Most businesses owners view managing their accounts as a cost of doing business, a necessary evil and an overhead expense.
So what if you’re accounts management process could actually provide value to your business? That’s what we do by combining our professional accounting experience with the latest in cloud technology.
Below is 10 ways having your accounts professionally managed using cloud systems will provide value to your business:
Price checking – many businesses negotiate discounted rates from their suppliers based on the volume of purchases they are making. This is particularly true for the trades such as electrical or plumbing. However, these discounts aren’t always present when you receive your invoice. Systems like simPRO and Invitbox include a price checking feature that compares the price you pay to your set catalog of prices to ensure you’re not being overcharged. If you are we request a credit from the supplier.
Reduced debtors and bad debts – a system like Paypal Here allows you to take payment from customers on the spot when the job is done, reducing your risk of carrying large debtor accounts or not getting paid at all. Debtor Daddy increases the effectiveness of your debt collection process, meaning you get paid faster.
Decreased annual compliance cost, increased accountant engagement – you’re not going to pay your accountant less money, but because your accounts are in order come end of financial year your accountant can spend less time processing your end of year compliance and more time providing value added services to your business like management reporting, budgets, cash flows, benchmarking, etc.
Award interpretation – Deputy & Tanda allow businesses to automate the award interpretation process to ensure the correct rate of pay is paid every hour of every shift. You pay exactly what you need to based on your industry award reducing your risk of under or overpaying staff.
Improved business processes – by implementing the right process within your business we improve employee accountability saving you money. All supplier invoices must go through an approval process to ensure stock has been received.
Improved stock control – for those businesses buying & selling stock, having the right systems in place is essential to running a profitable business. You may need a specific inventory management, point of sale or job management system depending on your business, but all these systems allow you to provide great control over this key business asset.
Reduced time theft – time theft is the practice of employees telling you they’ve worked 8 hours in a day when they’ve only worked 7.5. It may be deliberate or it may be accidental, either way if you don’t have the right systems in place it’s almost certainly costing your business money. If you’re still using paper time books to track employee time you need to improve your systems.
Your time has a value – whether you’re an electrician, plumber, lawyer or architect, you have a skill that can generate good revenue for your business. It’s important to place a value on your time. If in the time it’s currently taking you to manage your accounts you can generate more revenue than the cost of outsourcing this service, you’re costing your businesses money.
Live information means better decisions – knowing how your business is tracking in real time means you can make better business decisions. Know what stock you have on hand, when you need more, or when you have too much. Pickup on trends and know which products are selling well and which products aren’t based on your point of sale data. Which salespeople are performing and who needs to improve? Which staff are performing well and who needs to improve? All this information is available when you’re using the right systems allowing you to make the right decisions.
Reduce risk of fraud – we’ve all heard the horror stories of family businesses being defrauded of thousands of dollars at the hands of a dodgy employee. Outsourcing this role to a professional ensures your business information is transparent and the correct authority procedures are in place for making payments. Our account managers are all ethically trained professionals and their own business owners, directly responsible to their clients for the service they provide.