By Joe Smith
Recently we have been doing some great work with clients using the technology that is available to help them save time and monitor results accurately in real time. It seems like a good time to change or upgrade systems and software for lots of businesses with the added bonus of small business adaption grants of up to $10,000 being available.
We have changed a number of people over to Xero as they can see the benefit in having a cloud-based system that is designed specifically for small to medium size businesses. Saving sometimes up to 75% in the time to process payroll and do their bank reconciliations, business owners can spend more time working on their business to help grow and achieve their goals. And we also see invoices being paid quicker by customers as invoices and statements can be sent at the touch of a button compared to the weeks it may take using the postal system.
Further to this, we have set up several businesses on WorkflowMax which is a business management software that can manage client and supplier databases, quotes, jobs, time sheets, work in progress as well as a number of other features. And the beauty of this is that it also directly feeds into Xero so you only need to enter information once and it is updated in both systems.
By using these software packages, business owners can work with their accountant to monitor profitability job by job, identify efficiencies on jobs or where there may be an issue and make decisions on the business in a timely manner. This is so much better than getting a set of financial statements once a year where information can be out of date, especially if there was an issue in July 2019 and you are only just getting your 2020 financials prepared in 2021!
We also ensure that the information in the client Xero file matches our financial statements as we use the same Xero file to prepare them. We continue to see many businesses where their internal software has not been updated to match their accountant prepared financials. How can people expect to make good and timely decisions using historical or inaccurate financial information?
If you would like to discuss how we can help your business get with the times please call UHY Haines Norton on 4972 1300 or email info@uhyhncq.com.au