Accounting Link With A Business Account: This Is How It Works

Online accounting is becoming more and more popular, because it is a user-friendly way to keep track of your administration. It is often also possible to link your accounting package to your business account, how do you arrange that?

Online accounting package

Few entrepreneurs / self-employed people get really enthusiastic about setting up the accounting. It takes a lot of time, which you would rather spend on what you really like: doing business!

Setting up and maintaining the accounting takes the average entrepreneur no less than 17 hours per month (source: Basware Benelux). Yet you cannot escape it as an entrepreneur. Fortunately, an online accounting package can save a lot of time and make your life a bit easier. 

Your bookkeeper / accountant can easily watch

You can give your bookkeeper or accountant access to most packages. He or she can then easily check whether you have entered everything correctly and whether you can still use tax benefits. This way it can no longer go wrong with your administration .

Advantages of online accounting

An online accounting package has many advantages:

  • You can see at a glance what your turnover or costs are. Many packages automatically draw up a balance sheet and profit and loss account.
  • There is less chance of errors, after all your accountant can easily watch.
  • You can save a lot of time.
  • You have access to your administration everywhere.
  • You create a digital reference work.
  • From now on you can set up quotations and invoices digitally.

Of course there are many different variants on the market, each with their own advantages and disadvantages. To choose the right package, you would do well to put a list of wishes on paper. In addition, the price also counts, of course, there are big differences.

Accounting link with your business account

One of the important advantages of online accounting is that you can easily link to your business account. This way, all transactions from your business account are automatically processed in your accounting. You no longer have to worry about:

  • Payment orders
  • Collection orders
  • Information about balances

All this information is exchanged between your accounting package and your business account. This way you have collected all information about your financial position in a central place.

The Reasons For Establishing A Business Plan

The business plan is also an excellent means of forecasting, it allows you to set your objectives, so it has a double utility, for the entrepreneur and the investor. In your entrepreneurial projects, you must refer to this document, which will define your company’s basis and strategy. The business plan is, therefore, essential for:

Obtain financing

The business plan is not a mandatory document in the design of a project. It is generally used to convince and to obtain external financing, via investors or financial establishments. Without a business plan, even with all the goodwill in the world, your chances of raising funds are close to zero. Imagine that your employee asks you for an advance without argument.

The credibility of the project

To evaluate a project, the business plan is the reference document that will determine its feasibility. Your capacity will thus be assessed according to him, but also its viability. It is analyzed down to the smallest detail to determine the stakes and whether it is viable in the long term. Can you imagine an application for a job without a CV?

An indicator of your abilities

If your business plan is perfectly set up, you are more likely to be credible in obtaining financing. You can then detail your experiences and skills. Thus, even if you are a new entrant in entrepreneurship with a properly set up business plan, you have the same chances as a professional to find financing. Which bank would trust an insolvent borrower?

Presentation of your project

For fundraising via financial institutions and other credit funds, the establishment of a business plan is mandatory. To convince your project, you must know how to convince your business plan to help you defend your project as well as possible. As a politician, you must know how to get elected.

To help you in your objectives

The business plan also allows you to follow a roadmap for the proper functioning of your business. Indeed, the objectives that you set are established above in advance, you plan your strategies and determine your situation accordingly. It is one more motivation to respect your ambitions.

To better manage your business.

The content of your business plan contains the structure of your future SME but also the management of this one. You thus determine the human and material resources to run your business. For example, you can precisely determine the number of personnel and investments.

Determine your marketing strategies

It is important to have a guideline in business; this is how you can know if you are progressing according to your goals. The business plan can, for example, fix the business strategies you are going to undertake but also your marketing approach. Which bank is going to lend to a person who has no clear strategy?

Concrete analysis of your project

This document is generally entrusted to business plan professionals for its realization. This professional will thus carry out a concrete analysis of this project and its reliability. You thus have pragmatic figures, but also statistics and various studies that will allow you to better analyze your project. With a business plan, you can think more clearly about your project and the risks it may present.

You increase the chances of success of your fundraising

This document is essential to your donors. You thus multiply your chances compared to a file that does not contain a business plan. However, it will have to be established in the standards and that it be fundamentally plausible. Pay particular attention also to the form so that it is easy to read.

In short, establishing a business plan is more than necessary to be granted funds. Traditional institutions make this document an imperative for a financing file.