Technology is a major component of our Four-step Approach to creating a proactive, professional and thriving business environment. That’s why we recommend that businesses invest, adopt and upgrade to the latest finance systems available.
Cloud accounting technology has significantly changed the way we work. Xero, for example, suggests that cloud accounting can save business owners up to “three hours a day” on resource-intensive record-keeping and administrative tasks.
But while we’re almost all familiar with software such as Xero by now, many have yet to take advantage of the hundreds of accounting applications designed to make doing business simple.
In this blog, therefore, we’re going to look at five of our favourite accounting add-ons which will help you work faster and smarter than ever before.
Described as “simple, automated bookkeeping software”, Receipt Bank is the add-on app designed to make processing receipts easier than ever.
The app – which works on any smart device – works by snapping a photo of a receipt and translating it into workable data. Scans, PDFs and photos of receipts can also be forwarded to a unique email address.
After processing, the data can be extracted, stored online in secure cloud storage, shared with accounting software such as Xero, or sent to your accountant.
Stripe enables customers to pay invoices directly using their preferred method of credit or debit card payment, meaning your business will get paid faster. The cash flow benefits of immediate payment are significant. According to Xero research, businesses which use Stripe to process payments are paid, on average, 15 days faster than businesses who do not.
Other functions of Stripe include setting up recurring card payments for repeat billing customers and full integration and reconciliation with accountancy software providers.
Recommended by accounting professionals and businesses alike, Expensify is an all-in-one solution to processing expenses. The paperless app is powered by Optical Character Recognition (OCR) technology, meaning it can instantly scan receipts and bills and “cut down hours” of manual data entry.
After processing receipts, Expensify also enables you to generate an expense report directly from the app or share it with relevant team members to process the reimbursement.
Expensify also features an automatic approval workflow system, meaning any dubious claims are flagged and directed to a senior team member.
Manually processing timesheets is time-consuming. That’s why TSheets is the perfect partner for businesses who use flexible workers.
TSheets enables employees to clock in or out with one click, either remotely on a smart device or via a central computer system. TSheets also allows managers to build employee schedules by jobs or shifts to be shared across the entire team. The tracking data can also be published to your favourite accounting software to sync up with your payroll.
According to Xero, small business owners spend up to 10 per cent of their working week chasing payments. Chaser is designed to cut down the hours you spend pursuing clients for your hard-earned money. According to the app’s developers, Chaser effectively automates the chasing process “without losing the human touch”. It does this by recommending pre-made personalised email templates, sending scheduled reminders, and providing intelligent insights on your cash flow status.
Chaser also features a bank conciliation feature, meaning it will never chase invoices which have already been paid.
Want to learn more about the applications discussed in this blog?
We work with business owners to build the business they need to have the life they want. If you want to talk about our Four-Step digital approach, get in touch with us on 01803 296678 or email email@example.com.