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What value can automation bring to your business

What value can automation bring to your business?

What value can automation bring to your business?

Automation has the capacity to revolutionise your efficiency and productivity. But how many of the automation features that are available to you are actually being used?

Could you be getting more value by building automated processes into your operational framework?

Removing the manual workload to streamline your processes

There’s a very simple mantra when it comes to making the most of automation

If there’s a manual task in your business that’s taking up time, automate it now!

The more time you and your team spend on low-level administration, data-entry and form-filling, the less time you have available for actually running your business.

With your software tools maximised, your automated processes can be chugging along in the background, doing the heavy lifting and freeing up your time to focus on client service, sales and strategy etc.

So, which elements of your everyday operations could you be automating? And which apps and software solutions can help you to achieve your automation goals?

Here are some areas where automation and smart systems can really help to add value

Automated bookkeeping and digitisation of paperwork

Apps like Dext (formerly Receipt Bank) offer you the opportunity to automate your bookkeeping and record-keeping. These solutions let you snap a photo of a receipt or invoice, digitise the contents and then automatically create an expense claim or bill in your accounting system. There’s no keying in and the whole process is synced with your choice of cloud accounting platform.

Automated employee expenses

Apps like DiviPay give you automated control over your employee expenses. Using either virtual or physical credit cards, your staff can pay for expenses and payments are then automatically synced with your main accounting platform.

That means no late expenses claims, no need for petty cash and no wasted time keying in the receipts. All employee expenses can be tracked, measured and paid, with the whole expenses process automated from start to finish.

Automated payment collection from your customers

With payment gateways like Stripe and GoCardless you can automate your cash collection. By using a modern payment gateway, you make it easier for clients to pay their bills. 

But you also automate the actual cash collection and bank reconciliation process too. Money can be instantly paid to your main business account and all the transactional data pulled across to your accounting platform. That means less admin, and faster payments too.


Automated marketing and social media posts

Digital marketing is key to finding customers and growing your business. You can automate a large chunk of your marketing work. These solutions let you create automated emails, target specific customer audiences and track your return on investment (ROI) in forensic detail.

Talk to us about understanding the different App options to help you automate your business.

The benefits of offering online payments

The benefits of offering online payments

Did you know the easier it is for people to pay you, the faster you will get paid?

So, how easy do you make it for your customers to pay you?

One of the best things about the digital world is the ability to pay online. And businesses that offer online payments get paid faster.

If your customers can make an instant online payment, they’re likely to pay you more quickly – and they’ll appreciate the simplicity too.

What are online payments

In simple terms, online payments are the methods you offer so your customers can pay you on-line.

Different online payment methods include services like Stripe or Paypal (known as an Automated Clearing House or ACH), credit and debit cards, online wallets like Apple Pay and Google Pay, and recurring payments through direct debit (either from a credit/debit card or bank account).

The right set of payment methods not only offers your customers payment flexibility and convenience, they also reduce the chance of fraud.

It’s important, however, that you choose a provider that can integrate with your accounting software.

Talk to us about integrating the appropriate online payment method, for example, Stripe or Go Cardless, into your business.

What are the costs of online payments

Most online payment service providers won’t charge any set-up fees. However, they will charge transaction fees.

Transaction fees usually range from 2-4% of the payment amount for credit cards. Direct debit transactions are usually a fixed amount - often under $2 per transaction.

On large-ticket items or services, some businesses don’t like to offer online payments. This is because the fees can add up. However, if you include these fees in your profit calculations and offer online payments for these large-ticket items, that point of difference may be the difference between making the sale or not.

What are the benefits of online payments

At the end of the day, businesses that set up online payments get paid faster.

Offering online payments can be a point of difference for your business (especially if you have big-ticket items or services).

Online payments allows you to reach more customers globally.

Offering the right mix of payment options can increase the chances of a purchase.

If you want to add online payments to your business offering, talk to us about integrating the appropriate online payment method into your business.

Choosing the right apps for your business

Choosing the right apps for your business

Software technology has evolved massively in the past decade, with cloud-based apps now fundamental to many of the internal and external processes in your business.

To ensure you’re getting the best from the available tech, it's important to choose the right apps for your business and in your specific industry or sector.

But how do you know if the latest ‘must-have app’ is really going to be an asset or just an additional software cost?

The Xero app store is a good place to start so that your apps integrate with your accounting system.

Choosing the right apps

Before you dive headfirst into the Xero app store, it’s important to do your homework and give yourself some firm foundations on which to base your app purchase decisions.

Decide on the main aims of your software systems

Look at the specific aims of the business and tie each app into the various operations within your business model. A construction company, for example, will need a site management tool, staffing solutions, health & safety tools and an inventory app, to mention just a few.

Make sure your apps integrate with Xero

Xero’s open API (application programming interface) allows all the apps in the app store to connect directly with Xero. This means that data and financial information can flow seamlessly between your apps and Xero, helping you keep all your management information up to date.

