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2020 Trends for Accountants

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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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How To Digitise Your Business Through Digital Marketing

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Firstly, what does it mean to digitise your business? Well, digitalisation is when you use digital technologies to change a business model and provide new revenue and value-producing opportunities. Digitalizing your business can give you a competitive advantage by doing things better, faster, and cheaper than your competition.

Digital marketings any form of marketing products or services that involves electronic devices.

Having your business digitised in this day and age is imperative to make sure you stay relevant. The vast majority of the population are on their phones or computers 99% of the day. Therefore, making sure they see your ads and business is a must.

 

Why digital marketing matters:

Just think of it this way, Google and Facebook generate more revenue than any traditional media company because they control more eyeballs. That’s why digital marketing matters, it is where people’s attention is. It is the easiest and best way to onboard new clients and boost your business. Let’s be honest, not many people are as receptive to pamphlets and cold calling as they used to be.

The 7 big categories of online marketing are:

  • Search engine optimization (SEO)
  • Search engine marketing (SEM)
  • Social Media Marketing (SMM)
  • Pay-per-click advertising (PPC)
  • Email marketing

And now to break them down.

SEO will help optimise your website and bring you to the forefront of Google – ensuring (if done correctly) your business will appear on the first page of the Google search results page. Which ultimately is the goal, right?

SEM is essentially Google ads. For example, when you Google a product or business, the first few search results will have “ad” at the bottom of them, this is a Search Text Ad. If you are watching a YouTube video and a banner for a product or service pops up, this is a Display Ad. It is just another way of getting your business seen because everyone Googles everything.

Social Media Marketing is creating content for social networks like Facebook, Twitter, Instagram, and LinkedIn. Most people spend a huge amount of time on at least one of these networks, and if you have relevant content that is consistent, you are bound to attract attention and business.

PPC or pay-per-click advertising is businesses running Google ads and are only charged when a user actually clicks on their ad, hence the name “pay-per-click.”

Email Marketing is a highly effective strategy of sending emails to prospects and customers. Effective marketing emails convert prospects into customers. This could include banners on your emails, scheduled emails that go out to prospects, etc.

Now that we have the basics out of the way – the question is… how can digitising your business help with accounting?

We have drastically moved on from the days where you needed to write out receipts, keep boxes of slips and have to manually find and collaborate all of your company’s data. Because of everything going the digital route, it has made accounting that much easier and smoother, eliminating the chances of human error, as well as shortening the time it takes. With EasyBiz and QuickBooks Online, you can save up to 45 hours a month!

Instead of having to do everything yourself, QuickBooks Online allows you to run your small business seamlessly from the cloud. Because it’s cloud accounting software, your data is automatically synced across your devices so that your work is never lost. It also means you can run your business from the office, the car or the kitchen table.

Check out how EasyBiz and QuickBooks Online can help digitise your business today: Quick Books

That’s the scoop on how to digitise your business to save you time and money while helping you onboard new clients in an easier, more relevant way.

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Staying afloat in the quiet months of the new year

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With the festive season over, we now enter the quiet months of the year. It happens every year with every business. Consumers generally use up most of their money during the holiday “silly” season and therefore aren’t as active with businesses the month after. Some businesses also feel the strain of the festive season and therefore engage less with other businesses as well.

The good news is that you can turn your slowest months into your best months with these tips.

  1. Analyse your sales

Have a look at your figures and identify what the quiet months are, how long they last and track your numbers. This is where knowing your numbers can make or break you. As an entrepreneur, the most important things to keep track of are:

  • Monthly sales and expenses
  • Cost of sales
  • Profit margins
  • Quarterly sales
  • Year to date sales

You cannot manage what you cannot measure and know your figures and where your company stands are the first steps to making sure you flourish even in the quiet months.

Check out some of our products that can help you in this stage: EasyBiz Tech

  1. Strategize and Execute

While in the quiet months, you should use this time to plan and strategize for the next busy season. This is the perfect time for it because when that busy season does hit again you may not have the time to strategize, putting yourself and your business under unnecessary pressure.

It will be all hands-on to fulfill and maintain sales during your busy months. Use the slow periods to strategize, so that you can optimize the busy season.

  1. Train Your Team

This is the ideal time to invest in your employees. Remember, systems don’t build businesses, people do and the more they know, the more they can accomplish.

  1. Build Up A Strong Online Presence

Use the quiet time to increase your online presence. This includes social as well as your online visibility. Engage with your clients on your social platforms, look for potential new business and see what your competitors are doing. Keeping on top of your game and trends is key.

