What if I were to offer you a free member of staff for your finance team?  Someone who is eager to learn and improve, and has only just started on the path to reach their full potential. Someone who is willing to work any time of the day or night, and doesn’t need holiday. Someone who never complains or takes time off sick right when you need them the most.

Sounds too good to be true, doesn’t it?

For those businesses who have already made the switch to one of the new generation of cloud accounting software services, you actually already have them working in your business. And they are probably spending most of their time not doing very much.

I am of course talking about the automated bookkeeper built into the software itself.

 

Let’s go back 10 years

Let us go back ten years to when things were different. Back in those days most businesses had made the move from manual records to a computerised system of some sort. Depending on the number of transactions in the business you would either be running a desktop accounting package or recording everything on a spreadsheet.

Whichever method you chose, whenever a transaction happened in the business it needed to be recorded. Every time a sales invoice was raised, the details would have to be entered. Every time you paid a cheque the details had to be entered. Every time you bought some tea bags with the change in your pocket the details had to be entered. Dates, times, amounts, descriptions, references… every single time.

Many businesses would have paid a bookkeeper to process all this information who would then spend hours typing away on the keyboard. Every hour spent was a little chuck out of your bottom line profit, but it needed to be done in order to know who owed you money, how much you were spending and of course to ensure the accounts could be prepared at the end of the year.

 

Fast forward to today

Fast forward back to today and you’ll already be aware of some of the changes that have taken place. Perhaps the most obvious one is the ability to feed data from your bank account directly into the software. This is used by almost all businesses where the facility exists. No longer does someone need to enter all of that information, it just takes the push of a button.

You may already be aware that you can raise your sales invoices in the software, avoiding the need to enter all the information again in order to get it included in your sales ledger.

If you deal with the bank reconciliation you may also be aware that the software reviews transactions and finds any possible matches, such as matching a receipt from a customer to an outstanding invoice in the sales ledger.

But for many, this is where the automation ends. Having done a quick review of a number of my clients bookkeeping data, almost none of them are utilising facilities such as setting up transaction rules, sending out reminders to customers for payment, receiving warnings about your cash flow or getting purchase invoice and receipts into the software automatically.

All of these options exist, and this is going to be the future way for businesses to manage their finances. And it won’t stop there.

In a few years’ time your software will probably be able to warn you when your cash reserves are too low, estimate your tax in real time and even warn you if you are paying too much for your electricity

So let’s go back to that example for a minute. What if I did offer you that free member of staff for your finance team? Someone who is eager to learn and improve, and has only just started on the path to reach their full potential. Someone who is willing to work any time of the day or night, and doesn’t need holiday. Someone who never complains or takes time off sick right when you need them the most…

…but you just had them working part time on some basic tasks?

 

Use your software package to its full potential. Need help to do that? Our specialists can help to identify the automation achievable in your finance function so you can maximise its efficiency and enjoy the benefits of up to date information without all of the hassle. Call us today on 01474 853 856 or complete our contact form and one of us will call you back.


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