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How do I choose an accounting and invoicing system for my business?

Not many people start a business because they are excited at the prospect of doing their own accounting and invoicing. In fact, I dare say that has never happened! Regardless of the reasons why you may or may not start your new business you will need to deal with your accounting and invoicing in a timely and complete way if you want your business to succeed. Even if you plan on outsourcing this work you'll still need some familiarity with it so you can access the system to look things up, so it pays to take an interest in what platform you end up on.

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Scenario analysis and forecasting

Whilst there are some elements of knowing the future that would be best left unknown, I'm sure many of us would like to be able to accurately predict what the future of our business holds. What if I told you that you can do this? Scenario analysis and forecasting are tools that will enable you to predict the future with a reasonable level of accuracy. Whilst these two activities are largely the same thing - planning and predicting your business's financial future, we'll look at them separately here.

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Performance dashboards

Many business owners - especially those in the creative industries - drive their business by feel rather than by the numbers, and this is a risky proposition indeed especially for those heavily involved in the 'doing' of the business rather than the management side of things. That being said, many business owners find reading financial statements intimidating, if not outright boring. So, how do we resolve this problem? Dashboard reporting.

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Why should I move to the cloud?

It's no secret that we here at Generate are big fans of cloud accounting, particularly Xero and the huge library of add-ons available in their online marketplace. We frequently get asked by small business owners why they should consider the move to cloud accounting so I thought it useful to outline some of the many benefits here.

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Put your work flow system to work

In his last post, Ben advocated the use of job management systems for service based companies. It's good advice; there are plenty of low cost, cloud based systems which can tackle this and take the pain out of timesheeting.

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How do I manage jobs effectively?

Service businesses get paid for their time which is typically either charged for by the hour or based on a fixed fee. Sounds simple enough, but how do you know if you’re charging the right amount for the job? By using a job management system.

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