If you are a business owner, then you know how challenging it can be to keep your finances and accounting in order. And the larger your company grows, the more you need a system in place to help streamline this important task.
One such company that is trying to help businesses with this very endeavor is Xero. In this interview, we talk to Russ Fujioka, Xero’s President for the Americas region. He provides us with some vital financial tips and advice that are useful to all entrepreneurs.
Xero is a New Zealand-based company that was founded in 2006. Since then, it has been one of the fastest growing Software as a Service companies in the world. They are leaders in the New Zealand, Australian, and United Kingdom cloud accounting markets. Over 1,400 employees are located in 20 offices across the globe. Forbes even identified them as the World’s Most Innovative Growth Company in both 2014 and 2015.
The business was started because they wanted to change the game for small businesses. Their cloud-based accounting software helps people do their accounting anytime, from anywhere. It enables millions of small businesses to thrive by using better tools, information, and connections.
Russ Fujioka’s Financial Tips for Small Businesses
One of the more important aspects of running a business is keeping your finances in order. And we find Russ Fujioka’s advice incredibly valuable:
1. Invest in Technology
Many small business owners either feel strapped for cash or think they are not technologically savvy. Because of this, they might avoid making an investment in software that can actually help their business. Russ stresses that when you purchase software like the kind Xero offers, it takes an entrepreneur’s attention away from everyday details and allows them to re-focus their attention on taking action that will grow their business. Xero software automates financials which frees up time for small business owners.
2. Get an Accountant, Bookkeeper, or CPA
Not all entrepreneurs are skilled at accounting or keeping their finances in order so don’t be afraid to outsource those jobs. Accountants, bookkeepers and CPAs are trained to deal with money, and so you should seriously consider hiring one of these people long term. Then, you can put your efforts into other business-growing activities.
3. Don’t Do It Alone
Sometimes small business owners feel as if they need to know it all – and do it all – by themselves. But Russ points out that there are many people out there who can mentor and give advice along the way. In fact, he suggests that you assemble a team of trusted advisors made up either of professionals and/or friends who have different experiences that you do. Their assistance can greatly benefit you and your company.
The ultimate goal of technology should be to help businesses alleviate mundane tasks. Too many people work too many hours that don’t actually lead to their businesses growing and thriving. Follow Russ’s financial tips by putting some thought into how you can invest in technology to make your business the best it can be. Investment in technology is the key to your business’s growth..