Accounting Software

Streamline Your Bi-Annual Submissions with Quick Payroll Software 

The submission period for the 2024 bi-annual employer reconciliation declaration has opened and closes on the 31 October! 

For companies to comply with SARS’s requirements, employers (both private and public enterprises) must reconcile their submitted Monthly Employer Declarations (EMP201) against the tax values of the interim IRP5/IT3(a)s certificates generated, and employees’ tax (PAYE) payments made during the period 1 March 2023 – 31 August 2023. The above is done on the Employer’s Reconciliation Declaration (EMP501) which is then submitted to SARS. 

As the October deadline for these submissions’ approaches, it’s an opportune time to delve into the importance of using payroll software to streamline these submissions and revolutionise your business processes. 

Accuracy and Consistency 

Manual calculations and data entry increase the likelihood of errors creeping into your SARS submissions. Even minor inaccuracies can lead to complications, potentially attracting penalties and interest or unwanted audits. Payroll software eliminates these risks by automating the calculation of salaries, taxes, and deductions, ensuring consistent and accurate data submission to SARS. This greatly reduces the chances of costly mistakes and improves your company’s reputation for reliable financial management. 

Efficiency and Timesaving  

The manual preparation of bi-annual submissions can be a laborious and time-consuming task. From gathering and calculating payroll data to ensuring compliance with ever-evolving tax regulations, the process can take a toll on your resources. Payroll Software streamlines this process by automating data collection, calculation, and report generation. This not only saves time but also allows your HR and finance teams to focus on more strategic and value-added tasks, contributing to overall business growth. 

Compliance 

Tax regulations and labour laws are subject to frequent changes, and it can be a daunting task to keep up with all the amendments. Payroll software, however, is designed to stay updated with the latest legislative changes, ensuring that your bi-annual submissions are always in line with current requirements. This proactive approach helps your business avoid penalties, interest and legal issues that might arise due to non-compliance. 

Data Security and Confidentiality 

Managing sensitive employee payroll data requires a high level of security and confidentiality. Manual record-keeping leaves room for data breaches, unauthorized access, or loss of information. Payroll software systems offer advanced security features such as encryption, access controls, and secure cloud storage. This reassures both your employees and your business that their personal and financial information is well-protected. 

Analytics and Reporting 

Payroll software not only facilitates SARS submissions but also offers valuable insights through detailed analytics and reporting features. You can easily generate reports on various aspects of your payroll, helping you identify trends, make informed decisions, and optimize your financial strategies. This data-driven approach empowers your business to make intelligent choices that positively impact your bottom line. 

Scalability 

As your business grows, so does the complexity of payroll management. Payroll software is designed to scale with your company, accommodating changes in workforce size, structure, and business operations. This scalability ensures that your payroll processes remain efficient and accurate, even as your business expands.  

Auditing Made Easy  

In case of SARS audits or internal financial reviews, having organized and well-documented payroll records is essential. Payroll software creates a digital trail of all payroll-related activities, making it much simpler to provide necessary documentation during audits. This transparency can significantly expedite the auditing process and reflect positively on your business’s financial management practices. 

In conclusion, using payroll software for bi-annual submissions to SARS is a transformative step toward enhancing your business’s operational efficiency, accuracy, and compliance. By automating calculations, ensuring regulatory adherence, and providing valuable insights, payroll software empowers your business to navigate the complex landscape of payroll management with ease. As the October deadline approaches, consider adopting payroll software to not only meet SARS requirements but also to elevate your business’s financial management practices to a new level of excellence. 

payroll software solution

Which Payroll Software Solution is Best for Your Business?

In today’s fast-paced business world, managing payroll effectively and efficiently is crucial for businesses of all sizes. Payroll software streamlines the process. This ensures accuracy, compliance, and timely payments to employees. Two popular payroll software solution options for payroll management are desktop and payroll cloud software.  

In this blog post, we’ll explore the advantages of both, to help you make an informed decision for your business. 