With regards to your online visibility – for anyone unfamiliar with the term SEO, this stands for Search Engine Optimisation. This includes increasing traffic to your website, upping your ranking with Google and other search engines as well as monitoring what consumers are searching for via targeted keywords, which you can use to your advantage. People will find you when they are Googling anything that relates to your product or services.

The most important aspect of a business is online traffic – without it, you won’t gain leads, clients or sales.

Remember, nothing that is worthwhile is easy. The key is to take action. The only way a problem will go away is when it is defeated by a solution. Now you have your solutions and the quiet months, won’t be so quiet after all 😉

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Tax Season for Beginners

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Tax season…. probably one of the most daunting times of the year if you are not completely clued up with the whole process. We wanted to help make it a bit easier for you by breaking down the process and giving you a better understanding of what tax season involves. Who knows – maybe you’ll save a little extra cash in your budget this year!

Here’s what you need to know to tackle your returns like a pro:

  1. Do you need to submit a return?

Before you begin this process, it is important to see if you actually need to submit a return or not. SARS makes it easy to determine this with a series of questions that you can answer online. Once that is done – you’ll know if you need to submit anything or not. Time saver!

  1. IRP5

Tax can be confusing for anyone, especially with all the confusing jargon they use! As a salaried taxpayer, what you need to know about the IRP5 (tax certificate) form is that you can’t submit a return without it. It contains all your personal info, details of the money you’ve earned and the PAYE tax you’ve paid over the last year. PAYE stands for “pay as you earn”. It is money taken off your salary monthly. Your company will work our your IRP5 and give it to you every tax season.

  1. eFiling

eFiling is the quickest and easiest way to do your returns each year. It is an online platform that allows you to do all your submitting without you having to go into a SARS office. It’s free and simple to use. All you need to do is register and you are ready to go! Another bonus with eFiling – you can submit the return yourself or get a registered tax practitioner to do it for you.

  1. Submit returns yourself or use a tax practitioner

Whether or not you should submit your return yourself or rely on a tax practitioner to do it depends on a number of factors. These factors include the complexity of your tax situation, how much time you have on your hands, if you can afford a tax practitioner and your access to the internet. If you have income from a single source and no fringe benefits, you’re probably better off doing it yourself via eFiling. If you own multiple properties or receive benefits like a car allowance, you’re probably better off using the help of a professional. Rather get it right the first time than having to go backwards and forwards.

  1. Show me the money!

If you get money back from SARS then well done and job done! Be smart with the money you get back though. Rather put it into a savings account or use it to pay off some of your debts.

Now on to the next tax season!

In the next blog, we will be covering some tax season tips for accountants or small business owners.

Check the blog out here: Tax Season Tips

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Effects our tips can have on your Business

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It’s all good and well having good business tips, but what is important is how you implement them and the effect they have on your business. We are going to tell you about just that: The effects of good business practice!

If you missed out on our tips blogs, you can read them here: EasyBiz Blogs

We’ll also show you how EasyBiz can help with your time and money in conjunction with our tips.

You have your tips, you have worked out a strategy and are ready to put it to the test, but not sure how they really will help your business grow? Business growth is not just about how many clients you have… It’s how you go from nothing to something, from a small business to a large one. Your business is a direct reflection of you. So, by having yourself organised and ready, your business will be as well, and your clients will see it.

Needing help getting your business’ finances and accounting organised, detailed and up to date? EasyBiz has many packages to assist you. We have courses you can attend as well so that you become a pro and are fully confident in the software and how to get your money’s worth. Have a look here: EasyBiz Tech

By getting to know your competition and then getting creative; you’ll be able to take their ideas and make it your own. Make it a million times better, so when people are looking for your kind of service, you’ll be the one that stands out and the one people will be most likely to go with.

By staying focused and prepared for the sacrifices that are bound to come along – it will make the rewards you reap so much more fulfilling and worth it in the long run. Why? Because you know you did all you could to make your business a success and all the hard work you put in, paid off.

Giving great service and staying consistent is very important in this day and age. So many companies are great before a sale is made, but once the sale is complete, they disappear or are far from interested in helping. Keeping consistent and giving a good service will make you stand out from your competitors and will guarantee you recurring revenue and customers – which in the end – is the backbone to most companies’ success.

We hope this has been insightful and shown you that with the right attitude and commitment, there is no reason why your business should not succeed. We have gone into more detailed tips in our previous blogs. If you missed them – be sure to check them out here: EasyBiz Blogs

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Growing your Business – Part two

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We hope part one of growing your business tips gave you some inspiration and have helped you begin your new business plan.

Here we have the last set of tips to take your business to the next level and keep it growing.

