What Editors Keys uses to do business.
In this new series of blog posts by our CEO Mark Brown, we’re giving you a little insight into the technology Editors Keys uses to run its business.
We know almost 70% of our customers are freelancers or running small production companies, so I thought it would be very useful to tell you about some of the software, apps, tips and tricks we use to make Editors Keys a successful business.
This week I’m looking at the boring world of accounting. Yes it’s probably the last think you want to think of when running a new business or when you really want to be working in the studio creating your movies or audio master pieces.
I can tell you, as a young entrepreneur starting Editors Keys, it was the last thing I wanted to be spending my time on and therefore it generally was (to begin with.)
I’d get to the end of the year and have a huge pile of receipts, partially finished folders and other bits and bobs to hand to my accountant. Now don’t get me wrong, my accountant didn’t mind, they’re sometimes paid by the hour or week, so the more the merrier for them.
The problem I found, is that it was very difficult to get accurate data throughout the year with some decent accounting software.
I’ve tried it all, Sage, Kashflow, quickbooks and Xero… but the best in my opinion is Xero for a few reasons.
The main reason it was good for me, is that my accountant already used it, so it meant everything was instantly updated and it reduced our accounting costs instantly by around 25%.
Bank Reconciliation - Auto import & code transactions - A lot of the basic accounting packages couldn’t/can’t do this automatically and this saves a ton of time.
Invoicing - Create and send invoices automatically and have full creative power over the design. One feature I love is the add on of stripe or Paypal to an invoice, so your customers can click and pay direct from the PDF you send them.
Add-ons - Whilst we’re talking of add ons, there are tons, Xero by far has one for every aspect we needed. Linking to Magento, Shopify, Paypal, eBay and Amazon. This really improved things quickly.
Nice Dashboard and reports - Some of the others had very basic reporting features, Xero has a report for almost anything you can think of. Who are your best customers, how much tax do you owe, what is your best selling product, are you spending too much on Starbucks etc etc!
Files - Attach documents to financial data
Payroll - Very handy if you employ some staff for your business.
Multi-currency - We sell all over the world, so this was an important feature other software either didn’t have or handled very badly.
Mobile apps - iPhone, iPad, Android.
Free, unlimited email support - I still class myself as an idiot when it comes to accounting. This feature helped a lot.
What's your favourite accounting software? Please let me know! What to try Xero? Click here for a free trial (don't pay anything before you try something out!)
Next week, SEO - What can you do to make your business stand out?