Why data matters!
With cloud accounting software, such as Xero, simplifying much of the bookkeeping process, you now have greater accuracy over business numbers with less effort and time.
Yet, there is still one point of weakness.
Data is often still manually entered. And if your data has errors, is missing information or is out-of-date, your results will reflect that.
Remember the saying “garbage in, garbage out”.
And that’s not a good thing when it comes to your business. Especially when it comes to forecasting.
When making decisions about the future of your business, getting the full picture is essential. And that means you need clean and accurate data.
When you have accurate forecasts, you can say goodbye to surprises and take better control of your business.
Businesses who consistently make errors with their data and base decisions upon incomplete data often end up in a cash flow crises. And more often than not, realise they’re about to run out of cash when it's too late to respond.
There is a direct line between accurate, up-to-date data and making better decisions for your business.
One way to improve your data accuracy is by automating as many points in your bookkeeping process as possible.
Using apps that integrate with Xero, such as ReceiptBank and Futrli, makes it easier to get the right information you need to make the best decisions for your business.
Using Receipt Bank makes it easy to photograph snap your receipts with your phone and extract the information your accounting system needs.
No longer do you have to file away physical copies as your information and a copy of the receipt is stored in the cloud.
Receipt Bank then “talks” to your accounting software, for example Xero, and uploads your receipts.
Your information is available in your accounts system ready to be reconciled by your bookkeeper. And then Futrli uses that information to report in, predominantly, graphic form. And most importantly, provide the ability to set budgets and forecast.