Startups typically work with lean teams; they need to be agile and growth-ready – always considering how one move may affect their balance sheet every step of the way.
Most importantly, a startup can rarely afford to make any errors in its books of accounts because, first of all, beginners need to make a bigger and better impression. Secondly, a large chunk of startups may seek funding to support expansion and growth. They can’t afford to be seen as incapable when providing accurate reporting.
Startups also need to look professional and as savvy as possible when dealing with clients. You may not be able to afford the bells and whistles but you certainly need to look the part.
Next Prepare appeals to all of these startup character traits and requirements. So, here are 5 reasons why it is the best accounting tool for startups.
- Simplifies data entry for lean teams
Next Prepare comes with tech that allows it to extract data from a scan, or even a smartphone picture, of any bill or invoice. It can even extract data from a bank statement or an online source.
This data is then presented as an editable entry and the original source is also saved with the entry, which is especially useful in case verification or auditing is required at a later stage. The entry can be extracted to Excel and other popular formats and may be edited in case of any error.
Supplier rules can be set up for automatic coding and categorizing of spending.
- Reduces workload on lean (or one-man show) accounts department
With Next Prepare, data flows directly from your business bank account to your books of accounts. This can help reduce the workload on your accountant so that he or she can use their time for more demanding tasks than data entry.
Where receipts mention tax, the system allows your accountant to divide by description, nominal code, or percentage.
- Eliminates human error
Next Prepare can automatically flag any errors or inconsistencies in data. Deleted entries can be tracked and retrieved. Moreover, since your accountant is not manually filling up expenditure and income (since it flows to your books automatically from your bank account) human error is entirely eliminated.
- Makes you look highly organized
As a startup, you’ll agree that everyone tries to squeeze as much work as possible out of you for as little pound value as possible. What if you could at least quantify all the “goodwill” you’re doing?
With Text Prepare, you get a dashboard that helps you measure team workflow and the amount of time and resources you have devoted to their tasks.
The client dashboard adds a professional touch to your client relations, besides also helping you track your contribution.
- Text Prepare gives you all the insights you need, live and on-the-go
All your business insights are available via an app on your smartphone which synchronizes all data and gives you financial data that gives you a NOW picture of your company. There’s no time to be working out of last week’s or last month’s data in today’s fast-paced business environment.
You can also seek clarity on items with an in-app chat – a huge convenience in the remote working environment of today. Text Prepare is a tool for startups. It is scalable, which means you can start small and add on as you grow. You can also opt for a free trial to see for yourself the dramatic difference that Dext Prepare can make to your startup. Tap here to find out more on Dext Prepare.
