Financial New Year’s Tech Resolutions to Boost Your BusinessPosted by
The start of a new Financial Year is the perfect time to consider how your business might better use technology to improve your bottom line.
If you’re still stuck in the age of shoebox accounting, or fighting with a jumble of spreadsheets, then it’s time to bring your finances into the modern age. Thankfully, there’s no need to spend a bundle on accounting software when powerful cloud accounting packages put a wealth of features at your fingertips for only a few dollars a month
The ability to quickly generate quotes, issue purchase orders, send receipts and chase late payments can do wonders for your cash flow. You’ll also find modules supporting payroll, human resources and other advanced features to help ease business growing pains.
Cloud-based accounting packages make it easy to see how your business is tracking in real time, rather than waiting on monthly or quarterly reports. Some services also let you grant your accountant access to your finances, which can help you forge a closer relationship to make the most of their expertise throughout the year and not just at tax time.
While you’re overhauling your finances, look for ways to reduce paperwork in general across the business. Digitising your workflows doesn’t just cut down on paper and printing costs, it can also help you streamline processes and develop new workflows to help you work more efficiently and effectively.
It’s also worth asking whether your business is making the most of the new generation of mobile devices, which make it easier to get things done when you’re away from your desk. With a smartphone, tablet or notebook at their disposal, your people can stay just as productive on the road as when in the office.
Digitisation, mobility and the cloud tend to go hand in hand, making it easy for your people to work anywhere, at any time and on any device. The ability to check stock levels, place orders and accept payments on the spot – rather than waiting until you get back to your desk to complete the paperwork – can give your business a major shot in the arm.
As you digitise your paperwork, it’s important to revamp your data backup regime to ensure it’s keeping all your critical business information safe should disaster strike. If you’re using a basic, consumer-grade cloud storage service it’s worth investigating the improved power and flexibility of a business-grade service. Along with protecting you against tech disasters, backups also offer an insurance policy if ransomware gets a foothold in your business and encrypts your important files.
With so many business benefits on offer, it’s certainly worth rethinking your technology strategy for the financial year ahead.