Now that the UK is emerging from lockdown, businesses are looking to get back on track as efficiently and quickly as possible. Now seems to be the appropriate time to review the best apps and tools to help you seamlessly run your business, while keeping track on the day to day finances. These are a small selection of helpful tools for small businesses.
Cloud accounting software
What is it?
Cloud-based small business accounting software
What are the benefits?
- Cloud-based gives you access any time, anywhere and the ability to use from any device
- Real-time data, providing a clear financial overview
- Very simple to use, intuitive software making it appropriate for even non-accountants
- The ability to create & send invoices on the move with automated daily bank feeds
Reporting & forecasting tools
What is it?
Management reporting and financial analysis tools that lets you see how your business is performing in real time
What are the benefits?
- Combines financial data and artificial intelligence to instantly produce an up to date cash flow forecast, saving significant time modelling & updating in Excel (Fluidly)
- Ability to view cashflow, profitability, growth and track KPIs that drive your business (Fathom)
- Forecasting and modelling a variety of scenarios (such as revenue increase/decrease or hiring a new employee) to see how the changes will impact business
- Provide you with financial business insights that can be visualised instead of viewed in a number/text format
Invoice processing software
Auto Entry and Dext (previously Receipt Bank)
What is it?
Optical Character Recognition (OCR) scanning technology used to streamline processing of invoices, receipts and statements into your accounting solution
What are the benefits?
- Allows you to remotely facilitate the operation of a paperless accounts function
- Efficiently extracts document data, reducing the risk of human error
- Saves you time by removing the need to manually input information into your accounts
- Provides electronic document storage with the underlying transaction for ease of reference
We would recommend that invoice processing software is used in conjunction with an approval workflow tool.
Approval workflow tool
We recommend ApprovalMax
What is it?
A fully automated multi-tier approval process & workflow for financial documents
What are the benefits?
- Automates paper-based process for teams working remotely
- Fully visible and traceable business-critical processes
- Increased team productivity and efficiency, resulting in minimal intervention
- Pre-defined approval workflows ensure documents are sent to the correct person(s)
Expense management tools
What is it?
Tools for employees to submit expenses electronically and on the go
What are the benefits?
- Ensures that the only expenses being claimed by employees are valid business costs by encouraging the implementation of an expense policy
Real-time expenses reports/dashboards and pre-defined approval process/set spending limits enable business owners to stay on top of company spending
- Allows tags & tracking so expenses can be allocated to projects/divisions/depts
- App based categorisation and processing of receipts as expenses are incurred
Debtor management tools
What is it?
Tools to provide customer risk insights and fully automated credit control.
What are the benefits?
- The ability to chase overdue invoices, send reminders, prompts & issue thank you notes
- Save significant time each week on credit control by using templates and scheduling, which is fully customised to ensure communications remain personable
- Helps to boost cashflow and reduce the risk of bad debt by getting paid on time and addressing potential debt problems early
- Evaluate the risk level of potential new and existing customers, assess their average payment time and suggested credit limit before deciding to work with them (Satago)
Collaboration tools
Slack and Microsoft Teams
What is it?
Internal team collaboration & communication tools that replace email
What are the benefits?
- Encourage teams to work together remotely as they would face to face
- Online video calling & screen sharing facility as well as meetings & conferencing
- Full integration with Office 365 products such as Planner & Sharepoint (Teams only)
- Workspaces allow you to organise communications by channels for group discussions and allow for private messages to share information & files in one place
Keen to know more?
Please contact our Systems Advisory team, who would be delighted to discuss which of these tools would best suit your business and assist you in their implementation.