In our video above, Director Ken Hogarth talks about Business Efficiencies and the benefits of financial technology.
A transcript of the video is below:
Why should a business use technology to manage their business finances?
You can’t afford to lose track of your business’s finances. Luckily, plenty of accounting software options can help you do this easily:
- send invoices
- reconcile bank transactions to balance the books
- capture receipts for easier record keeping
- track inventory
- debtor reminders
- payment reminders
How does technology improve efficiency for your business?
Efficiency is everything for businesses, both big and small. Time is money as they say and the more time you can save in finance tasks, the more money your business can save. Here are five ways that technology can improve your finance team and increase efficiency.
- Work anywhere any time with cloud-based programs and apps.
- Error Reduction
Human error is a thing of the past with modern finance technologies. Through cloud accounting, data transfer through manual entry is minimised and automation helps to reduce the number of human errors and improves data accuracy.
- Seamless Tech Integrations
Modern technology solutions allow you to integrate multiple business processes into one platform. This means that other elements of the business (such as HR, time sheets, employee expense claims, dashboards and inventory management) can be easily connected with accounting and finance and vice-versa. With more seamless connections, you’ll be able to save time and ensure all data across the business is consistent and every member of the team is on the same page.
- Transparency of shared data
Accountant and client reporting more seamless. Collaborate easily with clients, working faster and smarter and enabling the automation of some tasks. It allows us to log in at the same time and review any problems together, in real time. It enables us to have up to date information to report and advise on.
Do I need to be a certain size to use cloud-based accounting platforms?
No these software and aps are designed to be scalable from micro business and sole traders through to larger enterprises. The solutions are customisable. If you’re not using an app already you are leaving money on the table.
Has cloud based software changed what accountants do for clients?
Because basic tasks are now automated, it gives accountants more time to spend reviewing and advising on business decisions, rather than just doing the compliance work. The Accountant can now add value at a more strategic level in the business.
Having up to date and consistent data in a cloud-based platform allows us to use that data and feed it into other tools and programs that assist with business reporting, such as cash flow modelling and dashboards.
If you would like to know more about Business Efficiencies and utilising this tool for your business, talk to your Hall Chadwick QLD Advisor.