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No one who has their own business looks forward to doing the accounts. It is a frustrating chore.
Keeping track of payments, purchases, income and expenditure is one of the most demanding parts of being self-employed. It is the bane of the small business. The quarterly VAT return, the annual accounts are as appealing as a visit to the dentist. No one really looks forward to it, but it has to be done.
The Cashbook resolves those issues. It keeps a track of all expenditure storing details about the amount, item, source and date – it also gives a VAT breakdown if necessary. You can see how much money was spent on materials, on postage, on travel, on professional fees – whatever you spend your money on. Knowing this means you can keep a close eye to see if any savings can be made.
You also record the source of your income. How much you have billed, how much remains outstanding. Who is your best client, who is the greatest source of revenue? You can break the income down by work type, date or clients. Again being able to see this information at a glance enables you to direct future marketing or energy to where you are most likely to be successful.
You can then generate invoices, and keep track of who paid and when. You have a record of all debts owing to you. It makes credit control a very simple task.
The Cashbook can also generate information for your VAT returns. You can check income and expenditure over a set period of time. You can show VAT and non VAT expenditure to make completing the returns very simple. Personally, this saves me hours and a lot of frustration.
The great benefit also comes when you prepare your end of year accounts. You can print off a month by month list of expenditure and income. You can be certain of the accuracy of the information and breathe a huge sigh of relief that all you need to do at the end of the financial year is to hit ‘Print’.
Now that really does sound too good to be true!
Using the Cashbook you can…
Is it more trouble than it is worth?
Honestly, no. It is so easy to get the most out of it. The Cashbook saves hours and hours of time when you are getting the accounts ready, or the VAT returns done.
I have sat at the kitchen table surrounded by piles of paper, scribbled notes and figures that never seem to add up to the same mount twice. I hate doing my accounts with a passion. Using the Cashbook makes a tedious, frustrating, irritating job much less of a chore.
I’m a small business; I don’t need an accounts package.
I agree, accounts packages are brilliant if you need that level of detail and information. Most small businesses need to keep track of cash flow, debtors, income and outgoings. That is it.
The Cashbook is a handy source of financial information that means once a figure is entered you can use it for VAT, accounts or reports. You don’t need those scraps of paper, the back of that envelope – or those headache tablets.
My accountant sorts that stuff out, I can’t be bothered.
Fair point – and I really understand that point of view. I have turned up at my accountants with carrier bags of receipts in the past. However, using the Cashbook means that getting my accounts together is so much simpler, it also means that the time it takes my accountant to prepare the final accounts is much less than normal – and so it is much cheaper for me.
It also means that as the months go by I can keep a close eye on what is going on in my business. I can run my cash flow effectively, I can see at a glance if anyone is slow in paying and take action in a timely manner.
Is it complicated to use?
No – it is really easy – suspiciously so! Like every Decameron product, the Cashbook learns as it it goes along. It draws from your list of clients and contacts for details, when you add an item or work type it remembers it for the next occasion. Reducing repetition is what Decameron is all about – less repetition means more time for you.