Payroll Desktop Software: The Traditional Approach  

  1. Control and Security: One of the key benefits of desktop payroll software is that it gives you full control over your payroll data. Your data resides on your local computer or company server, reducing the risk of data breaches or unauthorized access. This can be especially appealing for businesses that handle sensitive employee information and want to maintain a high level of security. 
  1. No Internet Dependency: Desktop software operates independently of an Internet connection. This allows you to process payroll even when the internet is down. You pay your employees on time, regardless of external factors.
  1. Customization: Desktop payroll software often offers a high degree of customization. You can tailor the software to your specific payroll needs, including unique deduction codes, earning categories, and reporting formats. 
  1. Once-off Cost: Most desktop software solutions require a once-off cost with a reduced annual renewal fee, which is more cost-effective in the long run compared to the ongoing monthly subscription fees that are associated with cloud-based alternatives. 

Payroll Cloud Software: The Modern Solution

  1. Accessibility and Mobility: Cloud-based payroll software allows you to access your payroll data from anywhere, anytime with an internet connection. This flexibility is especially valuable for remote work scenarios and for businesses with multiple locations. 
  1. Automatic Updates and Compliance: Cloud software allows for a continuous legislative update and ensures compliance with the latest tax laws and regulations. This reduces the burden on your IT team and minimizes the risk of non-compliance.
  1. Collaboration and Integration: Cloud software often offers collaboration features, enabling HR and finance teams to work together seamlessly. Integration with other business tools like accounting software and time-tracking systems is usually more straightforward with cloud solutions. 
  1. Scalability: As your business grows, cloud payroll software can easily scale to accommodate more employees and complex payroll needs without the need for software upgrades.

 In conclusion, choosing between desktop and online payroll software ultimately depends on the unique needs and preferences of your business. The key is to assess your business’s unique needs, security concerns, budget constraints, and growth plans to make an informed choice. Whichever option you choose, investing in reliable payroll software can streamline your payroll processes, reduce errors, and ensure your employees are paid accurately and on time.  

quick payroll cloud

New EasyBiz Cloud Offering Enhances Quick Payroll & HR Efficiently

In today’s rapidly evolving business landscape, EasyBiz’s Quick Payroll Cloud & HR software has made it easier than ever to access payroll data anytime, anywhere and on any device. Keeping up with legislative developments while managing your global payroll has never been more critical and easier with EasyBiz!

Quick Payroll Cloud & HR Software by EasyBiz

No business is too big or small for the Quick Payroll Cloud & HR software. It can be adopted by businesses across various industries and of all sizes. The specific needs and requirements of each business will determine which Payroll Cloud and HR solution is right for them. 

Quick Payroll Cloud & HR can be adopted in 43 countries owing to its adaptability and compliance with payroll legislation in those countries. This can successfully enable customers in these regions to integrate their payroll data into various accounting software solutions. 

EasyBiz’s Quick Payroll Cloud & HR makes it easier to keep abreast of the latest legislative developments, ensuring that payroll is consistently accurate and compliant. Furthermore, Quick Payroll Cloud & HR is a 100% South African online payroll software solution powered by Microsoft’s Azure cloud. This means no downtime, your data is always safe, and manual backups are a thing of the past. 

Software Solutions for Your Business

EasyBiz’s mission is to galvanise business success through the power of software technology and innovation. By extending its product offering to include a cloud payroll solution, the company has aligned its mission to the needs of the market and its customers. 

EasyBiz has presented a game-changing solution to streamline business operations, offering some unique functionalities not typically seen by industry competitors that will truly enhance operational efficiency, this includes:  

  • 100% cloud-based payroll software  
  • Expatriate management and international compliance 
  • Advanced HR modules; Performance management recruitment, Visual OrgChart, Workforce planning and Power BI. 
  • ISO 27001 certified, POPIA and GDPR compliant 
  • Automatic legislative and feature updates 
  • Cloud analytics and business intelligence dashboards 
  • API Integration 
  • Multi-country, multi-currency, multi-language 
  • Employee and manager self-service on any device 
  • Workflows and guidance, automatic backup process and seamless edition migration. 
  • Pay-as-you-go payments with no annual license fees 

EasyBiz has ensured that customers and users of the solution adopt modern technology, thus allowing for increased scalability and flexibility for its clients while achieving significant cost savings and the provision of continuous innovation across its offerings.  

Succeeding as an Accounting Entrepreneur

Succeeding as an Accounting Entrepreneur

As an entrepreneur, managing your business can be made simple. With a little knowledge, expertise and some sound practices and motivation, Accountants can run a successful business and remain in practice for the long haul.

