Late payments cost UK small businesses an estimated £250 billion every year. But there could be a very simple solution to help businesses regain a steady cash flow automated finances.
Forget paper receipts stuffed into shoeboxes and outdated Excel spreadsheets, it’s time to automate your finances. There’s really no excuse not to.
What are automated finances?
Modern bookkeeping services let users complete more bookkeeping tasks than ever before using intelligent online apps. Everything from invoicing to payment chasing can be automated using accounting apps and programmes like Xero.
What is Xero?
Xero’s impressive ecosystem includes the Accounting Software App Marketplace a range of time-saving business and finance apps that have been specially designed with SME needs in mind.
Think you can do it faster without an app? You might be wrong. There really is an app for almost every function, including Payments, Invoicing, Time Tracking, Payroll, Expenses, and Ecommerce. And almost every business type, including Hospitality, Construction, Tourism and Franchises.
Why automate business finances?
According to research by Siemens Financial Services, smaller businesses tend to encounter more late payments than larger companies. If your small business is fighting a constant battle against late payments and sluggish cash flow, one of the best things you can do is to explore your accounting software options. In fact, small businesses that automate their bookkeeping get paid on average 30 days faster than the national average.
Online Cloud Accounting software like Xero reduces the amount of time and effort it takes to complete common bookkeeping tasks, meaning there’s more time to spend on running your business.
Automated bookkeeping top tips
Don’t rush: Online accounting software is fantastic. If your business is ready to make the switch, it’s best to speak to an experienced Cloud Accounting specialist first. They’ll be able to help you get the most from the software and ensure you hit the ground running.
Train staff: Xero’s innovative accounting software is easy to use and has an intuitive dashboard that’s simple to navigate. By training your team to use the software, you can reduce the weight of the bookkeeping burden for yourself. You can create individual user accounts for each team member and set access restrictions to keep certain files and functions private.
Log in regularly: The beauty of Cloud Accounting software is that you can log in to your account anytime, anywhere. Whether you’re on a beach in Bali or commuting across the country, all you need to access your bookkeeping records is an internet connection and your smartphone or laptop.
Schedule invoices: One of the major benefits of Xero is that you can schedule invoices and reminders for late payments. Let’s face it, when you’re rushed off your feet with work it can be hard to find the time to even think about catching up with paperwork, let alone find the time to send out invoices. When you schedule invoices and reminders you’ll be far more likely to create a healthier cash flow.
Secure Cloud-based Accounting Services from UWM
Are you ready to automate your business finances? Get in touch with UWM Accountants. Our experienced team of Cloud Accounting specialists in Leeds can help you get started with Xero.
