Technology moves fast. New apps and software are competing to help streamline business processes, so this month I look at four things you can do to improve the efficiency of your small business.
1. Online storage
It’s happened to most of us: an important digital document disappears due to hardware failure, theft or a virus. Step in Dropbox and Google Drive. These free cloud storage services automatically backup files to a remote server, making it possible to access all your documents simply and securely from any computer.
2. Online accounting
Cloud accounting software, such as Xero and QuickBooks Online (QBO), simplifies invoicing and bookkeeping to save you time. The software streams financial data from your online bank account so the business has a ‘real time’ view of its financial performance and position. Invoices can be written and sent out directly from the software and late payers can be monitored and chased for payment. Users can also invite others to view data and collaborate online.
3. Automatic receipt processing and digital storage
Receipt Bank takes the hassle out of data entry for all those tiny bits of paper. Receipts and invoices can be photographed with the app or emailed into the system which will automatically extract key data. From your past actions, the software ‘learns’ how different expenses should be categorised. Data can then be exported to Excel or an accounting package.
4. Internet phone services
Internet phone call technology is far more reliable today than when it first became available. Eliminate call charges by conducting UK and international phone meetings on Skype. Conference calls can be made with multiple people, with or without video. You can also share your screen with any other user online, to review and discuss documents together.
Want to modernise your small business? Contact me to see how I can help set you up with a more efficient accounting system.