Taking control of your business finances is a significant advantage that enables informed decision-making and ensures profitability. With the abundance of digital tools available for bookkeeping, accounting, and management reporting, managing, tracking, and forecasting your financial position has never been easier.
Here are the essential tools you need and how to set up your financial systems, apps, processes, and reporting to regain control:
Embrace digital bookkeeping apps to transform your receipts, records, and source documents into a digital format. This saves time during year-end and allows for easier tracking of your company’s finances and accounting. Moving beyond manual entry and storing receipts in a box, digitizing receipts at the source ensures up-to-date digital records and copies of source documents. Optical character recognition (OCR) software like Dext Prepare or Auto Entry scans receipts, converts them into digital formats, and stores them securely in the cloud.
Cloud accounting, a software-as-a-service (SaaS) solution, empowers you to carry out your accounting and financial management tasks online without software installation. Providers like Xero, QuickBooks, MYOB, or Sage offer user-friendly platforms designed to simplify business accounting. These platforms provide the necessary tools, features, and dashboards for improved access to management information, financial reporting, forecasting, projections, and performance tracking. Moreover, your data storage, backups, and security are managed by the platform provider.
Streamline the time-consuming and tedious task of expense management using dedicated tools such as Soldo, Weel, or Pleo. These tools enable you to manage staff spending by assigning virtual cards linked to specific budgets, accounts, and codes. Tracking expenses becomes effortless, ensuring compliance with budget limits and providing detailed reporting and analytics for expenditure analysis and cost-saving opportunities.
Slow payment is a common frustration for small businesses, impacting revenue, cash flow, and cost coverage. To overcome this challenge, switch to digital payment platforms like PayPal, Square, or Stripe, which offer faster payment times and enhanced customer experience control. Some platforms integrate seamlessly with your cloud accounting, enabling automatic bank reconciliations for efficient financial management.
Take advantage of the latest digital reporting and forecasting tools to gain insights into your business’s performance. With cloud-based solutions, you can quickly analyze data, monitor trends in real-time, and make predictions about future company performance. Accessible anytime, anywhere, digital reporting and key metrics empower you to make informed decisions promptly, driving sales, business growth, and increased profitability.
If you’re ready to infuse your finances with digital magic, reach out to us for guidance. We can guide you through the best cloud platforms, fintech apps, and business tools to enhance your financial management. Supercharge your finances by embracing a digital approach.
Contact us today to unlock the full potential of your business’s financial success.
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