Think you are utilising Xero? 8 problem areas here
We have been helping businesses ensure they are getting the most out of cloud accounting and other cloud systems for many years now. Most people have good software available or implemented but aren’t maximising it the systems to their benefit.
Here are some standard problem areas we have seen businesses not utilise the likes of Xero fully:
1. Up-to-date Financial Information
Key business financial information is not available at the touch of a button (daily, weekly, monthly – whatever frequency your business requires)
- Profit & Loss
- Aged Debtors
- Cashflow projections
- Tax owed
- Actuals vs targets with year-end budgets.
- Sales invoices having to be manually copied into the Cloud Accounting System
- Purchase invoices having to be manually copied into the Cloud Accounting System
- Approving invoices internally to your business is manual (potentially reliant on paper going around the office/departments)
- Only giving your clients the option to pay by BACS, cheque or cash
- Clients have to ring your business to pay by card
4. Bank statements
- Not got a link from your Bank Account(s) directly into the cloud accounting software (bank feed)
- Having to type in the bank statement data into your cloud accounting system
- If claiming expenses is a manual process and relies on paper/outdated systems
6. Chasing overdue Sales invoices
- The process for chasing late sales invoices is non-existent or is in existence but is reliant on paper and people – therefore has a single point of failure.
7. Operational System
- Your businesses day to day operational system (examples – till, stock, ecommerce, job mgmt., rota) does not feed data in to your cloud accounting system, for example – customer or staff details, sales or purchase information.
8. Data Entry
- Your business is putting the same data into multiple systems at different points of your internal workflow process.
In these times of uncertainty having systems that are resilient (cloud based, can be used as long as internet is in place) and being close to your business numbers are going to be paramount for the unknown twists that are ahead of us. If you are looking to plug into CBILS and any other funding you will need to have your business numbers in order.
If you are on a cloud system and any of these statements resonate with you then we want you to realise there is a better way of using these systems and we are offering complimentary reviews to help your business improve efficiency and data visibility.
If you are not on a cloud accounting system yet and need to discuss the options for moving to cloud to see if it is a viable option for you then.