Why reviewing your accounting processes can improve the efficiency and profitability of your business

Why reviewing your accounting processes can improve the efficiency and profitability of your business

Do you have a lengthy manual process for invoice or expenses approval? 

Are you sending out paper purchase orders or not have a streamlined process for paying suppliers? 

Are your sales orders prepared manually 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 for running a successful business.

Fortunately, we are all becoming increasingly more comfortable with cloud technology in our lives. 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 are seeing more businesses embrace new accounting systems.

A benefit of moving to cloud accounting software, such as Xero, is that your accounts data is no longer stored on various staff members’ computers where it could be lost, deleted or inaccessible, but on remote, secure servers.  During the COVID-19 pandemic, this function has been vital for many businesses to remain open.

Increase efficiency and visibility

As a result of utilising accounting software throughout your business, you will be able to 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 having more time available to focus on more lucrative work, such as advisory services, consulting and business development. 

Access anywhere, anytime

Implementing cloud accounting software will also 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.

By undertaking a thorough review of your current systems, you will open up an opportunity 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 are successfully using cloud technology and implementing new processes for clients of all sizes.

If you want to arrange for a review of your current accounting systems and looks at new ways to become a more efficient and profitable business, then please speak with Faye Thompson today.

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Faye Thompson
Head of Cloud Accounting at Wilder Coe
Faye has worked with Wilder Coe since joining us in 2008 as a Senior Accountant, where she provided her clients with practical, professional advice on a range of management accounting issues. After spending many years as a Manager with our Stevenage based team, she now focuses her experience and knowledge as our Head of Cloud Accounting.