It is a point that can be easy to lose sight of, but managing information effectively is fundamental to the success of any business.
At the most basic level, this could mean ensuring that your costs do not exceed your income.
At a more complex level, it could mean ensuring that orders trigger the provision of the relevant goods or services and then the issue of an invoice and subsequent credit control processes.
And, at the most sophisticated level, it could mean having granular data about the overall performance and efficiency of your business, coupled with highly automated administrative and financial processes.
Enjoying the benefits of this sophisticated level of information management in your business is much more feasible than it might appear.
Cloud accounting packages such as Xero and QuickBooks give you real-time information about the financial performance of your business wherever you are in the world and offer various ways of analysing financial information. They integrate seamlessly with your bank accountants and with our systems.
However, what is potentially more significant is their ability to integrate seamlessly with a wide range of other apps in app stacks. This means that your HR apps, payroll, rostering, POS systems, inventory and CRM systems can be integrated in a modular way, built around the needs of your business.
In effect, you have apps dedicated to specific processes, drawing information from each other and exporting information to each other automatically.
Examples of the apps you can integrate your cloud accountancy platform include services such as Dext (formerly ReceiptBank), Pipedrive, BrightPay and HubSpot.
As well as apps that can be used across a range of industries, there are also various industry-specific apps available in sectors such as hospitality, where reservation apps can be linked directly to rostering systems, for example.
The result is having highly automated processes that reach right across your business, streamlining work and reducing the need for manual data entry tasks. In turn, this can save time, money and vastly reducing the risk of error.
It also means that you have access to cross-reference instantly how different elements of your business affect your profitability, giving your greater scope to optimise your operations and ensure you are focusing your investments in the areas that are likely to generate the greatest returns.
To make the most of the powerful potential of cloud accounting and app stacks, it is crucial to select the right combination of apps for your business.
Our team can assess the core processes in your business and help you select and implement the apps that are right for you and your business.
To find out more about using cloud accountancy and app stacks in your business, please contact our Accounts Specialist, Jacqueline Walmsley, on jacqueline.walmsley@benson-wood.co.uk or at 01236 756161