Finding the formula to success requires having the right employees, the right habits, and the necessary tools. Learning from already successful companies and having sound business practices in place is essential in creating a profitable accounting practice. Here are eight guidelines to help you achieve this.

1.  A compass for your business

According to a study conducted by the Harvard MBA programme, writing down goals for your business will make a huge impact on your success. Firms without goals experience significantly less growth than firms that have written goals and plans. However, your entire team needs to be on board with these goals, so engage your employees with an inspiring vision and clear objectives.

2. Tech-up your operations

Digital transformation continues to be top of the list of priorities, enabling a business to continue operating in today’s fast-paced digital environment. Digitisation should include continued remote working capabilities, digital marketing tools, cloud-based accounting software, and enhanced cyber security. Firms must adopt an online platform where customers can easily do business with them, for example, a website and social media platforms.

3. Hybrid working conditions

Accounting firms will need to consider adopting a hybrid working environment, as some clients will operate online, but others will prefer more traditional ways of conducting their financial affairs. Remote working can help with the needs of the business and its clients, as well as for employees.

A significant positive of remote working is that business owners can now offer their accounting services beyond our borders to other countries. It also means that local businesses can now employ staff remotely, as their location is not important in many instances.

4. Branding trends

Customers are omnichannel these days, meaning that they engage with businesses through various channels including different social platforms, text, email, live chat, and others. By providing quality omnichannel support, you show them that you value their business. As you begin, you may not be able to sell everywhere, so scale your omnichannel strategy as you learn more about your target audience.

5. Listen to your customers

Listening to feedback from your customer base is crucial. In studies conducted, a good portion of a company’s business comes from customers who are referred by current customers. Happy customers will also be recurring customers; people are 10% less likely to shop around if they’ve used your company before and were satisfied with the experience.

6. Broaden your horizons

By diversifying your services, you can appeal to a broader customer base. For example, if you only provide bookkeeping services to small businesses, your clients can’t refer you to friends who need personal tax returns done, or to larger businesses who need a range of accounting services. When customers see that you can handle all aspects of accounting, they will see you as an expert in your field.

7. More business from current clients

Firms that offer diversified services can offer multiple services to the same customer. This allows your business to maximise its potential profits while making you a convenient one-stop shop for all of your customers’ accounting needs. Suddenly, your profits from a single customer increase significantly.

8. Work-life balance

Accounting professionals have a reputation for working long hours. While working overtime is sometimes necessary, it’s important for employees to have a good work-life balance. A survey conducted in top accounting firms showed that having work-life balance as a top priority leads to happier employees, which in turn leads to higher profits, more sales, greater customer loyalty, and increased productivity.

Every accounting firm has an important role in our economy. Running a successful practice can be challenging, but keeping an eye on your business goals, diversifying your services, equipping your business with the right technology, having the right people, and keeping your customers happy, are good habits that will lead to a successful business.

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Selling your accounting services in a virtual world

Selling your accounting services in a virtual world

Selling accounting services today is very different from how it used to be. Firstly, most interactions take place digitally, and secondly, the market itself has changed. Clients behave differently and expect different things. Having learnt how to survive the many challenges of the past two years, now’s the time to hone the skills of marketing and selling your accounting services virtually.

It may seem a daunting task to peddle one’s trade in the online space. For starters, in marketing and selling your services digitally, it may feel that all face-to-face contact has been lost. However, this need not hinder the process if we learn to intentionally make virtual interactions more intimate.

The first thing to get right is knowing the difference between marketing and selling. Marketing is the act of messaging your target market. It’s about consistently putting out content for your market to hear you and it’s got to be the right market. Going digital means your market has widened, but you still need to decide where to place your focus.

Do you want to focus on specific industries and market your accounting services to them or do you want to be more of a generalist? Also, do you want to specialise in certain services, for example, strictly bookkeeping, or specifically payroll, or perhaps navigating the complexities of tax for your clients?

Marketing to your target audience
In a virtual world, your website is your ‘shopfront’, and it’s the first place people go to assess what sort of business you are. You want your website to get more hits, but you first want to make sure you’re presenting the right image. To make it more personal, have pictures of yourself and your team members, their titles and what they do. This helps clients connect with you.

