Optimising your Cloud Accounting Platform for remote working

The COVID-19 pandemic has hugely impacted all our lives and the way we do business.  Where possible, we are trying to adjust to a new normal, which means many of us are now working from home but still require remote access to accounting systems.

For many businesses, there has never been a more critical time to ensure accounting information is accurate and up to date, allowing business owners to make informed decisions to protect the business and its workforce during the lock down period and beyond.

Cloud accounting is allowing many businesses to maintain ‘business as usual’ when it comes to keeping on top of their finances. However, it is not just about the base accounting package, but the key apps too which enhance the system and provide further benefits to the ability to have remote access. Whilst you may already be maintaining your accounting information in the cloud, there are key areas of your finance function that also need to operate in the cloud and, through additions to your cloud accounting software, can be managed remotely ensuring your finance function operates smoothly, keeping the business going. The key areas to enhance in these times are:

  1. Invoice automation – to reduce the time needed for manual entry of invoices/receipts and ensure your data is up to date as soon as possible, invoice automation apps are a key consideration. These additions to cloud accounting software utilise OCR technology to read a document you have uploaded and will then create the transaction in your accounting software at the click of a button.
  2. Purchase order/invoice approval – approval of purchase orders/invoices is more important than ever and not simple to maintain via email. An approval system software can be integrated to your accounting software to automate your approval processes based on amount, tracking category or nominal code allocation. Approvals can be multi-tiered, and the relevant approver is notified when they are required to review and decide on the document.
  3. Debtor tracking and management – to ensure your customers are still paying and you have full visibility of your aged debtor position, debtor tracking apps can assist with this process. Automated invoice reminders can be set up with tailored messages requesting payment based on the terms you determine, ensuring your debtor management is maintained but automated to reduce the administrative time required.
  4. Online payment services – you can make it easier for customers to pay your invoices by adding online payment services to the sales invoices you send to customers. Integrating your cloud accounting software with an online payment service can reduce the time taken for you to get paid, providing cash quicker and reducing your outstanding debtor balance.
  5. Management reporting – visibility over financial information is needed more than ever and tailored reporting portraying your financial information visually allows you to gain a better understanding of how the business is performing. Integrate a management reporting tool to your cloud platform and we can create custom reports and provide you with a live analytical dashboard which tracks your key performance indicators and assesses your current financial position.

We offer an MOT of your current accounting platform to observe how you are currently using your accounting software and will provide recommendations on ways to enhance each area of the finance function, ensuring you get the most out of your cloud accounting platform.

If you would like to explore how cloud accounting technology can optimise your accounting information, allowing your business to function remotely, please contact James Fry, Senior Account Manager jfry@garbutt-elliott.co.uk or Aaron Sutton, Cloud Systems + Integration Advisor asutton@garbutt-elliott.co.uk for a free initial discussion.