Skip to main content

 

When you’re a self employed entrepreneur who lives and breathes your own business, sitting down to do the accounts can be a slog. It is however necessary and provides you with unparalleled insights into how your business is performing. At least it can provide you insights if you know where to look. Here are some personal accounting tips so that you can get the most out of the Big Red Cloud package;

1. Aged Money

This has been written at least two other times in this blog but cash flow is king. Ensuring that your business has revenue coming in regularly is critical. Therefore making sure that invoices are processed promptly is of paramount importance.

It would be beneficial however to find out how much you are owed in addition to how much you owe to your suppliers. This will give you a better understanding of how cash moves through your business. Within the Big Red Cloud reporting section both and aged debtors and aged creditors report can be run to give you an easy understanding of your business affairs.

Accounting software is not just used to record transactions, it arms you with information to make better business decisions.

2. Change or Delete

Have you ever entered an incorrect amount in one transaction and had to find out how to make your books balance. Or perhaps you just left it to your accountant or bookkeeper to do. Now, with Big Red Cloud’s easy change and delete function any incorrect transaction need not be the ruin of your books. You can simply edit the record and continue along the way processing your transactions, saving you time. A full audit trail will be left so that if the record needs to be returned to, it’s available quickly and easily.

3. Accountant Access

The main benefit of cloud technology is anywhere, anytime access with unlimited users. This means that your accountant will be able to access your records whenever they need to, in real time.

What’s more is that it is included in your subscription so it won’t cost you anything. This saves you time in exporting and sending them your most recent financial records for them to work on.

Make sure you set up your accountant’s access as quickly as possible to make completing your accounts as efficient as possible.

4. Search

If you have numerous transactions and you know you need a particular one there are two easy ways to find it. The search function in each book of entry will sift through the records for the particular month you are working in.

This is useful in finding a record for a customer or supplier that has a multitude of entries to their name. If that doesn’t do the job for you a book inquiry can be run which will search through records throughout that book of entry. You will be able to filter each separate category in the book to find the result that you want, hopefully saving you time in getting you where you need to go.

5. Know who you’re dealing with

Businesses have to know their customers and suppliers. Not just on a personal level but also what business has been carried out in the past as well as what business is currently ongoing. If you want to check up on individual accounts for customers or suppliers in Big Red Cloud it can be done quickly and easily.

Using the Lookup function you can view the the transaction history for each of your business relations as well as see an outstanding balances on any account so that you have all the information you need.

We hope the Big Red Cloud is an accounting software package that can take the burden out of doing accounts for the self employed entrepreneurs and that these personal accounting tips can help you get the most out of Big Red Cloud so you can make better business decisions.

Related: Set your startup up for success

Marc O'Dwyer

Marc O'Dwyer

After completing a Graduate program in Marketing, Marc’s impressive sales career began at Allied Irish Banks, Pitney Bowes and Panasonic where he received numerous Irish and European sales performance awards and consistently exceeded targets and expectations.

In 1992, Marc’s entrepreneurial spirit led him to set up his own business, Irish International Sales (IIS). Initially, this company was a reseller for Take 5 Accounts and Payroll software. Within four years, IIS became the largest reseller of Take 5 in Ireland, acquiring four other Take 5 resellers.

He also found time to set up two mobile phone shops under the Cellular World brand and a web design company offering website design services for small businesses.

In 2001, he bought the majority share in a small Irish software business, Big Red Book. At that time, the company was losing money. The company became profitable within two months, and Marc then acquired a payroll company to compliment Big Red Books Accounting products. In 2003, IIS were appointed as Channel Partners with SAP for their new SME product, SAP Business One. Marc sold his Take 5 business and concentrated on developing this new market for SAP As a result, by 2007, IIS was recognised as the largest Channel Partner for SAP in EMEA (Europe Middle East and Africa). In 2008, the IIS Sales Manager bought the Company from Marc in an MBO.

He launched Big red cloud in June 2012, the online version of big red book, to date the company successfully converts 59% of trials into sales and the number of customers is growing rapidly.

Marc continues to run both Big Red Book and Big Red Cloud which now support 75,000 businesses. He is a very keen sportsman, having played rugby for 20 years, represented Leinster at under 16 and under 20 levels, and league squash with Fitzwilliam Lawn Tennis Club for 10 years. Marc has competed in 11 Marathons, including the London and Boston Marathons, and has completed several Triathlons and Half Ironman races. He has also completed six Ironman Races in Austria(x2), Frankfurt (Germany), Nice (France) , Mallorca (Spain) and Copenhagen (Denmark)