We are here to ensure the necessary financial processes of your business are done in the most efficient way possible.
Streamlining is the process used to simplify or eliminate unnecessary work related tasks to improve the efficiency of necessary processes within all businesses. Streamlining processes require the usage of modern technology and techniques. What worked 10 years ago for millionaires, which you may aspire to be, unfortunately probably won’t work today.
The last few years have seen a revolution in the accountancy world. The days of handwritten ledgers and numerous excel spreadsheets have graciously come to an end. Technology has evolved incredibly to a point where they can do all the hard work for you in an efficient and streamlined way, all you have to do is know how to us e it correctly.
It is essential for your organisation to decide exactly which areas to streamline. Working with hundreds of different businesses across the UK, we have detailed below what we know to be the 4 most important things you need to be doing in your business to ensure your finance systems are streamlined to improve the overall efficiency of your business.
Use Cloud-Based Book-Keeping & Invoice Scanning Software.
There are now many workflow software solutions that help with streamlining business processes. Expenses, receipts, invoices and bank statements. You name it, these bookkeeping services store it.
Cloud-based accounting software such as Xero or Quickbooks online have revolutionised small business accounting. Combine this with scanning support software such as Receipt Bank and it will revolutionise your accounting.
Invoice scanning systems such as Hubdoc and Receipt Bank automatically pulls your bills and statements into one secure hub. Invoices and receipts from suppliers can be scanned straight from your phone or emailed directly into Receipt Bank which can be automatically be programmed into software like Xero or Quickbooks online.
Believe me, it’s not hard to use these systems and once you have mastered them, your life will be so much easier and your business more organised.
Share, Collaborate and Feedback
The best thing about having all your books on the cloud is that your accountant will be able to see exactly what you see. This will allow your accountant the ability to advise you on the performance of your finances, assisting with adding value to your business as a whole.
Many business owners have so much on their plate they rarely stop and think to get feedback from their actual co-workers, colleagues and employees. It is important to be driven by numbers but it’s the opinions and ideas of those around you that really will help. Seeing your business through external eyes will motivate and inspire new ideas more than you know.
Many of the individuals you are often surrounded by have their own ideas on how your processes are working and how they can be improved to save time, complete tasks and reach your goals more efficiently. Your staff can be your biggest asset if you use them correctly.
You do not need to do everything by yourself, using your team to gather intel and work together to make changes will improve productivity and efficiently.
Improve Practice Performance Via Management Reporting
Management reports are a great form of business intelligence. Software packages such as Xero allow you to run a variety of financial reports for you to analyse over a whole variety of time periods.
We advise all our clients to run such reports at least quarterly so they can keep up with, assess and routinely monitor the performance of their healthcare practice.
Reports should include Profit and Loss, Balance Sheet and Cash Flow reports, amongst many other variables therefore making it a lot easier to understand your progress and keep track of your expenditure.
With the technology available today there is no excuse as to why you are not running a more efficient and profitable practice.
By going digital with cloud accounting software and using online sharing functionality, you can share your financial statements with accountants and advisors in real time. This can allow you to make decisions quicker and more efficiently.
By looking at the performance detailed in the reports you can interpret areas that need changing in your practice, whether it means cutting costs or increasing fees. Understanding the management reports can help you run a more efficient and successful dental practice.
More On How To Streamline Your Finances & Accounting
For more information on making your accounts and finances more efficient, contact us today.
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