How efficient is your finance function of your business?
Cloud Accounting is much more than just choosing a bookkeeping software. Here at SLW Accountancy our preferred software is Xero, but will also work with QuickBooks.
Our aim is to use automation wherever possible, to make the system as efficient for you as possible and to create a time saving to leave you to do what you do best.
- Invoice Automation – this is all about how you get your paperwork into your system. by using the likes of Hubdoc purchase invoices and receipts can easily be uploaded into the software in a few clicks and can be auto published if suitable going forward which is a massive time saver.
2. Expense Management – There are lots of options available here from using an added feature of xero, Xero expenses to getting expense cards all of which integrate with the bookkeeping software. No more chasing expense claims and no more adding up the petty cash tin.
3. Credit Control – A lot of small businesses don’t have any credit control in place. SLW Accountancy can help you here in offering it as part of our bookkeeping package or using credit control add ones which connect to the bookkeeping software and link to the sales ledger and automate the pre and post follow up of sales invoices based on invoice due dates.
4. Invoice Approval – This is more likely in bigger organisations, however it is possible to set up an approval workflow and get invoices approved based on amount of invoice, or for certain customers.
5. Incoming Payments – looking to help you make it easier for your clients to pay you, alongside existing methods they currently use, which should result in you being paid quicker. Whether its a real time payment or regular scheduled payments many options exist and will need to be integrated with your bookkeeping software to get maximum efficiency here.
6. Outgoing Payments – If a large number of suppliers have to be paid on a regular basis there are several options available where you can integrate your bookkeeping software to manage the setting up, authorisation and payments which should mean a much more risk free approach?
7. Cashflow Forecasting – With cash being king in any business, its important to understand the cashflow position to be able to improve it and also plan in advance for future problems. This is all linked with the bookkeeping software which is accurate and can be adjusted for new payment, or due dates given by customers, planned payment dates in the future to give you real insight into the cashflow situation. This can be short term i.e. 13-week forecast or 12 month summary view.
8. Reporting – How often do you get a visual insight of your accounting data other then at year end accounts? SLW Accountancy can provide monthly management reporting focusing on your key areas that you need insight on, to help improve the business position.