Facebook celebrated its 10 year birthday last week. Probably what many people want to know is will Facebook be around after another 10 years? In business, if you don't keep abreast of trends and changes in your industry you're actually going backwards and could be left behind!
I was recently talking with a gym owner, and he remarked how people are keeping fit is changing. He noticed that not only were more gyms opening up in his city, but that a number of smaller fitness businesses offering Zumba, Crossfit and Personal training were starting to have an effect on memberships not only in his gym but around the country. His business needed to review its business model and make changes and he was open to suggestions for improvement to his business.
Bringing this closer to home, many business owners have accounting systems that were set up when they first went into business and became a client of XYZ Accountants. At the time this made perfect sense as their accountant was their first point of contact with sorting their taxes out and balancing annual accounts. However, the accounting systems they use have not kept up with the pace of change and the information provided by their accountant is out of date or late. The business owner doesn’t really understand the numbers; the information is used only for tax purposes, and too late to be of any use.
Technology has advanced, the cost of a new accounting system has decreased, and some accounting systems are easier to learn than others. You don’t need to be a technical wizard to use the latest accounting system on your computer, mobile phone or tablet. The information also isn’t stuck on a computer in the back office.. Today you can check who owes you money, what profit you made last month and whether you met your sales target all at the press of a button on your mobile device.
Business owners want clear, up-to-date information to help them make better informed decisions, and not have to wait till the books are done by their accountant. With some, that might require a 3-4 month wait.
At James Burn & Associates we use the latest technology to provide business solutions for our clients. We use the world’s easiest accounting system, Xero, in our practice and work alongside our clients to provide solutions to everyday problems.
The great advantage is that what our clients see on their mobile phones or tablets is what we see. When we see something in the numbers that doesn’t quite make sense we can have a friendly chat with our client and immediately make changes if necessary rather than finding out about it 6 months later! We work in Real Time!