14 Nov 2023
We often hear about technology stealing jobs and making certain industries redundant. However, technology can also greatly enhance and improve your organisation, and drive your profits through the roof. By digitising your small business and using automation to streamline processes, you could see a huge increase in profitability. Here’s how to harness the power of technology and boost those margins.
1. Improve Efficiency
As your business grows, it is necessary to streamline processes in order to increase efficiency and save time. Today’s technology, such as business process management software and customer relations management solutions, allow companies to optimize their business procedures. This makes it easier to restructure and automate repetitive processes, cutting down on both man-hours and mistakes.
2. Better Customer Service
Technology allows you to provide excellent, round-the-clock customer service without breaking the bank. You can use chatbots to answer customer queries or outsource chat support, so that you can be there for your customers 24/7. You can also offer your customers omni-channel support which syncs all communication channels together, creating a seamless and more efficient experience.
3. Remote Working
Technology not only allows you to improve your business, but to save money whilst doing so. One significant way to do this is by offering remote working. Research by Forbes found that staff who work remotely save their employers an average of $22,000 per year. On top of this, a study by Stanford found that remote employees are 13% more productive, take fewer sick days and report higher job satisfaction. Therefore, employing technology to encourage remote working can help you get more out of your staff whilst saving significant money.
4. Reduce Costs
Technology also offers small businesses many money-saving benefits beyond remote working. For example, switching your landline to Voice over Internet Protocol (VoIP), which works via your internet connection, can save you significant money over time, as well as encouraging more efficient communication.
You can also use automation to fulfil menial tasks to save man hours and free up staff time to focus on high priority, profit-generating duties. You can automate many different office tasks, including:
- Filtering applicants when hiring
5. Improve productivity
Productivity is directly related to profitability. As discussed, technology can make employees more productive by facilitating remote working. However, there are many other ways you can harness the power of technology to increase productivity. For example, technology can allow you to gamify your office, which helps to motivate employees. You can also use gamification to increase participation and engagement rates in online training and courses.
You can also use collaborative software and tools to encourage organisation and consistency amongst your workforce. This is particularly valuable when employees are working remotely, as it ensures that everyone is on the same page and feels valued and involved.
6. Smarter Marketing
Technology can really enhance your marketing and help you to get more out of your budget. It can help to create personalised marketing campaigns and allow you to split-test your marketing materials to fine-tune your strategy and find out what works best for your business. It’s also possible to use artificial intelligence to gather data on your target audience and thus create more accurate marketing campaigns that speak directly to them.
Summary
Technology can enable you to build a faster, better and more profitable business, driving your costs down whilst increasing output. On top of this, technology can help you increase sales by helping you create more targeted and impactful marketing campaigns. If you’re serious about driving up your profits, it’s time to take advantage of all that modern technology has to offer.
If you’d like to speak to us about how we can support you with your accounting needs, book a free consultation here.
6 Nov 2023
In recent years we saw the most significant leap in business digitalisation. Companies can resolve disruption paralysis with such a move by implementing correct planning strategies.
It’s no doubt that the modern world is rapidly moving towards digital products and services, with only niche markets being able to profit with traditional operating methods.
When companies attempt to implement new technologies in their workflow, they can get stuck in a state of disruption paralysis. In the face of potentially overwhelming changes, an owner who has yet to be properly acquainted with new workflow tools may not be able to move forward.
Resolving disruption paralysis is a steppingstone for any company looking to implement new technology in its daily operations. While long-term solutions are best, even a short-term resolution can show a way forward and set the company on a clear goal to follow.
Tip 1. Acknowledge the Trial-and-Error Approach
Implementing new models into your existing pipeline might be vital to a company’s existence on the market, provided that they line up with the company’s mission statement.
In this regard, businesses must realise that aggressive testing is the only way to ensure they can survive the onslaught of digitalised offers and competitors. Setting up a testing area, where only a part of the pipeline uses the innovation, can help keep errors to a minimum.
