5 Productivity-Boosting Tech Tips for Small Business Accounting
A new survey has revealed that over a third (38%) of UK small and medium-sized enterprises (SMEs) believe that they will go out of business in five years if they don’t adapt their business models, yet only 2% are doing something about it.
The SME Cloud Barometer Research, commissioned by Exact, also highlights that a staggering 64% of all UK SMEs face competition from new digital players in their sector, yet only 6% are investing in new technology to keep up with digitisation and maintain their market share.
However, in terms of tech adoption, it seems as though keeping pace with technological changes is a priority, with 65% believing technology will have a strong impact on the competitive landscape in the UK in the coming years.
Recent advancements in the technology available to SMEs has given businesses the ability to adapt to market demand faster, deepen insight and understanding of financial data during periods of growth, and maximise productivity. How? In this blog post, we’ll take a look at five productivity-boosting tech tools and tips that will improve your business’s productivity, agility and performance in 2016.
1: Embrace cloud accounting
Does anytime, anywhere access to your financial data sound good? Thought so. An increasing numbers of UK business owners are making the switch from traditional accounting methods to cloud accounting and enjoying access to their financials without being tied to their desktops in the office.
2: Set up payroll online
Managing payroll is a notoriously time-consuming task. However, with cloud accounting software, like Xero, you’ll be able to automate much of the task, leaving you free to focus on what’s important – running your business.
3: Follow up late payments automatically
Maintaining a healthy cash flow is a constant struggle, no matter the size of the company you’re running. If you’re tired of chasing late payments via email or over the phone, there is an easier way. Chaser is a Xero add-on which allows business owners to automate chasing invoices in a courteous manner. It even allows you to tailor and track your correspondence to suit individual clients.
4: Get paid faster with online invoices
Xero’s invoicing capabilities allow users to streamline the entire invoicing process, from creating invoice templates to providing customers with an online payment option. If you haven’t explored this service yet, you should. Not only will you improve cash flow and productivity, you’ll also form a better connection with your customers.
5: Offer an online payment service
Have you considered offering an online payment service for your clients? Online payment services can be integrated with your cloud accounting software quickly and easily, freeing up more of your time for more pressing issues.
Get in touch
At UMW, we believe in a personalised, customer-first approach. Our customer care ethos is built on old fashioned values, but our cloud accounting expertise is trailblazing. As Xero Gold Partners, we’re perfectly placed to share the many benefits of cloud accounting with our clients. To find out more, get in touch today. Call 0113 231 0202 or complete an online contact form. We look forward to hearing from you.