  1. Be Creative

Always be on the lookout for fresh ideas. See what your competition is doing or isn’t doing and come up with something better. Step out of the box and you’ll be amazed at what you could create. This is the best way to get your business standing out from the rest and show people how innovative you are.

  1. Stay Focused

One of the reasons why businesses fail or never really take off is because a lot of people expect to see results overnight – which is far from the truth. A successful business takes a lot of hard work and late hours, commitment and dedication. Make sure you stay focused on the main and end goals of what you want for your business and why you started, and you’ll achieve your short-term goals before you know it.

  1. Prepare for the Sacrifices

Even Richard Branson, Elon Musk and Bill Gates all had to make sacrifices at some point in their lives to become who they are and what their businesses are today. Unfortunately, there are no exceptions in this regard. Again, starting a business is hard work and requires consistent attention and commitment. You’ll have to be prepared to make a lot of sacrifices, such as going to bed when the sun starts to rise or not being able to buy something you want? Sacrificing the amount of time you spend with family or friends, etc… It is tough but worth it in the end.

  1. Give Great Service and Stay Consistent

There are so many businesses that claim to provide the best service…some do but their after-sale service is non-existent. Make sure you can deliver on both. Give your customers the best service and stay consistent even after the sale has been made. It is the best way to get clients coming back, and referrals from them. Creating loyal clients is already half the work done when building up your client base.

We hope these two blogs have been insightful and have helped you develop a new outlook on how to give your business the boost it might need.

Keep your eyes peeled for the next blog where we will speak about having a good business plan, where these tips are implemented and how all of this will affect your business.

Check out the blogs we have previously done here: EasyBiz Blog

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Growing your Business

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Our latest six blog series are focused around growing your business. What are the do’s and don’ts, how should you apply these tips and how these tips will help you and your business? Not only will we share tips with you, but we will show you how EasyBiz can assist you with software as well.

Knowing what works and doesn’t is fundamental in growing your business. But how do you know where to start? How do you know what works and what doesn’t? In a two-part blog series, we will dive right into answering these questions for you!

Firstly, and most importantly:

  1. Get Organised

How do you expect to be successful if you can’t find that paper you wrote on and left with all the other papers somewhere on your desk? To be successful in business you need to be organised. Having good organisational skills will help you always keep on top of things, even making a to-do list is part of it. It will help you make sure that you have completed all your tasks and not forgotten anything. Who doesn’t like the feeling of accomplishment at the end of the day?

  1. Keep your Records and Details Updated

All successful businesses keep detailed records and keep their records up to date. By doing this you’ll know where your financial situation stands, what potential challenges you could face and what strategies you can create to make sure you’re ready if those challenges hit.

  1. Know Your Competition

Having competition pushes you to be to even better, greater and deliver a service that is above the rest. Why? Because competition breeds the best results. It pushes people. But it’s important to know who your competitors are. How can you be better if you don’t know what’s out there and learn from it?

  1. Understand the Risks and Reap the Rewards

Take calculated risks. A good question to ask is “What’s the downside”? If you can answer this question, then you know what the worst-case scenario is. This knowledge will allow you to take the kinds of calculated risks that can help you reap tremendous rewards.

Research; taking risks; being organised are all part of how to make a successful business. It is hard work, but in the end – it will pay off and you’ll wonder why you ever worried in the first place. Just be committed, work hard and pay attention to tips like these.

Stay tuned for part two of six blog series. In the next blog, we will cover another four tips for growing your business. Keep an eye out here: https://easybiztech.co.za/blog/

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Software to help manage your business’ finances

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Managing your finances can be difficult but having an app or software to assist you makes it easier. We’ve found some of the best software to assist you and help you get on top of your finances in no time.

1. QuickBooks Mobile and Online

Small business owners and anyone who handles the finances and accounting for a company will find that this is invaluable. QuickBooks Online can be used to create and edit customers, invoices, sales receipts, estimates and so much more. If you make use of the QuickBooks Mobile App, your data is then immediately available in QuickBooks Online. If you are visiting a customer, you can prepare an estimate or invoice right there on the spot. There’s no need to return to the office or turn on your laptop. Find out more about QuickBooks Online through EasyBiz, the local authorised partner: QuickBooks

2. Intuit QuickBooks GoPayment

QuickBooks GoPayment is the mobile credit card transaction app associated with QuickBooks. It is a free app, though the rates can vary. The credit card reader is small and free. If you already use QuickBooks as your accounting software, you can sync GoPayment with it. Find out more here: GoPayment

3. Trade Gecko

This app is the perfect QuickBooks and many other apps integration that is a must-have, within a merchant’s commerce and supply chain ecosystem. This app updates your accounting and inventory details as you sell your products or service across multiple channels. QuickBooks will then sync your accounting, online inventory and order management, so you don’t need to spend the time doing the work yourself and having all your data in one easy to use space.
Find out more here: Trade Gecko

Looking for more QuickBooks integration apps? Have a look at our previous blog here: App Integration

We hope this article has shown you how different software can assist you with your different needs in your business, helping you stay on track of your income and expenses. As well as saving you time and money, these software examples will help you get into a better financial situation and help keep you there.

