How To Get Your Business Finances Working Smarter!
There's an app for that ...
POSTED BY JONATHAN VOWLES ON 03/09/2019 @ 8:00AM
If you're like me, you have been on various webinars or courses or spoken to business advisers where you have been exhorted to work smarter not harder ...
There's always an app that can get your business finances working smarter!
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But most times this advice is just a strapline; there is no real substance to the 'how'. So, how can you work smarter and not harder? One answer is by using technology.
"Using technology to work smarter and not harder is a common theme, it's not new!"
The vacuum cleaner, the washing machine, the dishwasher ... your home is filled with technology that was created with a simple aim. So, what software and apps would make a difference to your business?
Well, every business has certain finance functions such as purchasing, sales, collecting money, paying money, cash-flow management, Payroll and VAT. The deeper you delve, the more complicated the issues, so what software and apps are available to help you?
But let's look at some basics:
Instead of manually recording your costs, why not use a data entry app instead? Examples of data entry apps are Receipt Bank, HubDoc & AutoEntry. The advantages of these apps are many fold. The big advantage is that they save you time. The follow on advantage is that you can move towards a paper-free business environment with electronic copies of invoices and receipts, with consequential ease of use in finding a particular invoice or receipt.
Simply using an accounting app like Xero will make a difference for most businesses. But are you using its full power? For example, lots of businesses that raise sales invoices frequently have repeat customers. So, why not automate issuing those repeat invoices? Create one invoice and have it set to repeat automatically and instantly, you have saved time and effort in the subsequent months.
If you are the sort of business that doesn't raise sales invoices, but instead has a till, choosing an app to help makes a difference. There are too many apps here to mention! With specialist apps for different business sectors, they deal with the range of functions that are important and necessary in different sectors. There are apps for hair and beauty business, for cafes and restaurants, for professional services, for architects, for automotive ... and the list goes on and on.
Every business needs to collect money from its customers and apps like GoCardless, iZettle, Stripe and Square - and others like them - make collecting money simpler and easier. It's not just about making it easy to collect the money from the customer, it's making it easier for your business too.
Perhaps you have an issue chasing your customers to pay you? There are apps to help make that easier too, Chaser, Fluidly & Satago are examples of apps that will help you work smarter not harder with credit control.
The cost of such apps is trivial when compared against the benefits to your business, so I encourage you to work smarter not harder by getting several different apps and combining them to make a difference in your business.
With hundreds of software platforms and associated apps to choose from, the issue normally isn't finding an app to help, but working out which one is going to be the most appropriate.
"Would you like to know more?"
If you need help in working out which apps are available or useful for your business then do give me a call on 01234 752 566 or click here to ping me an email and let's see how I can help you.
Until next time ...
More about Jonathan Vowles ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas, which can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.
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