Data Is Your New MD

If you have not already recognised the importance of the digital age or embraced it across your business, you are likely to be throwing time, money, and effort down the drain every day.

Now; more than ever, data is the key driver of digital technology such as modern financial software, and done properly, data is your new MD. It puts you in charge of your business. Here’s why.

The old days

You remember those days of not-so-distant-past, don’t you?

When a Simplex D book was the core part of any set of financial statements and without it, you’d be lost.

Simplex D

And then there were the old spreadsheets. Remember how they’d get passed from computer to computer, each person making their own amendments without anyone controlling a centralised version of it? When it came to making a report, the copies would be stitched together until you got something that ‘looked right’.

It took teams of people, with teams of people helping them, all under the watchful eye of the finance director.

Expensive stuff.

You’ll be glad to hear that’s a long-gone thing of the past. Digital accountancy software makes the job of a full finance team and finance director much more effective by doing many things better than a human team ever could.

By design, the software keeps everything organised and in one place. It is simple to use for anyone, and data can automatically update itself. Teams of people can work on an account at once without worrying about deleting or duplicating data.

You can use the software to pull reports in an instant that would take finance teams weeks, saving you time, money, and effort.

Three reasons why the right software, and the right accountant, is now all you need.

1) Data Input

Sick of logging expenses? With our accountancy software, all you need to do is take a photo of a receipt with your smartphone and within seconds it can be sent and logged for you.

Plus, we can link your bank account with the software. This way, the two systems communicate with one another and update themselves: making reconciliation a cinch (no references to Rylan from the TV advert intended here).

You can access everything you need on the go and raise invoices whenever you need. Suppliers can email the software, cutting out time usually spent emailing back and forth and logging everything manually.

And that’s what’s available right now. The world of accountancy software is moving at a fast pace and new ways to save time, effort, and money are being developed every day.

2) Basic Reporting

The data you need, at your fingertips, from any location.

What can you use this data for?

  • Analyse performance: Compare financial figures over whatever period you consider relevant and manipulate reporting with ease to fit your needs
  • Know your customers: Track, segment and provide real time information and insights to make sure you look after your most valuable customers and chase debt from those that are outstanding
  • Keep on top of suppliers: Manage supplier relationships and establish payment reports to aid cashflow

Finally, you can take control of your business and get a clear, overall view of what’s going on in the best way possible: the numbers.

Any information you need is readily available to you. The answers to your questions answered, instantly, meaning you can confidently and effectively get on with your job.

3) Advanced Reporting

We can build you a bespoke dashboard of key features within your financial software to give you the information you need to make the right decisions.

For example, by setting up your software to tell you when a customer’s credit rating changes, or when an internal target is missed you get automated updates that require little time to maintain. You get the results and information you want and need to hear so you can prioritise the actions that make the biggest difference.

Our world is a smaller place than ever, and we are all competing with one another globally in some shape or form. With digital financial software, it doesn’t have to be. Technology is accessible and affordable for all business needs and can help create a level playing field like never before.

If it’s that easy, where does an accountant come in?

The implementation, training, and overseeing of this technology is one area in which your accountant can support you. They are seasoned users and partner with suppliers to help you identify the most effective way to implement.

With online collaboration, your accountant can also see what you can see at any time which makes real time advice more effective. They get a seamless accountant view so that financial management, reporting and compliance-based services can be run whenever needed (without even seeing each other!).

Best of all they provide the advice and direction that helps ensure you are building the right reporting, identifying the right performance measures, creating the most efficient processes, and keeping you compliant at all times. They have a wealth of knowledge about what does and doesn’t work from across other clients, so you be confident about what works and doesn’t work.

You need to focus your energy in the places that will give you the best return.

Give your business the best chance of success. Get in touch today to get started.

Business Update.

Making sure our support continues to be fit for purpose

We continue to seek ways in which we can exceed all client’s expectations as we look for ways in which we can improve the service we deliver to you and even more so in the current climate.

Improved Payroll Service Offering

The first thing that we have recently finalised is a strategic partnership that we have setup with a specialist payroll provider here in the UK that will mean that for those with a payroll subscription the current service will not only remain but you will also receive additional services on top of those received now including a personalised portal to access payslips and input timesheets among other things.

There is no additional cost for this service and if you have any further queries around this then please contact your client account manager.

The changes with regards to payroll will be staggered over the next three months as we gradually introduce this.

Postponed price freeze until 31 March 2021

At the start of the current pandemic we postponed any planned price increases and haven’t implemented any since then.

We now propose extending this price freeze until 31 March 2021 to all clients and in light of the current pandemic propose the following if you are in agreement:

  • For those that currently pay for us to submit their confirmation statements, we propose withdrawing this service as it is a simple task that takes no longer than 15 minutes but do instead propose putting a short video on our website to walk you through how you can do this yourself.
  • As many of you already know, we have for some time now been working towards going paperless and we’ve never demonstrated better than during lockdown.  We now propose to roll this out entirely so even paperwork associated with the sign off of your accounts will be provided to you in advance by way of a blank template and because they only need be kept by yourself we will again just provide a walk through video that can talk you through what needs to be put where.  The same will apply with dividends-and dividend counterfoils but these can be accessed through Xero for those that use this.

The above changes we see as a way in which we can protect the fee for you but not take any value away from the service bring provided.

We do however appreciate and respect that some clients may prefer for us to continue as we do and absorb any price increases and if this is the case then please let us know.

If we don’t hear back from you, we will be looking to introduce these changes as of 1 September 2020 but are more than happy to discuss any of the above with you also and again please contact your client account manager if you have any queries.

Again just to reiterate, by doing this it also allows us to offer the additional services below which we consider of significantly more value now and going forward.

Additional services (some new and some introduced as lockdown commenced)

  • Don’t forget that all clients on Xero do now all have access to:
  1. Cash flow software that will allow you to look three months ahead
  2. Credit management software

If you have any queries reference any of the above, please liaise with your client account manager or if you are not on Xero and wish to move across then please let us know.

  • We have recognised the changing needs of our clients and have the following dedicated e-mail addresses should you have any specific needs:

 

  • Creditors services offering – we understand and appreciate more than ever the fear of not being paid by a customer so have introduced a new service offering if you have any such concerns.  If you contact your client account manager with any such concerns, we can have a tailored report provided for you so that you can decide what action to take thereafter.

 

  • Finally, we know how important community is and we are now part of the Futrli Community where we are mentors and where there is a private group for our clients.  You can also get a significant amount of information across other areas including funding, marketing etc.

Hopefully from all of the above, you can see how we are adjusting our service offering internally to ensure that this is fit for purpose to help all clients with existing struggles and battles that they face and if we stick together we will be stronger for it.

Speak to the team about your goals and vision. We'll tell you how we can help you make them a reality.

Are you looking to work with a strategic accounting partner to help shape your business’s future? We’d love to hear from you