Tip 2. Bring in Thinkers!
Traditional businesses will often get the most benefit by hiring new employees with the expertise and experience in emerging technology that’s needed to make the correct choice. Employing this new blood to spearhead the transition to a digitised environment will align their goals with the company’s mission statement, allowing both to evolve with technology.
It’s hard to let go of past experiences, practices, and thinking, so relying on a future generation moulded in modern technology could reinvigorate productivity and inventiveness. They also don’t require as much training to use new methods and interfaces.
Tip 3. Adjust Goals
Companies rarely come away unscathed from a significant rebuilding effort, such as implementing new technologies in their workflow. Adjusting the mission statement to match current trends might be necessary to allow for more freedom in making bolder claims, products, or services for the time to come.
However, the business vision, or the primary goal behind its origin, must not waver with the introduction of emerging technologies. If the vision is not congruous with modernisation, consider adopting different goals to appeal to a niche market and remain profitable in another way.
Tip 4. Allocate Budget
With the threat of disruption paralysis, putting too many resources (monetary and human) into implementing technologies can lead to devastating results if failure ensues. Taking a step back to properly budget for these changes can be vital in keeping the business afloat during the transition.
Companies can’t afford to be conservative with their capital. Not investing enough to improve and compete in a digitised market can be in vain. Worse, it can drive consumers to a bolder competitor.
Moving With the Tides
In a digitised world, refusing to implement new technologies might backfire spectacularly.
An aggressive and decisive approach to improving current workflow will involve several testing phases and an injection of new people more familiar with the technology.
These investments can pay off in the long run, ensuring the business survives with its vision intact and a mission that reflects society’s current trends.
If you’d like to speak to us about how we can support you with your accounting needs, book a free consultation here.
1 Nov 2023
Introduction
Are you using artificial intelligence? As we see artificial intelligence (AI) more and more in daily life, we’re also hearing debates and speculations about its potential to replace traditional professions, including bookkeepers and accountants. While AI is indeed transforming the finance industry, the question remains: will it do finance professionals (like me!) out of a job? In this blog post, I’ll discuss the impact of AI on accounting, discuss the ways in which AI can help bookkeepers and accountants, and give you my view of the future of these professions.
AI for bookkeepers and accountants
AI is hot on the agenda at every accounting event right now. We’re seeing changes behind the scenes with the software we use, with numerous tasks being automated and much better real-time insights into financial data. Here are some ways AI is reshaping the accounting profession:
Data entry
The biggest change right now is the potential for AI-driven software to simplify data entry by automating processes, reducing, or even removing the need for manual data input. This saves time for bookkeepers like me and minimises the risk of human error.
Improved accuracy
AI tools can identify discrepancies and inconsistencies and spot patterns in data – including financial data. AI has the potential to maintain and even improve levels of accuracy, giving us even better insight into your numbers and more opportunity to talk about what matters to you – reaching your goals, and the power of your numbers to allow you to do that, which leads us to…
Real-time insights
When we spend less time fussing with accuracy because AI is doing that for us, we can quickly get stuck into the insights you need into your company’s financial health. This allows you to make informed decisions promptly.
Time efficiency
Automation of routine tasks frees up time for accountants and bookkeepers to focus on more complex financial analysis, scenario and strategic planning.
So, will it replace us?
You’ll notice that the role of AI as we see it is focused on speeding up and improving the accuracy of what a bookkeeper or accountant would traditionally spend the majority of their time doing. And this is important to remember. I see AI as a valuable assistant, not a replacement. While AI is a transformative force in accounting, it is not poised to replace bookkeepers and accountants. Here’s why:
Human judgment
Accounting and bookkeeping often involves subjective decisions and judgment calls that AI simply cannot make. Human professionals will always be important for interpreting financial data, understanding the context within the specific business, and having real conversations with you, the business owner.
