Adams Moore accountants and business advisers
The pace of evolution in technology over the last 40 years has been exponential and will accelerate at a far higher rate in the future. Faster ways of doing things are always emerging and ever available. Automation has taken hold in many industries and with various tasks being automated, resource can be freed up for other functions such as business development and growth. Some may be scared about the pace of change, some might be excited about it - but one thing is for certain, it isn’t going to go away!
Cutting-edge software to help businesses fulfil vital functions faster and with more efficiency is a growing area. Some businesses may feel they are too small to invest in software, some may be established businesses with robust systems in place and therefore don’t feel they need to rethink their processes. The bottom line is, if something is available to execute vital business functions easily and in less time, why wouldn’t that be a no-brainer?
One of these vital business functions is accounting. Accountancy software is nothing new and various systems have been on the market for a long time. However, with new software emerging all the time, it is worth taking a look at what is around and now available, and the features that have been developed.
Having a finance department manually chasing expenses and receipts, creating invoices and carrying out bank reconciliation – or in the case of a small business, conducting these activities whilst trying to look after all other aspects of business operations - is onerous and time-consuming. The latest software can offer invoice invoicing on a recurring basis, easy digital expense logging, bank reconciliation via direct or third party feed and even GPS app functions that make easy work of mileage monitoring and expenses. All of this info can usually then be accessed by the company’s accountant for ease of compilation of end of year accounts.
Some business owners may be reluctant to switch from their current software to new software, fearing there will be problems. However, many new systems offer an easy way of transferring information straight over, making the process painless. For those going from entirely manual processes, setting up can be a breeze with some of the latest software systems available.
There’s no two ways about it, getting the right accountancy software in place can make a world of difference to the time spent on financial functions and the ongoing financial health of the business, including the key aspect of cash flow. Cash flow is the lifeblood of any business, and can be the make or break factor. Effective financial functions can ensure cash flow is healthy, and automating these functions as much as possible will only help with efficiency and have a positive affect on cash flow. Real-time information on a company’s finances are a real asset when it comes to planning and forecasts.
Neil Lancaster is a partner at Adams Moore accountants and business advisers, based in Tamworth.