Save Your Business Time and Money Using Cloud Accounting

Keeping on top of your accounts is a big part of running a successful and profitable business. But, you don’t want to spend all your time dealing with accounting tasks, especially when that time could be spent elsewhere. 

So, how do you keep your finances in check, while also spending less time on your accounts?

1. Bringing your accounting into the digital age

Switching to cloud accounting can be a revolutionary step for many business owners, especially when you look at the ways you can streamline and automate the basic accounting tasks. By using accounting platforms like Xero, you get all the basics of small business financial management, but with the benefits of smart automation.

With most modern cloud accounting software, you can:

• Automate the scanning and digitisation of your expenses and receipts

• Automatically reconcile your bank transactions with your invoices and bills

• Connect your accounts to other time-saving apps for kilometre claims or staff expenses.

2. Getting paid faster and with less admin

 With a cloud accounting platform driving your business, you also make it easier to send out e-invoices and get paid faster and more effectively. Improving your payment times and cash collection can make a huge difference to your cash flow position, and also sets the right expectations with your customers – making it clear that you expect payments to be made on time.

Using the invoicing function in your business software, you can:

• Quickly send out electronic invoices as soon as a job is completed

• Set up automated invoices to be sent out at pre-agreed points in a project

• Include payment buttons on your invoice, so customers can pay online by card or bank transfer

• Remove the barriers to payment and speed up payment times.

3. Getting a better overview of your important numbers

Using cloud accounting isn’t just about automating the time-consuming financial admin tasks. By recording and tracking all the financial and non-financial data flowing through your system, your accounting platform can actually provide you with a goldmine of useful real-time information.

With cloud accounting providing your reporting, you can

• Access up-to-date real-time information, to improve your decision-making

• Track your performance against targets to see how well the business is performing

• Monitor spending and budgets to keep your cashflow under control

• Understand your return on investment when it comes to sales and marketing activity

• See how promotion has driven sales but reduced your profit, due to discounting.

Talk to Kindred.Co about using Xero

If you want complete control of your finances and business decision-making, updating your accounting software and processes will be key to achieving that goal.

Our team are Xero-certified trainers, so we can help you get set up and show you how to make the most of the software. Xero is one of the most widely used accounting platforms, and after spending years working with it, we know how to unlock its full potential. 

Even if you’ve been using Xero for a while, we can help you discover new features and take your skills, and your business efficiency, to the next level.