Just because your IT Staffing business is at a growing stage, it doesn’t mean you don’t need custom accounting software. When you’re juggling the responsibilities of running a business, you may confuse yourself with all the different areas of accounting. This can lead to mistakes and inaccurate data. Custom accounting software will keep things organized and help prevent accidents in your company’s finances.
In IT Staffing business, there are countless important tasks you need to accomplish. Some of them are as managing consultant info, timesheet tracking, invoicing, balancing or keeping track of revenue, while others involve more complex activities like analysing profitability or paying off commissions. These tasks are all essential parts of keeping your IT Staffing business running smoothly, but most of accounting software is often too expensive and complicated for you to afford. And many are not tailor-made, if you’re an IT Staffing business owner looking out for an accounting software, that has significant features and functionality while pricing is affordable – Lookout for Nimble Staffing!
If you’re not using custom accounting software, then you could be overlooking some big opportunities. Over the years, many business owners have come to realize that they need more than the basics in order to meet their goals. Custom accounting software from a reliable company like Nimble is designed specifically with your IT Staffing accounting needs in mind, which is why they are so much more effective.Â
Here’re few signs that show your business needs custom accounting software:
1. You Do Not Have Enough Data to Perform Basic Accounting Tasks
The main purpose of accounting is to keep track of your money. Money can come in a million different forms, but usually businesses use cash as their primary form of revenue. If you do not know how much cash is coming in and going out each month, it will be virtually impossible for you to properly manage your financial situation.
2. You Need Help with the Process of Paying Off Vendors
If you want to perform basic accounting tasks like paying vendors, you will have no choice but to hire someone to help you out. This is yet another situation where you will end up spending more money than if you were to use accounting software.
3. You Are Doing the Same Things Over and Over Again
Theresa has been running her IT Staffing service business for the past 10 years, which she does so without a single hiccup. When she wrote about her success, she told her readers that “nothing much changes in this industry” and that her business has “been all roses”. You cannot continue to do things the same way over and over again forever and expect to remain successful in your business.
4. You Find It Hard to Draw a Line Between Business and Personal Expenses
If you do not know how much money is being spent on what, there will be too many expenses that you cannot account for. For example, if you overpay commissions to your sales team it can wreak havoc on your cashflow. So you’ll need an automated platform that lets you calculate commissions as per Flat, Fixed or Gross Margin.
5. You Have Little to No Control Over Your Business
If you are not in control of your business, there is little chance of being able to predict how things will go. Having insightful KPIs handy could be a great life-save for you, as you will gain the control on all your business’s financial and operational happenings. You’ll make better decisions right time.
All of these are signs that you need to change your business’s accounting model and/or hire some bookkeeping help. But as we all know, this type of help will cost you a lot of money. As a result, the first thing that a lot of IT Staffing business owners will do is to go shopping for an accounting solution on the web. The fact is that even if you find the perfect product out there, there is no guarantee that it will suit your needs perfectly. If it does not work out the way that you want it to, then you can kiss your hard-earned money goodbye.
The good news is that you do not have to spend a lot of money just to get something that will work out perfectly for your business. You can get the help of custom software services from platforms like Nimble, which can make sure that your business’s accounting and bookkeeping needs are at the forefront of their delivery process.
Although there are a lot of benefits associated with using custom accounting software, you need to be aware of some common mistakes as well:
1) Not understanding your specific needs
Not every business is going to require an in-depth accounting solution. For example, most contractors and freelancers will be able to get away with using some simple invoicing solution and an online payment processor. Businesses like IT Staffing will only need a basic accounting software, and as a result, they should try to stay away from products that cost thousands of dollars.
2) Not thinking long-term
If you are just starting out with your new business, you probably have some pretty big dreams in mind. But it is best to be honest with yourself and accept the fact that these big dreams might turn into a reality if you do things right. As a result, you should be willing to invest in groundwork that will help you reach success even after your company has grown exponentially.
3) Not considering how easy it is to use the product
If you want to run a successful business, you will have to take care of every aspect of it.
Some businesses continue to use outdated accounting software that lacks basic functions such as the ability to email a report or export data. If you’re not using modern accounting software, get over it by switching to Nimble like software today.
We know it can be difficult to change software, especially when it comes to something used every day like business accounting. But do the benefits outweigh the cost of sticking with old software such as QuickBooks?
For many, it does. Companies using modern accounting software report faster processing and more accurate information. While QuickBooks is one of the best known accounting software brands, there are other options like Nimble Staffing available that provide more functionality than QuickBooks. And you’re not tied to one provider either – modern accounting software is cloud based, so you can access your data from anywhere.
Modern Staffing Accounting Software is faster to use. You can complete accounting faster, and you can find financial information more quickly.
You’ll save time on data entry as well. QuickBooks requires that you enter the same information into multiple fields, which means not only a lot of typing but also the possibility of making a mistake and having to correct it later. Modern accounting software like Nimble saves time by using double data entry for some fields, so you enter the same information once and have it used in several places automatically (for example: when entering vendor details you only need to enter the details once and they should be copied into all subsequent transactions with that vendor).
Modern accounting software makes it easier to produce reports quickly, no matter what format you need. You can build a report once and then output it in PDF, Excel or any other format. And if you have more than one accountant in your business, they can each have their own login so they can access reports and data in their own preferred way.