If you haven’t updated your website in six months, it’s time for a refresh. In a world where instant gratification rules, it’s essential that you make your services as quick and easy to understand. Remember also that most clients will read a review before making a decision to connect with you, so place your reviews prominently.

Getting noticed
If you want to get more hits on your website, remember to use hashtags and Search Engine Optimisation (SEO) in all your posts. You could also consider using Google Ads. Using Google Ads allows you to specifically target the market you’re focusing on, and you can align your website with specific keywords so that you’re appearing as one of the first results to the right client.

Since business and social events are scarce these days, the opportunity for networking has diminished. However, word of mouth still applies, so ask your clients to rate your service and incentivise them to send more business your way. Offering a small discount on the next month’s invoice or offering an existing client a free advisory session for every new sign-up they refer to you is a good way to get your clients to do some marketing for you.

Crafting the right messaging
Marketing is about messaging your market very consistently and with very relevant information. This includes blogs on your website, posts on social media, and newsletters that are helpful to the industry. You can collaborate and do webinars or podcasts to add credence to your messaging and add weight to your reputation. Remember to talk about what’s relevant to potential clients in their specific industry – you’re not sending out messaging for other accountants.

Also important is that whenever you put out any kind of post, add a button for people to click on and respond if they liked it, or give them an email address or let them fill in a form so they have the ability to respond to you in some way.

Selling to potential clients
When someone responds to your messaging by sending an email or filling out a form, they have become a potential client. Once they’ve shown interest, it’s time to reach out to them. Selling is educating, so the more you can educate them, the more they trust you. This is when you explain, for example, why they need to have regular reports, why they need to keep their taxes up to date, why they need to transition to an online platform, and so on.

Being consistent is a large part of building trust and creating processes is what helps you be consistent. Following your processes steadfastly helps clients build trust in your ‘brand’ – accountants don’t sell products, they sell services, so the client experience you create is your brand.

Making contact
The very first interaction is key. When someone emails you or fills out the form on your website, it’s an opportunity for human interaction. You then send out an email, explaining your values and what you believe is important in the relationship, for example, collaboration and communication. This is to determine whether your business and the potential clients have similar values.

When they agree with your values, you can send a second email with more information. They may want to hurry things up because they want you to do their taxes, for example, but you’re building a relationship, so each step is important. This is not a process of talking about accounting, it’s about discussing the potential client and their needs.

Ask them questions like ‘What are you struggling with?’, ‘Where are you succeeding?’, ‘Why do you want to do this now?’, ‘How do you want to grow in two years?’. These questions are important to let the client feel that you’re focused on them and that you’re demonstrating a high level of care.

Meeting face to face
After the emails, you can set up your very first face-to-face meeting on an online platform. This is where you discuss what the client values and expects. When you have this meeting, turn on your camera, ask your client to turn on their camera, and share your screen as well. These are tactile things that drive trust and intimacy. Then follow up with an email to let them know that you are creating pricing packages for them and you’re looking forward to presenting them soon.

Pricing your services
Now it’s time to set up the second face-to-face meeting and this is when you’ll have the conversation about pricing. You present a high, medium and low price – this helps them feel in control and able to choose which option is best for them. Often they’ll ask for a fourth option that combines elements of the three you first presented.

Your pricing should expire in seven to 10 days, so that the client is encouraged to make a decision and commit. Once they’ve agreed to the pricing, you begin setting up the contract detailing what services they can expect and the pricing structure. It’s important that you don’t start any work until the contract has been signed.

Once they’ve signed, you have a final meeting which is to celebrate their coming on board. Introduce people from your team and ask to be introduced to people from their team. This allows a more personal interaction and lets everyone feel part of a real partnership. This meeting is to celebrate them and to thank them.

Following these procedures may seem time-consuming, but it is necessary to build trust and start the relationship off right. It will also encourage the client to refer other clients to you in future. Marketing and selling your accounting service virtually need not be an intimidating prospect. By marketing correctly and having solid procedures in place, as well as using the tools available to create as personal an interaction as possible, you can succeed in growing your business in the online space.

