How much could you be saving?

In our last blog we discussed the potential business benefits of streamlining your operations by implementing simple automations within your accounting systems. Now we have some useful tips for you that delve a little deeper into that this time.

Now, we fully appreciate that some business owners will be uncertain about how these simple automations might work for their business, and how to choose the right technologies to align with. We can always help you with that, of course.

The one thing you can be sure about is that there are some simple wins which, when chosen carefully and implemented properly, will definitely deliver some great efficiencies and cost-savings.

Data entry is the easiest place to start, and there are lots of ways you can opt to get those little artificial intelligence (AI) robots helping out with your bookkeeping – by automatically integrating supplier invoices and expenses with your accounting package, for starters.

The key apps you should be looking at here are Receipt Bank, Hubdoc and AutoEntry – but did you know this functionality is already built-in within Xero?

To make things simpler we’ve done all the hard work for you by comparing the functionality and pricing of each app – take a look at our handy comparison guide which is free to download.

Key things to consider as you evaluate how simple automations could help your business include:

  • Which accounting system you’re using – the different AI works more effectively with some systems than others because Sage owns AutoEntry, Xero owns Hubdoc, Receipt Bank remains independent (at the moment), and they don’t all work across every major SME accounting system (Sage, Xero and QuickBooks).
  • How the pricing works varies – some base their pricing on volumes (Receipt Bank), others on numbers of users, while Hubdoc is a flat fee (currently).
  • Unique functionality – it’s changing all the time and it pays to have someone else keep up with the new functionality when you’re ready to make the For instance, Hubdoc goes and retrieves bills from other portals for you, but not all of the systems do that.
  • Have a plan for implementing the system – consider whether it’s better to be implemented at month end, or after the VAT return has been filed for the quarter.
  • Make sure you walk your team through how to use it properly – some basic guidelines are helpful, or even record a quick walkthrough using Loom.
  • Get someone who has implemented the system before to advise on which one best suits your needs and to implement this properly for you – as we’ve found with some of our (now) clients, it’s easy to get something wrong and unknowingly get in a mess! Besides, you’re too busy, right?
  • If you haven’t yet got automatic bank feeds working, then that’s an easy win – but again, get help implementing this, as it’s easy for initial transactions to be duplicated or missed.

We hope this has given you food for thought about how some simple tweaks can make a real difference to the efficiency of your accounting systems. Don’t forget to download our handy key app comparison guide.

This is just the start to having a leaner, fitter finance function that’s built on firm foundations.

Explore all the benefits of the affordable, hassle-free way to get the essential financial insights your business really needs. Give us a call on 01252 820 002 today for a free, no-obligation chat about how we can help…