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Financial business habits every SME should follow

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Forming and sticking to good financial business habits is a big part of managing your finances. Now and in the long term. For an SME, this is very important as this could be the difference between your business succeeding or failing. These are our top habits everyone should have for ultimate success.

1. Live Within Your Means

This is probably one of the most important starting points when it comes to good financial habits. There’s no point in setting financial goals and good habits until you can live beneath your means. As your savings grow, your financial situation will improve drastically.

2. Pay Yourself, You Deserve It

Another important aspect is paying yourself. You deserve it for working as hard as you do. Take a percentage or amount from your salary (that you can afford) and transfer it into a savings account. After some time, you will have accumulated quite the amount in savings. Your future self will thank you.

3. Buy Value

Look at buying the best value for your money. Sometimes, it is, however, worth spending a bit more on something you know will last a while, instead of buying something you constantly need to replace.

4. If You Have to Borrow, You Can’t Afford It

Credit is an awesome thing when you’re buying something big, like a house or a car. Very few people have that kind of money sitting around, so for those kinds of things, borrowing is acceptable. But avoiding loans, credit cards, store accounts etc, are probably the most common way to keep yourself in debt. Bad. Bad idea.

5. Save for your goals

Those goals could include saving money for your children’s education, saving money to service your car, or saving money to make a bigger success of your business, or purely to just make life easier.
This isn’t just about saving money – it’s paying cash for the kinds of major things other people may borrow money for.

6. Know where your money is going

Having an app or financial service to track your income, expenses and everything in between is important. You’ll never overspend, and you’ll know where you can save and which areas you may need to work harder at. EasyBiz has packages just for that, especially if you’re an SME. Find your perfect package here: EasyBiz Tech

Now that you have some habits to implement into your day-to-day life, try to stick to these and you won’t have to worry about your financial situation again. Habits are easy to form, so managing your finances through good habits should be one of them.

Check out our blog; Tips for managing your finances here: Tips On Managing Your Finances

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How EasyBiz can help you manage your finances

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Knowing where your money is going, and what is outstanding is a very important aspect of being in a good financial situation. Having a local support partner that provides accounting software specifically catered to your needs, as well as training programs and many other services is beneficial when dealing with your business’ finances. That is where we come in.

1. Local support partner

At EasyBiz one of our core values is that we are always there for you. As a local authorised partner of QuickBooks, we offer support for QuickBooks Online, QuickBooks Online Accountant and QuickPayroll Monday to Friday. Our local support team has all the knowledge to assist you with any query or issue you may be experiencing with your software.

2. Accounting packages catered to your needs

Whether you need something simple, or something with all the bells and whistles, EasyBiz, has the package just for you. The QuickBooks Online packages are as follows:

SimpleStart
• For one user, plus your accountant
• Progress invoicing
• Track sales, expenses and profits
• Create & send unlimited invoices
• Track and manage VAT
• Automatic bank feeds
• Works on PC, Mac, and mobile

Essentials
• Includes the above but for three users, as well as:
• Generate sales quotes
• Manage and pay bills
• Transact in multiple currencies

Plus
• Includes the above but for up to 25 users, plus your accountant
• Progress invoicing
• Project tracking
• Track sales, expenses and profits
• Create & send unlimited invoices
• Track and manage VAT
• Automatic bank feeds
• Works on PC, Mac, and mobile
• Manage and pay bills
• Transact in multiple currencies
• Generate sales quotes
• Track inventory
• Create purchase orders
• Budgets

3. Training Programs

Whether you or your employees are new to QuickBooks or have been using the software for some time, we offer training programs and refresher courses to help you get the most out of your QuickBooks and Quick Payroll software.

Find your perfect package here and have a look at our services here: EasyBiz Tech

4. Affordable packages

Being able to afford software and packages to assist you with your finances is crucial. This is why the QuickBooks packages are always affordable and are often on sale. Just another way we can assist you in saving money and putting your business’ financial situation first. Remove this bullet, we can’t say the packages are always on sale.

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Please fill out the form below to receive the trail demo link

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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”.