7 Small Business Accounting Templates To Secure Business Success

small business accounting

Accounting processes and workflows are at the core of any business. Sadly, 82% of businesses fail due to bad or negative cash flow.

It doesn’t have to be this way.

At Process Street we recognize the pivotal role small business accounting has for survival, profitability, and growth. We have therefore utilized our checklist approach to organize key accounting processes into a series of dynamic, efficient, and clear process templates.

All of these are free to use, ready to go, and can be edited to your needs, so there’s no reason to leave the failure of your business’ accounting up to chance.

This post will provide you with the following templates:

This template pack can be used in conjunction with our other accounting processes template pack.

Let’s dive right in and organize your small business accounting.
Continue Reading

What is a Purchase Order Template? 5 Free Templates to Get Started

purchase order template

You’re here because you’re looking for a purchase order template to make your life easier.

Well, here are 5 different templates in different formats which you could use:

If that’s all you need, pick the one in the format you prefer and have a great day.

However, if you didn’t already have a purchase order before you came to this article, then you probably didn’t and still don’t have a system for your purchase orders.

The system is more important than the template.

In this Process Street article, I’ll do a really quick explainer of your options for systemizing your purchase order and tying it into the rest of your accounting activity.

Systemizing it will save you time and effort in future. So it’s in your interest to check out some of the options.

We’ll cover:

  • What is a purchase order?
  • What is a purchase order workflow?
  • 5 free purchase order templates
  • Top workflow ideas for purchase orders
  • More accounting workflows to make life easier

Continue Reading

What is the Accounting Cycle? How to Manage Workflows in Accounting

accounting cycleHere at Process Street, we’re always talking about the importance of workflows.

Workflows help you define what work you do and the order in which you do it.

According to the Powering Productivity report from Planview, poor processes and workflows are the number 1 cause of inefficiencies in organizations. Plus, the Chaos Theory report from Projectplace revealed project managers lost 2 hours 45 minutes each week due to poor workflows.

When you document your workflows and improve them, you optimize your work. This results in better work done more quickly.

It’s one of the simplest ways to improve the performance of your own work, or that of an organization. From basic workflows with only a couple of steps to company wide workflows with multiple stakeholders and variables.

This principle remains true in countless use cases and industries but is most powerful in areas where work benefits from standardized practices.

This brings us to an area of business where standardization is a true sign of quality: accounting.

Effective accounting practices require a strong understanding of how information flows throughout your business.

In this article, we’re going to look at:

  • What is the accounting cycle?
  • What is a workflow?
  • How to construct processes for your accounting activities
  • 11 accounting processes you can try today

Continue Reading

11 Checklists to Optimize Your Accounting Processes

Accounting processes from invoicing to reporting

Businesses of all sizes have to deal with accounting and it can be a bit difficult if you’re new to it.

Without an effective accounts receivable process, you risk losing out on valuable revenue.

If you don’t put a process in place for your accounts payable then you could be facing late payment charges or even opening up space for fraud.

Accounting is vital to the health of a business and too many companies overlook it. In the UK, the Association of Accounting Technicians revealed that SMEs were “leaking” £2.9bn every year through poor accounting practices.

This is why we’ve created 11 checklists to guide you through your accounting processes.

Using the checklists

You don’t need to be a CPA to create a balance sheet or an invoice. Our checklists enable anyone to perform accounting activities, and as you go through you’ll see the different steps explained where necessary. This way, you know what you’re doing and why you’re doing it.

With these Process Street checklists, you’ll see how you can integrate Process Street with Zapier and Quickbooks to automate accounting processes, saving you time and money.

Continue Reading

Xero vs QuickBooks vs FreshBooks: The Best Accounting Software (with Monty Python)

xero vs quickbooks vs freshbooks best accounting software - header

Accounting is a time-consuming, complex, frustrating, and criminally boring part of running a business.

It’s precisely this kind of tedium which inspired Monty Python to riff on the profession several times, with accountants getting so frustrated that they do everything from becoming pirates (sailing the wide accountancy in a moving building) to try to switch to lion taming.

xero vs quickbooks vs freshbooks best accounting software - python gif

However, accounting and bookkeeping is also a vital part of running a business if you want to abide by the law and track your finances. No matter how tedious it might seem it’s vital to know what money is coming in, where it’s being spent, and whether you’re earning a net profit come the end of the financial year.
Continue Reading

Get a free Process Street account
and take control of your workflows today.

No Credit Card Required