Workflow, systems, processes – these are perhaps the biggest areas of change in a cloud accounting environment.
There’s no point having technology that allows you to be fully up to date if you stick to the old ways of doing everything.
Businesses need to organise themselves differently.
So do accountants!
Save time and money with the right workflow
Doing the right tasks in the right order means that everything that needs to be done in your businesses gets done as efficiently as possible.
This saves time and time is money. You make cost savings – here’s how
It also makes everyone’s job easier, there are fewer frustrations both internally and from clients.
The right workflow just works!
Account for everything as you go
Everything you sell
Every business should send its sales invoices out as soon as it can. If your invoices are generated outside your accounting software then import them several times a month.
Every day you can import your bank receipts. But if you can’t match payments from customers to invoices you won’t have an accurate picture of which customers owe you money.
And everything you buy
The same is true on the supplier side. As invoices come in from suppliers, get them in to your accounts (using AutoEntry or Receipt Bank for example). Always have a clear view of how much your business owes to suppliers.
You don’t have to pay suppliers any sooner. But when you do, the bank payments should be matched to the invoices by your accounting software. This speeds up the accounting and gives a clear view of how much you owe and to whom.
There’s no need to wait, so don’t wait.
The better the financial information a business has the better its decision-making will be.
Make the most of management information
If all the data is being processed in good time, then financial reports will be up to date and you can use them to improve business performance.
Credit control, cash flow, cost control, profitability. They’re all so important for the health and success of your business and now you can stay across and on top of all of them.
As your workflow changes with the introduction of technology, you can go paper-free.
Documents such as invoices, payroll summaries, expense claims and finance agreements can all be stored within your accounting software as part of the transaction being accounted for.
There’s no need to keep the paper copy and you know where to look to find the source document if you need it.
Is your accountant as up to date as your business?
Accountants are embracing cloud accounting. But are they really committed to it or are they just keen to look modern on the surface but still clinging on to the old ways behind the scenes?
Is your accountant collaborating with you in real-time by:
- reviewing financial information
- looking at growth and profitability
- thinking about cashflow
Gone are the days of meeting once a year, eight months after your year-end and telling you how you did. You and your business moved on months ago.
We find ourselves screen sharing o nTeams and Zoom with clients all the time. We could be discussing financial performance, checking the numbers or doing a little on-the-job training to help them use their accounting software better.
The point is that such collaboration is easy to arrange, immediate and convenient.
Better for everyone.
If this doesn’t sound like your accountant, then give Michael Austin a call on 020 7125 0270 or 020 8166 5960.