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Payroll Software – What to Consider When Choosing for Your Business

Payroll Software – What to consider when choosing for your business

As your business grows, it becomes increasingly important to have the right tools to support and fuel your growth. Payroll software is a great example of this – it allows flexibility and creates efficiencies. For small to medium enterprises, in particular, you can never have enough of these two things!

But how do you go about picking the right payroll software? There are several options out there – and migrating between them could be disruptive. We’ve compiled a list of key things to look out for as you pick what’s right for your business.

Ease-of-Use

You shouldn’t have to be a developer or an accountant to figure out how to use the software. Payroll software is meant to make things easier for you – not harder! Its interface should be intuitive and easy to understand. Reading reviews online and in the relevant app stores can help you gauge how user-friendly an option is.

Local Support

There are times when you might need help with even the easiest to use software. When you do need to reach out for help, you’ll want to know that you can find the answer quickly. That might be through an FAQs section on a website, a community-based support section or a localised call centre. Local help is particularly handy when you want to be talked through the issue you’re facings step-by-step.

Compliant to New Legislature 

As you probably know, business legislature is constantly evolving. This means it’s important that your software evolves with it. Ideally, you’d like these updates to be automatic and free – so you can focus on your business. A good example of this is the POPI act and how your software handles employee data.

Consider Payroll Software Integrations 

Often, different business divisions have a favoured software to do their job. However, these preferences don’t always integrate well with other divisions. If you have existing HR software, for example, do some research into how well it integrates with payroll software. This can help narrow down the options you need to research.

Free Trials and Demos 

While it may seem obvious, getting hands-on with software before you make a purchase is preferable. Surprisingly, not all software has this option though. If you’re the kind of person that needs to see it and “kick the tyres”, then keep an eye out for trials and demos that let you get a feel for the software first.

This is just scratching the surface of what you should consider when picking payroll software. If you need to talk about payroll software and how it could improve your business’s efficiency – let’s talk

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The easy way to prepare your business for Financial Year End

The easy way to prepare your business for Financial Year End

We saw many trends emerging in the accounting industry in 2020 and 2021, and these are going to continue into 2022 – with a few additions. The role of the accountant has changed, remote working has become the norm, and digitisation is on the increase. Two new trends to consider are blockchain technology and sustainability reporting.

Gary Epstein, MD at EasyBiz Technologies, the authorised partner for QuickBooks Online Accountant in South Africa, and Christopher Botha, Director at Nwanda Incorporated, unpack the top trends and how they will affect the accounting field.

In 2020 and 2021, many accounting firms were either not familiar with cloud accounting or were reluctant to adopt it. They had to make a quick turnaround to be able to continue operating and to future-proof their business.

Cloud-based Accounting

Cloud-based accounting has become the norm and has opened up a world of opportunities for accountants. It has enabled remote working, and through this, we have been able to adhere to COVID-19 guidelines and take on clients in other provinces and even other countries.

Not all clients have adopted or will adopt cloud-based accounting, though, so accounting firms may have to craft a hybrid system. Remote working doesn’t work for everyone – humans are social animals after all.

Remote Working

Remote working is seen by many as a positive change; however, there does need to be a considerable focus on employee wellbeing and more care taken regarding clients’ needs. In several studies conducted, employees experienced loneliness, lack of collaboration, distractions at home, different time zones, and struggling to stay motivated as negative effects of remote working.

A second study by HubStaff found that the biggest challenges for businesses with remote teams include communication, scheduling, tracking performance, language/cultural barriers, and building and maintaining trust between remote team members. Both the needs of employees and businesses need to be addressed for remote working to be truly successful.

Digital Transformation

Digital transformation is accelerating across every finance function, and the use of AI opens opportunities to service a much wider audience. Being able to readily access data helps accountants tell clients more about their business in less time.

Many AI vendors now enable the detailed analysis of client general ledgers for errant transactions or can review thousands of invoices to find potential anomalies, process millions of lines of transactions as part of the audit process, and more. This opens opportunities for accountants to add new business advisory services. With this comes a new demand for people with cloud capabilities and AI automation from a finance angle. As a result, there will be an increase in salary expectations.

Blockchain Technology

Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. It is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.

Accountants can benefit from blockchain technology as it would improve efficiency and accuracy of transactional data, making reconciliation much simpler and improving the integrity of data. Accountants will need to interpret the results and be able to put together the entire picture of the business’ financial position.