Relationships
At InterTax, earning your trust through real communication and relationships matters to us. When it comes to finances, you need somebody on your team to run queries past, and AI can’t replicate that. Data is data, but we’re here to address your concerns, know your goals and help you reach for them.
Adaptability
As humans, we can adapt quickly to unpredictable scenarios… if you remember everything the country went through during 2020, you’ll remember just how quickly we were able to interpret, respond to and implement every update from the Chancellor. AI may struggle to adapt to rapidly changing financial landscapes and handle unique, complex situations.
Security and ethical considerations
And this is the big one for me.
As a professional bookkeeper, ensuring compliance with financial regulations, security of data, and maintaining ethical standards is crucial. We would never put your data at risk and we’re keeping a constant view of developments of the software we’re using and how they incorporate AI.
AI-based accounting software, when properly developed and implemented, can be highly secure. These accounting software’s often use encryption and other security measures to protect financial data. However, the level of security can vary depending on the software provider and the software configuration. We see this as a risk, and for this reason, only work with reputable software providers.
This topic is high on the agenda of every accounting and bookkeeping event, it’s an area that is moving fast and which we’re watching closely.
Conclusion
While AI is reshaping the accounting profession by enabling software to automate some tasks and provide better insights into patterns and inaccuracies, AI is not poised to replace bookkeepers and accountants. AI should instead be seen as an assistant that will enhance services in the future allowing us to give you better data and insights, but the vital human touch is still crucial.
The future of accounting and bookkeeping is certainly a relationship between human expertise and AI innovation, bringing the best of both worlds, but you can rest assured, that I’ll always be here.
If you’d like to speak to us about how we can support you with your accounting and bookkeeping needs, book a free consultation here.
1 Sep 2023
There are many benefits to using cloud accounting software, such as value for money, time-saving automation and more flexible working, but did you know that it can help you to get paid faster, too? Getting paid more quickly is one of the best ways to improve your cash flow and keep your business running smoothly, so don’t overlook this important benefit of cloud accounting software. Let’s take a closer look at how cloud accounting can help you get paid faster.
1. Automated Invoicing
If you want to get paid quickly then you have to get your invoices right. Preparing your invoices manually increases the likelihood of human error. Mistakes on your invoices can then lead to unhappy customers and a lot of unnecessary back-and-forth trying to fix the issue. This means that you’re likely to be waiting for longer for the money you’re owed to reach your bank account.
Cloud accounting software programs can automate your invoices for you, allowing you to send accurate invoices on time. Best of all, the invoice is emailed straight to your client’s inbox, so you don’t have to wait several days for them to receive it by mail.
Furthermore, if you provide your clients with a subscription service then you can set up your accounting software to automatically send recurring invoices. This ensures that your invoices are always sent on the correct date and it will save you time and effort, too.
2. Track Your Receivables
It can be difficult to remember which of your clients owe you money at any given moment, and if you manually invoice them it may take a while to find out. This makes it more difficult to stay on top of your receivables and chase up late payments in a timely manner. However, cloud accounting software enables you to see who owes you money with a quick glance at your dashboard and then you can take action accordingly.
Your clients are far less likely to pay you on time if they think that you’re forgetful and unlikely to follow up. However, if you consistently send them payment reminders and are prompt to follow up on missed deadlines, your clients will take your payment terms seriously.
If you notice that a client is frequently late with payment, it may be time to consider introducing late fees. Of course, you should give them plenty of notice that you are making these changes. When the deadline is approaching, make sure to send them a payment reminder that clearly states the fees again so that they have time to cough up before incurring fees. This will certainly incentivise late-paying clients to respect your deadlines. Best of all, cloud accounting software allows you to easily automate these charges so that you don’t have to do any complex calculations yourself, either.
3. Shorter Payment Cycles
Many small businesses offer their clients 30 days to pay, but these generous deadlines may soon be a thing of the past. Back when companies had no choice but to mail physical invoices, 30 day payment cycles were necessary. It would take at least a few days for the invoice to reach the client, who would then need to process the invoice and issue a cheque, which would then need to be mailed back to the business owner.
