Do you have a lengthy manual process for invoices or expenses approval?
Are you sending out paper purchase orders?
Do you have a streamlined process for paying suppliers?
Are your sales orders and other admin duties carried out on spreadsheets?
You are not alone.
For many business owners, regular reviews of back-office accounting functions aren’t necessarily a priority when focusing on business growth.
However, this could mean that your accounting processes are stuck in the dark ages and unable to keep up with the day-to-day functions of running a successful business. Fortunately, we are all becoming increasingly more comfortable with cloud technology.
From mobile banking to Dropbox for file-sharing and Google apps (for example, docs and sheets), now more than ever, we understand the importance of using ‘the cloud’ to access our data remotely.
Therefore, many business owners are now considering ways to utilise technology to improve their day-to-day accounting duties. From data capture software to assist with supplier invoices or credit card expenses to an approval workflow solution to manage digital approval processes, we see more businesses embrace new accounting systems.
A benefit of moving to cloud accounting software, such as Xero, is that your account data is no longer stored on various staff members’ computers where it could be lost, deleted or inaccessible, but on remote, secure servers.
Increase efficiency and visibility.
As a result of utilising accounting software throughout your business, you can maintain and produce live and accurate records. You will also increase visibility between internal finance teams and external financial providers.
Improve staff productivity
Administrative functions are time-consuming, and manual processes can easily get delayed. You and your team will benefit from more time to focus on more lucrative work, such as advisory services, consulting and business development.
Access anywhere, anytime.
Implementing cloud accounting software will allow you to access your company’s financial information on any device, wherever you may be.
In the current climate, the ability for your business to have remote access to accounting systems will also support any flexible working arrangements for your teams.
Have a better handle on your finances.
Not only will you have the benefit of managing live financial data anywhere through automatic software systems updates, but you can also reduce your IT and administrative costs.
Xero will link with your business bank account through Open Banking and automatically pull through your bank transactions.
Undertaking a thorough review of your current systems will open up opportunities for your finance teams to have input on potential risk areas that may previously have gone unnoticed.
We understand that each business has its accounting systems in place.
As an accredited Xero Gold Partner, we successfully use cloud technology and implement new processes for clients of all sizes.
Do you want to arrange for a review of your current back-office accounting systems? Faye Thompson can advise you to become a more efficient and profitable business. Arrange a chat today.