A Company’s Sustainability Status

The 2021 United Nations Climate Change Conference (COP 26) saw an agreement signed by global powers to put legislation in place to compel companies to report on their climate change. But how does this involve accountants?

COP26 created a category for Chief Financial Officers (CFO) – the CFO Task Force – in the realisation that climate change efforts cannot be separated from business, and that there is an urgent need to involve key decision-makers in reporting on progress as it relates to the climate change agenda.

With more than 300 000 CFOs, FDs, Financial Managers (FMs) and Financial Controllers (FCs) responsible for the financial management of the $300 billion South African economy, South Africa is well placed to influence and lead the development of international standards and realignment.

In conclusion, with trends showing little to no change, remote working seems set to continue. However, with the Government’s new easing of COVID regulations, companies could see fewer remote workers. Digitisation and AI are here to stay, and blockchain is fast becoming accepted. Accountants need to support their clients in 2022 as it is seen as the year of recovery for most businesses that had a tough time during the last two years.

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Online Tools to Help You Work Remotely

With business needs and technology evolving year after year, working remotely is becoming a necessity for most individuals and businesses.

However, sometimes working remotely isn’t as easy as it sounds. There is a lot that can go into it regardless of your industry. It takes discipline, determination, and quite a bit of help from technology. Here are some online tools to help you work remotely, effectively and efficiently.

1. Video and Conference Calling

Working from home can sometimes feel isolating. As humans, we need interaction with other people. It is important not to isolate yourself and have the ability to connect with people face to face.

It not only creates a community, but it also allows you to feel connected to your clients, team, and colleagues.

These are some ways of achieving this:

  • Schedule check-ins with your team. It helps you make sure that things are not falling through the cracks and gives you all quality time together.
  • Microsoft Teams, Skype, and Whatsapp are all good online options to consider.

2. Messaging Channels

Messaging channels are great to keep it feeling like an office environment. These are also great ways to contact your colleagues or team without the hassle of long threads and having a million emails to get through. Have a channel that is dedicated to non-work-related chat, this can be a channel whereby you have normal conversation and reconnect as a team and as people.

Some great messaging apps include:

  • Slack has a searchable history feature that allows users to easily find past chats and shared information in less time. This app will even let you share documents like PDFs, images, and videos.
  • Microsoft Teams is not only a great app for video and conference calling, it is also a great messaging platform, thought of as an alternative to Slack.
  • CloudApp is one of its kind – this is a visual communication platform that brings screen and webcam recording, GIF creation, and image annotation features securely to the cloud.

3. Project Management

Managing people and projects remotely can be a nightmare. But it doesn’t need to be. These apps will help you keep everything in tow.

  • Trello is a visual project management software. All your work happens on Boards. Boards are divided into lists, which represent different stages in a project and populated with cards. A Card represents a specific task and can contain due dates, chat boxes, attachments, and more.
  • Todoist is a smart to-do list app. Perfect for remote workers seeking simplicity.

4. File sharing

There is one app that does this perfectly and that is Dropbox. It is easy to use and is immensely popular and used by millions of people around the world.

All you need to do is upload your file to your Dropbox account and then share access to it with your colleagues. Easy!

5. Cloud-Based Accounting Software

Firstly, the cloud is a platform to access data and software online anytime from any device. This platform keeps data secured and up to date. How can this help you?

Quick Books Online is a cloud-based accounting software that allows multiple people to access and work on an account from a variety of devices, while your data is kept secured and up to date constantly.

These are some of the benefits you get with using QuickBooks Online:

  • Dashboards allow you to get a snapshot of your business. This includes Profit & Loss, Overdue Invoices, and Bank Balances in seconds.
  • Your data is secured with the same encryption technology used by the world’s leading banks. QuickBooks Online Security.
  • QuickBooks integrates with ABSA, FNB, Nedbank and Standard Bank to allow you to import your bank statements easily.
  • Know where your business stands and have ready access to 65+ reports in a single click. Get a clear view of the overall state of your business with the Company Snapshot.
  • Get enormous flexibility by customizing how your invoices and receipts look and what information they contain.
  • Handle multiple currencies and track currency gains and losses.
  • Give your employees access, while maintaining control over what information they can view or modify with multi-user collaboration.
  • Take your business with you anywhere, anytime and access QuickBooks Online on any Internet connected computer, tablet or phone using any operating system.
  • Free Mobile/Tablet App
  • Your accountant has free access to your financials
  • If you need help, free and unlimited support is just an email or phone call away.

