) Your bank account: Does it balance/reconcile?
2) Your invoices: What are your sales?
3) Your debtors: Who owes you money and how much?
4) Your creditors: Who do you owe and how much?

It's not rocket science - it's easier than you realise!
It is so simple to get the answers to these questions, but if you don't have the information at hand, it can ruin your business. Most small businesses we come across do not have this information at hand. How can you make decisions without this information?

It helps you answer questions:
How much am I spending on bank charges/telephone?
How much income can I expect in the next 2 weeks?
Am I making a profit?
How much VAT and tax must I plan for and pay?

What decisions do you need to take that rely on accounts?
- How can I cut my expenses?
- How can I decrease my bank charges?
- Should I employ more people and can I afford it?
- Do I give bonusses at the end of the year?

That's why we and hundreds of users like EconoAccounting. It is the only accounting package that imports your bank statements, automatically allocates transactions to the general ledger and produces an accountant ready balance sheet and income statement - every day if you wish. If gives you power over your small business beyond your wildest dreams - and the best part - it really does take less than 5 minutes per day.

"After 5 years of using EconoAccounting I still get impressed that my accounts, my debtors, my bank accounts are all 100% up to date before my first cup of coffee in the morning. I really could not run my business if I did not have my accounts so close at hand - and I'm not an accountant".

EconoAccounting still comes with a free 3 hour training (at our offices in Gauteng), free phone-in/email support/free upgrades for 2 years.

Only R2900 incl VAT