Now, however, thanks to the power of cloud accounting, 30 day payment terms are no longer necessary. It takes mere seconds for digital copies of an invoice to reach a client’s inbox and payments are electronic. Therefore, consider leveraging the convenience of cloud based accounting software to shorten your terms and get paid faster.
4. It’s Easier for Clients to Pay You
Electronic invoicing makes it easier for your clients to pay you and therefore they are likely to do it far sooner. Cloud accounting software allows you to accept several forms of payment, including PayPal, debit cards and bank transfers. Your clients simply have to choose the option that is most convenient for them and they can click a link to pay your invoice in full. Your cloud accounting platform will then identify each payment according to the customer and invoice number, ensuring that all of your records automatically stay accurate and up-to-date.
Conclusion
As a business owner, getting paid on time is probably one of the most difficult parts of your job – and the most necessary. Take advantage of the capabilities of cloud accounting software to speed up your payment process and improve your cash flow. This will ensure that your business remains in the best possible financial health, whilst saving you a lot of time and energy.
If you’d like to speak to us about how we can support you with cloud accounting, book a free consultation here.
5 Jun 2023
Technology is a vast and ever-changing field which can feel intimidating as a small business owner. However, there’s no denying that digital tools present huge opportunities for entrepreneurs, if only they learn to harness them correctly.
The world is in the midst of a huge digital transformation and a paper published by Gartner Research suggests that every industry will be transformed by digital business by the year 2025. Therefore, it’s important to learn how to make technology work for your business and use it to increase performance and drive growth. Let’s take a look at how to leverage technology to improve your business performance and maximise growth.
Organisational Agility
In an uncertain post-pandemic world, organisational agility is more important than ever. When the covid-19 crisis first hit, the businesses who fared best were the ones who were able to remain agile and pivot as swiftly as possible. Research by MIT found that agile businesses also tend to grow their revenue 37% faster and generate 30% more profits.
Businesses who have a good knowledge of technology and are open to trying or innovating new solutions enjoy increased organisational agility. Scalable software subscriptions, CRM programs and intuitive digital marketing tools further help with this.
Real-Time Data
Financial management platforms such as Sage, Xero and Quickbooks provide businesses with accurate data that gives them a clearer insight into their financial situation, allowing them to make more effective and profitable decisions. Staying informed helps enormously with sustainable business growth, so this is a huge advantage for small businesses.
Meanwhile, digital marketing analytics can help you to grow your business by helping you identify which strategies work and which don’t, which enables you to attract more customers in the future.
Greater ROIs
The Federation of Small Businesses found that 85% of small businesses believe that investment in new technologies is a key factor in business growth. Technology allows you to get more from your staff by automating or simplifying processes to free up time and reduce stress. This is enormously helpful when it comes to staff morale, which is another key driver of business performance and growth. It also allows staff to use their time more effectively and focus on more important tasks. In fact, the Telegraph newspaper reported that businesses who adopt new technologies can see up to an 84% increase in productivity.
Low Up Front Costs
Many cloud-based platforms and applications have low up-front costs, which is ideal for startups and small businesses. Furthermore, cloud subscription services don’t come with ongoing maintenance or management costs, which further helps to reduce the financial burden.
Saving Space
There are several different ways in which technology can help businesses save space – and therefore money. Firstly, by permitting staff to work remotely, businesses can reduce the size of their office space and save money on rent, which makes a significant difference to their bottom line. Secondly, digitizing files greatly reduces the amount of storage space necessary, allowing businesses to repurpose that space or relocate to a smaller premises.
Accounting
Using cloud-based accounting software presents several benefits for small businesses. For one thing, these programs can help cash flow by making invoice management fast and seamless. They can also automate complex calculations and provide valuable financial insights into how your business is faring.
