Oliver Finch – Outsourcing & Systems Specialist
In the current environment businesses are forced to act very differently to normal with staff working from home and without the normality of a functioning office and systems.
At a time when it is vital to have up to date, reliable accounting, many businesses are finding themselves with very little data and struggling to keep information flowing, obtain timely reports and ultimately keep the business going.
Below are some practical ideas for how you can keep everything moving and adapt to new methods of working. There are some very quick and easy ways to make some hugely beneficial changes to your business at this time.
As well as giving you reassurance and insight these solutions will help with applying for Government Assistance or a Coronavirus Business Interruption Loan as there are certain key requirements and best practice for increased chance of approval such as current management accounts and robust forecasts.
From a practical point we can assist with producing up to date management information, cash flow forecasts and scenario planning. We can also help understand the numbers, assist decisions and identify cost saving potential during the crisis.
Analysis and forecasting
Understanding your accounts and cashflow is a critical step which all businesses should be undertaking.
The more up to date the accounting data, the more useful the analysis.
Cloud accounting software offers tailored reporting packs for insight into current performance.
Apps can often be linked directly to efficiently forecast future performance and run scenarios for your business.
Outsourcing all or part of your finance function
Like lots of businesses you may well be concerned about staff, accessibility, costs and cashflow at the moment.
There are a number of Government led schemes in place to assist with these areas and a practical solution could be outsourcing certain functions. A cost-effective way to continue operating specific tasks.
We can take on some or even all of your accounting function particularly if:
- You’ve not been able to set staff up at home to cover bookkeeping
- You have staff working from home but need more frequent and reliable management information right now
- You may be furloughing staff or looking to reduce costs
- If a staff member is off sick during the period then we can step in seamlessly in the short term so there is no interruption to the accounts and finances (e.g. – sending out sales invoices or paying suppliers).
Whatever the situation our Outsourcing Team can operate your finance function and provide regular insight into your business to help with business decisions.
Health checks and new cloud software
Take some time to assess your current systems and processes, they may not be suitable for the new and future ways of working.
If you are a Xero and QuickBooks user, are you getting the most out of them?
Or are you constrained by desktop accounting software, with staff struggling to get on and operate, or do you have a lack of visibility of financial data away from the office?
Are manual processes no longer an option with staff working in various locations?
We provide healthchecks that assess how efficient and effective systems are at present and advise on how they could be optimised.
This may include recommendations and improvements for paperless working, automation, information flow and cloud based software solutions (e.g. accounting, expense management, data capture and reporting software).
We can work with you to get them quickly up and running with best practice in mind.
Software training sessions
Using the likes of Skype to screen share, you and your staff can be guided through how to operate and get the most out of your accounting and other financial management software.
Our aim is to help your teams to collaborate, define best practice and most importantly, ensure your data is as current and as accurate as possible right now and for the future.
Conversions to cloud software
By their very nature these are still available, we can remotely complete conversions (and provide training) to cloud software solutions such as Xero and QuickBooks.
Given the Government’s current work from home directive, you can initiate or accelerate your plans to move to the cloud.
These are real solutions that can be implemented quickly and bring many benefits such as:
- Up to date financial information.
- Agile decision-making.
- Reliable business forecasts.
- Simplified processing of invoices and receipts.
- Automated solutions significantly reducing manual time.
- Data-based insights to drive operating profits.
- Time to focus on the business.
Please do get in touch with us to discuss your concerns and the support we may be able to offer you and your business.