Is your business making the most of today’s tech?

There’s no denying that owning and running a business today is challenging. Along with increasing inflation, cost of living and tax rates, business owners have been left with limited Governmental support. So, owner managers need to ask the right questions of their businesses in order to plan ahead and make the most of the opportunities on offer. 

Being able to leverage the benefits that cloud accounting technology and the apps that come with it can have a tangible impact on your business’ bottom line. Helping to drive growth even through the most challenging times.

With that in mind, we’ve pulled some of the key questions that we’ve been asking business owners in our region together, helping you to scope out whether you’re truly maximising the benefits of today’s tech.

How robust is your cash flow forecast?

Building a clear cash flow forecast has always been a fundamental part of owning a business. But
cloud accounting apps can help you create a water-tight forecast allowing you to put the right plans in place.

Whether you’re investing in new plant, machinery or new team members, or you're tracking payments, it’s important to know where money is coming in from and going out to. Cloud accounting software systems such as Xero use AI technology to really drill down into your numbers, creating a more meaningful forecast, whilst ruling out the risk of human error.

There’s no way to predict the future, but utilising cloud accounting software like Xero will help you get pretty close. Ultimately, this will allow you to make more strategic decisions, which is more important than ever during uncertain and challenging times.

What are your funding options?

If your business needs short-term finance, have you explored all your options?

In the current climate, high street banks are understandably more risk averse. And while Governmental and local authority-issued loans are cropping up regularly, funding options from online platforms such as Capitalise and Square could be a better for your business.

We would always strongly urge you to contact your advisors to discuss your funding options before jumping in with any one given option. They will be able to support you in scoping out your options and find one that best suits your business and circumstances.

Are your streamlining your payments?

It goes without saying that getting paid on time is fundamental to your business’s growth, and even it’s survival.

Historically, chasing payments and credit control could take up days or even weeks.

Apps like Stripe and Square can ensure that your customers and clients can pay you quickly and efficiently, streamlining your payment methods and credit control. Keep in mind that the ease at which your customers can pay you can directly improve your customer’s overall experience and brand interaction, so you can reap the benefits of better customer service too!

Are administrative tasks eating up your time?

From data entry, processing and analysis, to inventory and supplier management. These administrative tasks are additional plates that businesses need to spin to run and grow successfully. This is where artificial intelligence can make a huge difference. Rather than replacing the jobs of your team, AI can be used to monitor, automate and streamline manual tasks that could be open to human error. AI allows for more time to be invested in strategic planning whilst minimising error where possible. More focus, therefore, is placed on adding value for your end-users.

Are you making the most of your advisors?

Navigating today’s technology can be daunting. And in a digital world, where AI, tech, apps and innovation is updating at lightning speed, your accountants and advisors should be by your side to support you. It’s one thing to have the technology on hand but something else entirely to know how it can be optimised for your specific business’ processes and goals.

A trusted advisor will help you decipher which apps and software systems will complement your business best, to help your business flourish.

If you’re not already discussing how your business can best utilise today’s technology, now is the time to open up those important conversations.

Supporting you with today’s tech

The list of questions we’ve provided is by no means exhaustive. Think of it as a beginner’s guide. The benefits of today’s tech are far-reaching and constantly developing.

Our team of experts are on hand to help streamline and grow your business further by maximising all of today’s technology. Whether it’s helping you to transition on to cloud accounting, training you and your team up on software systems or helping to scope out apps which can transform your operations.

Get in touch to see how we can support you in making the most of today’s digital world.