Working remotely requires extra focus and tools to help you get work done fast and well. We hope that this blog has given you some advice on how to do just that.

How to Digitise your Business through Social Media Marketing

digitise

 

 

With a lot of companies and people working remotely and the country going into lockdown, there is no better time to focus on digitising your business.

 

Most people will be spending a lot more time online. With that being said, this is a peak time to market your business and services on social media. This can help you reach more potential customers and ultimately increase your business leads, while your customers can contact you directly from the chosen platforms.

Wondering where to start? Here we have some tips to help you digitise your business and market on social media.

 

  1. Start with a Plan

Before you begin creating social media marketing campaigns, consider your business’s goals. Starting a social media marketing campaign without a social strategy is a recipe for disaster and panic.

 

  1. Meet Your Marketing Goals

Now to consider your business’ goals and how to meet them. Here are some questions to ask when defining those goals:

  • What are you hoping to achieve through social media marketing?
  • Who is your target audience?
  • What platforms would your target audience use and how would they use social media?
  • What message do you want to send to your audience with social media marketing?

 

These goals are important and will help you do a stellar job on social channels. But you also need to understand how those goals can help your business. Social media marketing can help with several goals, such as:

  • Increasing website traffic
  • Building conversions
  • Raising brand awareness
  • Creating a brand identity and positive brand association
  • Improving communication and interaction with key audiences

 

  1. Choose the Right Platforms

There is no shortage of social media platforms where content can be shared. Sharing your content on the right platforms is crucial to your success.

 

When determining which channels to use, you should consider your customers (audience) and your business. It’s important that you create accounts on the platforms your target audience uses, so they can easily connect with you. You should also consider which sites best fit your products.

 

  1. Create a Content Plan

Scrambling to create posts at the last minute can lead to low-quality content and panic. A lack of organization can lead to repetitive posts or a lull in your presence on one or more of your channels. Creating social media content calendars or content plans can help avoid those mistakes and lead to more effective posts. Content plans also help you create goals and strategies for meeting them and track your progress toward them.

 

To make a content calendar, use a regular calendar for each social media channel and plan out your posts in advance, complete with hashtags, links, images and other content.

 

Make sure you post regularly and offer truly valuable information that your ideal customers will find helpful and interesting. The content that you share on your social networks can include social media images, videos, infographics, how-to guides and more.

 

  1. Consistent Brand Image

Using social media for marketing enables your business to project your brand image across a variety of different social media platforms. While each platform has its own unique environment and voice, your business’s core identity, whether it’s friendly, fun, or trustworthy, should stay consistent.

 

  1. Sharing Links

While using social media for marketing is a great way to leverage your own unique, original content to gain followers, fans, and devotees, it’s also an opportunity to link to outside articles as well. If other sources provide great, valuable information you think your target audience will enjoy, don’t be shy about linking to them. Curating and linking to outside sources will improve trust and reliability, and you may even get some links in return.

 

  1. Competitors

It’s always important to keep an eye on competitors—they can provide valuable data for keyword research and other social media marketing insight. If your competitors are using a certain social media marketing channel or technique that seems to be working for them, considering doing the same thing – but make yours better!

 

  1. Keep Track of your Success

You can’t determine the success of your social media marketing strategies without tracking data. Google Analytics can be used as a great social media marketing tool that will help you measure your success, as well as determine which strategies are not working. You can also make use of Facebook Business Manager, Twitter Campaign Manager, LinkedIn Campaign Manager, etc.

 

  1. Community Management

Have someone dedicated to checking your platforms. This means that someone will monitor the comments, inbox messages, and reviews, etc. posted to your channels. This is a good way to show your customers that you are there for them and gain potential new customers.

 

  1. Address Problems Quickly

Hopefully, you receive mostly positive feedback on social media. Occasionally you may encounter someone who is upset, argumentative or has something negative to say about your company.

