Is your business stuck in the digital dark ages?

‘We have always done it this way’ is often referred to as the most expensive words in business. But why is that? Why would you change a working formula?

We are living in an era where technology is moving forward each and every day. Just think how far technology has come in the last 10-20 years. We tend to embrace these new technologies within our personal lives, but why are we not bringing the technology into our businesses?

For example, let’s think about the day to day accounting. We now have software packages available where improving efficiencies is at the forefront of their minds. Gone, or very nearly gone, are the days where receipts are collected in a shoe box and handed into your accountant at the end of the year. The software programs of today, such as Xero, allow for banking transactions to seamlessly flow straight into your accounting software, invoice automation and cloud based storage, to name a few. The Xero marketplace is full of developers who have created software, spanning all industries, to allow for all aspects of your business to interconnect seamlessly.

For business owners and management teams, the access to real time information at a click of a button can be vital, especially in a world where inflation is high. Having the ability to review real time profits, spending and cash reserves in an instant can provide opportunities to identify possible issues before they become a problem.

Let’s not forget the benefits to your accountant or business advisors who can now review your financial position on a regular basis in real time. This provides greater opportunities for various planning discussions to occur throughout the year.

If we are not embracing the technology available, then what good is it?

It is important to assess whether all aspects of your business are running optimally, so the question here is, are your accounting systems as efficient as they can be?

As Xero Platinum Partners, and extensive users of other software ourselves, we have an in-depth knowledge of the software options available. We can review your current system, assess your future requirements, and identify components that are working for you as well as those that need improvement or change.

For more information on how we can support your business, please contact our EQ Technology team via technology@eqaccountants.co.uk or call one of our offices.