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  • Richwood Accountants

Considering software for your business

As a small business owner, finding the right work-life balance can be hard. There are many responsibilities to consider and work through on a continual basis.

From a financial perspective, cash flow is an important consideration; tracking where you are spending money, ensuring you are being paid for your work or products, making sure you are able to pay upcoming bills.

If you have employees, payroll is a weekly/fortnightly/monthly occurrence, and superannuation must be paid within 28 days of the end of the quarter. Additionally, if you are registered for GST, this means preparation of monthly, quarterly, and annual BASes, as well as setting money aside to make payments.

And those are all before you consider the actual function of your business. Keeping track of the progress of jobs, inventory, staff, are all daily operational issues to deal with.

Thankfully, software programs can save you time and money, help you run your business efficiently and manage staff and customers effectively.

Remember, time equals money. So when you consider the cost of software, make sure to account for the time saving. Yes, ‘xyz’ software may cost $80 per month, but if it is saving you 10 hours of work per month, it is likely to be worthwhile.

Over the next few posts we hope to look briefly at a number of different industries, and give you a couple apps that are positively reviewed by users in those industries.