The pace of change we’re seeing in the world of bookkeeping and accounting is staggering and this blog is all about how your business can make the most of the cloud accounting digital revolution.
Say goodbye to the old ways and give your business a Digital Detox!
In this blog I’ve referenced several apps that work for us and our clients – but shop around, there will be something new by the time you read this!
Digital detox – why and how?
The main benefits are:
- cost savings from making bookkeeping more efficient
- going paper-free without losing documents
- getting paid more quickly
- collaboration within your business and with your accountant
- improved productivity and profit
The main building blocks are:
- adopting a cloud accounting solution (we recommend QuickBooks Online, QBO)
- utilising the impressive app ecosystem growing up around cloud accounting
- being prepared to change some of the habits of a lifetime
Sales and getting paid
Raise your sales invoices within your cloud accounting system and email them straight to your clients. If you have recurring invoices to the same client for the same amount then you can set up your invoices to recur each month and go straight out, on time, without you needing to do anything.
If your sales invoices are already produced in another system then import them into your accounting software using an app such as Transaction Pro. There’s no need to enter data twice and certainly no need to have paper copies!
And once you have raised your sales invoices get them paid by direct debit. We’re using GoCardless which integrates with QBO.
Suppliers’ invoices and receipts
Use an app! We’re using Auto Entry but also check out Receipt Bank. These services read suppliers’ invoices and receipts, learn what the accounting entries should be and post them to your cloud accounting software.
You can send the invoices to these services by email, upload them from your computer or take a photo on your phone and send it from the phone app – ideal for the coffee receipt!
This is the most impressive area of automation we’ve seen and it saves hours of work. But more than that, when the transaction is sent to your accounting package a PDF of the invoice or receipt is sent as well so you don’t need to keep the piece of paper.
Useful per se. More than useful if you have a VAT enquiry!
Bank accounts, PayPal and Credit Cards
Link them all to your accounting software and download new transactions whenever you wish.
It can be overwhelming when the first download of bank transactions appear and it’s important to learn the best way of dealing with them. But once you get used to it the accounting for receipts and payments is really simple and you can keep your bookkeeping records reconciled to your bank and credit card accounts all the time.
Improve productivity, improve profit
Getting the computers to do the work saves time and money. People (the largest overhead for most businesses) are more productive and accounting work is less dull, less prone to error.
We access cloud accounting services from anywhere so more people can access the bits they need for their job and can work from home as easily as in the office.
Much of our work with clients is now done using screen-sharing in Skype. A short review with a client whenever we need it keeps things ticking over correctly without needing to meet.
Time saved, problems solved.
And do you really need any paper any more? We’ve been paper free for several years thanks to working in the cloud. Documents and files are available to everyone, we can all work at clients or at home and we need less office space.
What’s not to like?
Can we help you with your Digital detox?
We’re helping businesses benefit from the digital world all the time. Can we can help you? Please give me a call on 020 7125 0270.