Look for opportunities to automate manual processes

If there’s a low-level manual process in your business, try to find a way for your apps to automate this. For example, a bookkeeping app, like Receipt Bank, will snap photos of your receipts and automatically digitise and code the contents.

Research the app market in depth

Look at online reviews, talk to your industry network and find out which apps your peers trust and would recommend. Where possible, try out free trials and demos, so you have had some hands-on experience of the apps in your shortlist. The more user time you have, the easier your purchasing decisions will be.

Look for an excellent user interface (UI) 

If you and your team are going to be using an app every day, it needs to be easy to use, with a small learning curve. Choose apps that have a great UI and offer a quality user experience. The sooner you can get up and running with your solution, the more value this app will add for the business.

Partner with apps who offer excellent customer support

The functionality and ease-of-use of your app are obviously important considerations when you’re looking to buy. But don’t underestimate the importance of solid, helpful and personalised customer support. Look for apps with phone support, good customer service ratings and a happy and satisfied user base – check app forums to get the lowdown on this.

Talk to us about your app requirements

Our job as your bookkeeper isn’t just to deal with your numbers.

We specialise in helping you review your operations, formulate the most efficient systems and choose the apps that can deliver the most effective and productive business performance.

If you’re looking for help in choosing the right apps for your business then talk to us

Leveraging your technology


Leveraging your technology

The decisions you make in your business are only as good as the data you use to make them. The more accurate and up to date your data is, the better your decisions will be. Leveraging your technology will provide you with accurate real-time data to make more informed decisions in your business.

Processes and systems drive your business, so it’s important to ask yourself if all of yours are clearly documented and up to date? Some processes may be followed simply because they always have been. Although other processes may have evolved over time, your documentation might not necessarily reflect this.

Using technology to streamline your processes and systems increases efficiency in your business, saving time, money, and reducing stress. You’ll also prepare your business for the future, making it more sustainable, scalable, and saleable.

Leveraging your technology can help you to:

  1. Make your data accessible from the cloud, allowing you to view real-time data and make decisions on the go.
    Example: Xero.
  2. Reduce human error and increase productivity by automating repetitive tasks and workflows.
    Example: Asana for workflows.
  3. Track your expenses and load them directly to your accounting software simply by taking a photo.
    Example: ReceiptBank.
  4. Minimise double handling and increase efficiency by integrating your apps.
    Example: Xero Marketplace.
  5. Collaborate with your team regardless of where they are.
    Example: Slack and Microsoft Teams.
  6. Save the time and money needed to travel by using online meetings.
    Example: Zoom and Microsoft Teams.
  7. Induct new team members seamlessly with clearly documented processes.
    Example: Deputy.
  8. Monitor your inventory in real-time, reducing inventory days and freeing up cash.
    Example: Fishbowl and Unleashed.
  9. Store customer preferences to personalise customer experience, increasing customer satisfaction and retention.
    Example: Vend and Kounter.
  10. Make your business become scalable with systems in place to allow the business to grow without the wheels falling off. Talk to your business adviser. 

Using technology to its maximum advantage will help to improve your business. However, implementing these changes can often be overwhelming.

Talk to us about any of the above technology to improve efficiencies in your business.



benefits of forecasting

What are the benefits of forecasting?


What are the benefits of forecasting?

There are many benefits to forecasting for your business.

First and foremost is that you’re more likely to maximise your profits if you are able to accurately project your revenues and expenses.

Additionally, accurate forecasting helps you to identify potential opportunities and manage your cashflow. And when you have this information you are able to make educated decisions at the right time for your business.

Here are some examples of questions that an accurate forecast of your cash flow could help you answer:

  • Can I start creating a new product/service?
  • Can I open a new office/location or start selling in a different area/country?
  • Can I afford another member of staff or outsourced assets?
  • Can I take more money out of my business?
  • Am I at risk of running out of cash?

How do you create a forecast?

The short answer is you don’t have to do it manually anymore.

Forecasting Apps, such as Futrli, mean that the complex, manual time-consuming forecasting is a thing of the past. Forecasting is now possible with the click of a button.

An added benefit of using Futrli to forecast, is that you can test out your decisions before you make them.

Using automated predictions means you have a second brain on your business 24/7.

Futrli

  • Creates separate predictions for invoices, cash transactions and journal entries
  • Works out how many days it takes for invoices to be paid for every account
  • Accounts for Covid-19 where it sees a potential impact
  • Considers ‘what we thought the month will look like’ compared to current month actuals and adjusts accordingly
  • Reads account names and looks for account-specific patterns
  • Creates staff payroll predictions just like your payroll software does

And the information is presented in chart format, making it easy to understand.

How far into the future should I forecast?

Forecasts are most beneficial for looking at the next year. They should be used in the short term for immediate planning and decision making and medium to long term to assess and extrapolate current trends.