Summary
Advancements in business and financial technology present huge opportunities for small business owners to improve their efficiency and financial performance. Access to real time data can be used to improve marketing practices and make smarter, more profitable decisions. Meanwhile, more opportunities to work and collaborate remotely can improve productivity and morale whilst saving space and reducing costs. In the wake of the covid-19 pandemic not even the staunchest of luddites can deny the importance of technology for small business growth and performance.
Book a free consultation here, to learn how we can help you make better use of technology in your business.
14 Apr 2023
We may not yet be living in a world of flying cars and teleportation, but artificial intelligence is transforming the way that we do business. Automating tasks and systems not only produces more accurate results, but also allows you to maximise your resources and create a more efficient enterprise. Let’s take a look at how automation can help you build a better business.
What is Business Automation?
Simply put, business automation means using technology to automate tasks in your business, so that an app or software program does it, rather than a human. It allows you to put sections of your business on autopilot to ensure that no tasks get delayed or neglected.
The Advantages of Automation
There are many ways in which automation can benefit your business. For one thing, it frees up your team’s time, allowing them to focus on the most important tasks. Time is a limited resource and automation can help you to invest it more wisely.
Automation also helps your team members stay more engaged, too. Tedious tasks result in boredom and even a decline in morale. Automating menial tasks allows your team to focus on more stimulating work that does more to move the needle for your business.
In addition, automation eliminates human error, which saves you both time and money. By allowing you to do more with less, it is also hugely beneficial when it comes to scaling up. Finally, a more efficient business also means that as a business owner you will be able to step back with greater ease and enjoy a better work-life balance.
Tasks to Automate
Any business can benefit from the power of automation – it’s not just for tech companies and industry giants. Some of the most popular tasks to automate include:
Invoicing
Staying on top of your invoicing is difficult, but you need to send invoices out on time and keep a close eye on who has and hasn’t paid in order to maintain a healthy cash flow. Accounting software can send your invoices and payment reminders automatically for you so that you don’t have to waste time chasing up clients. It can also enable easy online payments for your clients, and calculate late fees for you.
Expense Tracking
Again, cloud accounting software makes it quick and easy to keep track of your spending so that you don’t miss out on any deductions or miscalculate your margins. You can connect your chosen software program to your business bank accounts and upload receipts on-the-go by snapping a quick photo on your smartphone.
Customer Service
You can automate a big chunk of your customer service but using chatbots rather than human customer service reps to answer customers’ questions. This saves a lot of time for your customer service employees and allows them dedicate more time to complex issues rather than repeatedly answering the same ten FAQs.
Social Media
These days, businesses need a social media presence just to seem legitimate. However, when used correctly social media is a powerful and low-cost way of generating brand awareness and attracting new leads. The downside? It’s very time-consuming.
Thankfully, you can use automation to schedule your social media posts months in advance, which allows you to create content in bulk. This means that your social media manager doesn’t have to worry about logging in and posting manually every day, and can instead concentrate on strategy and growth.
Lead Generation
Automation can greatly speed up and simplify the process of lead generation.
You can use chatbot software to gather contact information for new visitors to your website and then automate nurturing email sequences to move them along the customer journey.
You can also use a lead management platform to keep a track of all your leads and where they currently are on their customer journey so that they receive the right content at the right time.
Project Management
There is an array of great project management tools out there, such as Asana, Trello and Basecamp, and they feature many automation capabilities. These platforms can track deadlines and deliverables for you, schedule reminders and forward necessary information. This makes project management simpler, easier and more efficient, allowing the team members involved to focus on producing excellent work.
Summary
Automation has the power to save time, reduce costs and increase productivity. There are many different ways you can automate your business processes, from automating customer service with chatbots to using lead management software for marketing purposes. With so much promise at stake, it’s worth exploring automation options in more detail so that you can create a more efficient, productive and profitable business.
If you need help improving your business with automation, consider working with us. Book a free consultation here.
