Financial Tools: The Fourth Pillar of Absolute Financial Certainty

A room full of busy and seemingly productive people is generally seen as a good sign. But if your staff are using inefficient and outdated tools, they could be used for greater effect in your business.

Are your finance and administration staff busy manually entering supplier invoices? Manually coding entries for bank reconciliations? Using ‘off system’ spreadsheets to produce management reports?

Such processes lead to double handling in data entry and accompanying data entry errors. Worse, your accountant has to rely on back up files to perform their work, adding further time and cost.

Cloud accounting and administration systems provide a huge array of automation for administration and data entry tasks:

• Accounting and bookkeeping systems

• Receipt recording systems

• Job costing and control

• Timesheeting, payroll and superannuation

• Rostering and scheduling

• Task and project management

• Document storage.

These systems can increase efficiency and make evident areas of over resourcing. If your administrative burden decreases, you can focus your staffing investment in value-adding or revenue-generating roles.

Cloud-based systems are accessible everywhere. That means you and your team can keep on top of things on the go. You can also explore other options for how your administrative functions are performed, such as outsourcing and offshoring. Cloud systems also typically operate on subscription models meaning the days of expensive on-premise capital investment should be largely behind you.

It's a pillar upon which you can build.