It’s important to remember that the further you look into the future, the less accurate your cash flow forecast will be as there are too many unknowns yet to pass.

Talk to us about forecasting and how Futrli can benefit your business. 

xeros short-term cashflow feature

Xero’s short-term cashflow feature for businesses

Xero's short-term cashflow feature for businesses


Business cashflow is simply money coming in and money going out of the business. Your outgoings will include things like rent, payroll, taxes and supplies. Your income will be revenue from sales but might also include investment funds or the sale of assets.

For most businesses, income and expenditure don’t always happen at the same time so focussing on strong cashflow management will help you prepare for the shortfalls and also manage surplus income.

Cashflow reports allow you to look back at cashflow in your business. This can uncover cashflow patterns over time and show you how much money you need to run your business each month.

Cashflow forecasts look forward by combining payment dates and due dates for invoices, to give you an idea of what your cashflow will be like going forward.

Managing healthy cashflow

Xero’s short-term cash flow feature gives you an up-to-date dashboard view of your organisation's cashflow. You can choose multiple bank accounts and see the projected cashflow over 7-30 days. The more information you include, the more accurate your forecast will be.

Healthy cashflow management gives you better control, so you are more prepared for growth or for the unexpected. Read the article at Xero Central to learn more about this feature.

We can help. Talk to us about improving your business cashflow.

social distancing

Social distancing: Running effective online meetings

Social distancing: Running effective online meetings

In unprecedented times, businesses must adapt to remain productive. If face-to-face meetings are a key part of your daily business operation, here are some tips to take your meetings online with minimal disruption.

Find the best system for you

There's a range of free or low-cost platforms, including GoToMeeting, ezTalks, Join.me, Zoom, Google Hangouts, and TeamViewer.

Before you choose one, consider:

  • How many people generally attend your meetings?
  • Do you require screen share functionality?
  • How many meetings do you run? (If it’s a lot, a small monthly subscription may pay off due to better functionality)

Schedule your meeting

Depending on your chosen system, consider how you schedule your online meetings. It may be that you include a link generated by your system into an email calendar invitation. However you do it, make it easy for your meeting attendees to be reminded of the meeting and access the meeting at the time.

Check your tech

Do you need a webcam (usually built into laptops) or an audio headset? These are a must for any online meeting. Communicate the need for this technology to your meeting attendees, and if required consider completing a quick online tech-check before the first meeting.

Set a clear agenda

Like any face-to-face meeting, you’ll need a well-structured agenda to follow. You’ll also need to specify the time a length of the meeting, and respect this. Decide who will take minutes, define the next steps, and if appropriate - BAMFAM (Book a meeting, from a meeting).

Does it need a meeting?

These unfortunate times act as a friendly reminder that some meetings can be emails. Consider using free tools such as Loom to document a longer and more engaging message in a video to send via email. The recipient can view the video multiple times before responding, resulting in a more considered reply.

Online meetings have been a great tool for global businesses for some time; maybe it’s time for your business to adopt online meetings as part of social distancing. They also create capacity for you to do other, more productive, things through reduced time spent travelling to face-to-face meetings.

We can help you.

Talk to us about which apps will best suit your team.

There’s an app for that!

There's an App for that!

Are you overwhelmed with paperwork? Or do you spend too much time wading through administrative tasks? Do you need more time for key staff communications?

As life gets more frenetic, it’s worth looking at utilising the tools to help improve workflows and productivity. In an ‘always on’ digital world, it’s time to get the technology working for you.

But with so many out there, which do you choose?

The idea is to spend less time on admin - not more. So, we have done the research for you.

The following Apps can help streamline your business operation and maximise productivity.

Evernote 

Keeps your notes organized. They can also be files, photos and voice memos. Great for projects, sharing information and collaboration.

Trello

Great for project management.Like an online ‘to-do’ list, your Trello board is the place to organize your tasks, keep track of due dates and keep everyone in the loop on a project.

Google suite 

If you use gmail you can use google suite.You get easy creation, collaboration and sharing of documents (Google Docs), spreadsheets (Google Sheets), presentations (Google Slides) and more.

Toggl

Tracks time on tasks and projects. You can set up manual time entry or put a timer into any web tool making the whole process easier and providing valuable information for billing but also to track your productivity.

Sl​​​​ack

Slack is a communication channel designed specifically for teams. Teams create dedicated channels for projects or areas of work so that the members have all the information in one place.

Zoom

Video and audio conferencing, chat, and webinars. Zoom allows participants to join a meeting from their desktop, mobile and tablet device. Easy to set up and free for up to 50 participants for a maximum of 40 minutes.

WhatsApp 

Send messages, images, audio or video.The app allows you to automate, and quickly respond to messages from customers. Also great for sports teams or other groups.

Other Business Apps

We specialise in understanding the different options of business apps for different industries and businesses. And, we can provide you with insights and guidance on what Apps would best suit your business. 

Talk to us today about finding the right Apps to help you grow your business. 

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