Is your accounting function as efficient as it can be?

You may recall that 12 months ago we were very much talking to you about cloud accounting and Making Tax Digital (MTD). Now the dust has settled on MTD (almost), and most businesses are using cloud or cloud-enabled accounting software, we find ourselves helping more, and more clients look at other ways to streamline their finance function, so much so that we now have a dedicated team of efficiency specialists.

These specialists help clients who primarily use Xero or Sage 50c as their bookkeeping platform. Using their areas of expertise, our team is able to look at the following areas:

• Bank feeds that automatically download transactions from your bank accounts
• Purchase invoice automation to reduce the need to manually key in each purchase invoice
• Employee expense management to eliminate time spent chasing employees for receipts
• Automated credit control to save time reviewing and manually e-mailing late payers
• Payment tools that integrate with accounting software and your bank to avoid manually keying information into online banking
• Short-term cash flow management to help spot tight points before they happen
• Providing customers with online payment links on each invoice
• Invoice approvals to take the old style ‘rubber stamp’ into an online environment.

As well as creating efficiencies, this type of automation also reduces the scope for error and helps reduce your carbon footprint.

Exactly how far you can go with your finance function very much depends on which accounting software you use but in any case, our team is best placed to help. Not only do we understand the inner workings of any finance function, we are also Key Partners to many of the App providers, meaning that we get Apps at competitive prices and have access to dedicated support channels.

As part of our service, our dedicated team will:

• Review your overall finance function
• Provide a recommendation of where efficiencies can be made and how
• Provide implementation and training over a time frame to suit you

If you would like an initial health check of your finance function, and you are using Xero or Sage 50c, then please get in touch with our Digital Services team who will be able to tell you more about how we can help.