The world is going more digital by the day – whether you’re booking tickets or ordering food, there’s an app for everything. Now, the world of accounting is getting involved in the fun, with a host of apps that can make your business more efficient – saving you time and money.
But what apps should you be investing in, and how can you set them up? Well, we spoke to Keir Warwick, Director at Bulley Davey, who is leading the way on digital accounting; helping clients big and small make the switch:
“For some businesses, digital accounting sounds like a daunting new world; you might feel that your company is too small, or too big, to benefit – but the truth is that these apps can really help you – whether you work alone or manage a team of a hundred. I have a series of apps that I introduce to all of my clients wherever possible.”
The big players
“The first application is Xero, a cloud accounting software with whom Bulley Davey is a platinum partner. It’s really a central hub, which allows you to check your accounts in real-time and makes book-keeping really simple. You can pull off reports, and as your accountant we can access live data and make recommendations, or spot opportunities for efficiencies, without having to wait for quarterly or end-of-year reports.
“Chaser is a credit controller app. If you’re sick of chasing invoices, then take a look at Chaser – it does the whole process automatically and links into Xero! It does the hard work so that you can get on with the work that really matters.
“Just like chasing invoices, reconciling credit card statements is a huge pain for any business. Pleo puts the emphasis on the user of the prepaid card to post where the transaction should ultimately end up in Xero. This means the accounting team won’t have to reconcile as it has already been done. It also ensures that receipts are kept for all expenses.”
The bonus apps
“Ticking off these big tasks through digital applications can save you days of time – and money too through a reduction in outstanding invoices or unaccounted for payments. There are other apps too that do small but powerful jobs. For example, Futrli generates detailed management accounts which means that you, or your directors, spend less time manually analysing numbers.
“GoCardless allows a customer to press ‘pay now’ when an invoice is sent out via Xero and GoCardless is used to take the payment. That payment is then matched to the correct invoice, once again saving time for the accounts team.
“Finally, there’s Expensify, which speeds up the admin of expense claims. This can be hugely beneficial for those managing the finances for a team or company of employees.
“As you can see, all of these applications can pair up and work together to make your accounting process incredibly streamlined and smooth. What would’ve taken you days or weeks can be processed in moments – that is what technology can do for us. It carries the load, allowing us to do more forward-planning or explore opportunities for new growth and profit.”
“If you’re interested in digital accounting for your business, get in touch with Bulley Davey – we can take you through these apps in detail and help you get them set-up and in use.”
To contact Keir regarding digital accounting, email him via firstname.lastname@example.org.