 

You should carefully monitor mentions of your brand on social channels, so you can catch issues before they escalate. If you spot a problem, engage with the person by publicly apologizing if necessary and offering to solve the problem over a direct message exchange. This way, people who see the post know you were responsive but don’t have to see all the specifics of the issue.

  1. Provide Value

Perhaps the most important thing you can do on social media to provide value to your followers. Create something that your audience will find useful. It could be something that tells them something they didn’t know before, makes them laugh, entertains them or anything else that’s beneficial in some way.

 

This aspect of social media is what attracts the right customers to your business, makes people want to follow you on social sites and helps content to spread. Master this, and you’ll be a big step closer to a successful social media marketing campaign.

 

With nearly 3 billion active users, social media is a potential goldmine of new customers and current patrons who could become repeat customers. Create a good social campaign, and you’ll be able to connect with some of those people and grow your customer base.

 

In case you missed our previous blog, here we talk about how to digitise your business through digital marketing: here

2020 Trends for Accountants

Technology is always evolving and the advent of innovations in the world is boosting economic growth at a global level.

Accounting is no exception. It plays an important role in any business. By being up to date and organized, accounting software can provide accurate, relevant, and valuable financial information, leading to better business decisions and assist in reaching the desired business growth.

Here are some of those trends you can expect to see this year:

  1. Migrating to Cloud-based Software

Cloud-based software has already made its presence in accounting. By adopting this, you can establish your practice as a leading brand that provides up to the mark CPA services.

QuickBooks Online is a perfect example of this.

Find out more here.

Products such as QuickBooks Online allow you to store & access data, utilize inbuilt tools and features from anywhere, anytime. As well as automated bank feed reconciliations, expense claim tracking, inventory control,  multi-currency processing, etc. Everything is automated.

  1. Potential of Internet

Using the internet allows your bookkeepers and accountants to have two-way conversations with colleagues and clients. There are many applications out there for face-to-face virtual interactions as well as being able to expand and assist clients across the globe.

  1. Millennial Clients

Slowly but surely the younger generation of “Millennials” will start taking the lead in most aspects of almost everything. Many business owners that fall in that category are willing to explore beyond standard business approaches and systems. Cloud-based accounting is the exact reflection of something they would expect. The era of millennials means that accountants need to handle completely different types of clients who prefer a greater level of proactiveness, enhanced operational transparency, and a personalised approach.

  1. Social Media Platforms & Accounting

Platforms such as LinkedIn, allow firms to market their services more broadly and keep connected with clients, colleagues, and partners. Such platforms also help you stay updated with the latest trends in the accounting and business sectors and how they make a difference in their work.

The number of social media users worldwide in 2019 hit 3.484 billion, up 9% year-on-year. Facebook, Twitter, and Instagram can be used for B2B and B2C with a massive number of users as well.

  1. Artificial intelligence

Artificial Intelligence (A.I) is an exciting prospect for accountants as there is the potential to effectively add a ‘virtual’ member to the team that is available 24/7 to answer multiple questions and carry out simple tasks even when the office is closed. This emerging technology will be used in the day-to-day running of businesses allowing complex and repetitive tasks to be automated with A.I, machine learning, and robotics with extreme accuracy.

2020 brings with it new opportunities and digitisation is the key trend that will dominate the profession. Accounting firms that are looking for sustainable and long-term success will need to ensure their clients can accomplish any task relating to their finances on a mobile device.

In conclusion, digitisation is becoming a must for all businesses, and it is shaping the trends that we will see in accounting. Something that every business needs to keep up with to strive and make sure they not only stay relevant but that they can offer the best and most up to date solutions for their clients and business.

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Where a party receives any personal information (“PI”) related to the other party, the party who receives the PI, will comply with and have adequate measures in place to ensure that its employees, agents, subsidiaries and representatives comply with the provisions and obligations contained in the Protection of Personal Information Act, No. 4 of 2013. Any PI pertaining to one party which is required by the other party, will only be used by that other party for the purposes of this contract and will not be further processed or disclosed without the written consent of the latter and the recipient of that PI will take all reasonable precautions to preserve the integrity and prevent any corruption or loss, damage or destruction of the PI. If and when the contract is terminated, each party will, save to the extent that it is required to do otherwise by any applicable law, erase or cause to be erased, all PI and all copies of any part of the PI relating to the other party”.