There’s an app for that!

The big news from the past month was that the UK track & trace system fell down not because of some complicated programming error or foreign hacking but simply because they were working off an Excel spreadsheet that hit it's limit of rows.

There’s an app for that!

The big news from the past month was that the UK track & trace system fell down not because of some complicated programming error or foreign hacking but simply because they were working off an Excel spreadsheet that hit it’s limit of rows.    

A lot of people were shocked that the track and trace system was based on a bit of technology that was released originally in 1985.  But let’s be honest the same could probably be said for a lot of the UK’s SMEs and corporates.  Most traditional banks still run off a version of Windows XP, with one even using a back office system dating back to the 70’s. 

In fact when I ran my first business all my accounting was run on Excel.  I tried a desktop version of Sage Line 50 but it was far too complex for what I needed so I defaulted to what I knew. In fairness even today my household budgeting is still run off a spreadsheet (albeit Google rather than Excel).   

But there is a better way! The past five years have seen huge advances in technology that can facilitate the easier financial running of a business (and easier compliance with new and upcoming HMRC legislation) regardless of your size or complexity.   

Accounting software

The challenge with Excel is that you can easily make a mistake without even realising it.  Which is why, over the past 5 years, there’s been a rush of firms adopting new accounting specific software. Whether you are a sole trader or more complex limited company, running your business on a cloud based accounting software is a must. 

Xero and Quickbooks online are great, low cost places to start. Certainly if you have a UK based accountant, post the advent of Making Tax Digital, you should be well on this journey.  Both QBO and Xero offer excellent and user friendly software. Other options include Freeagent (free with RBS/Natwest Business accounts) and even banks like Starling which have their own small business accounting solution.  But it doesn’t just stop there getting the right accounting software at the heart of your business will unlocked a whole host of software that can integrate and save you time and money.  

Receipt capture 

We’ve all done it.  Filled up with fuel, got the receipt, put it in our pocket and then, weeks later, find the remains after the jeans came out the wash.  But receipts are important certainly when it comes to your accounts.  

But actually getting receipt capture right can also save you money. Not that many years ago I’d turn up to my accountants with a box of receipts.  Someone would then have to go through them, sort, arrange and check them off. One by one. It could become pretty expensive. But OCR technology and software like Hubdock, Auto Entry and Receipt Bank can fast track this process. QBO even has its own basic receipt capture software built in.  Snap the receipt and it will end up in your accounting software automatically. 

Forecasting

The misnomer here is that only big businesses need a forecast. Actually no. Back at the start of the COVID crisis when CBIL’s applications began, the traditional high street banks were asking for some kind of forecast to show how the business would trade through the coming months. But beyond the need for situational forecasting, think of a forecast as a sat nav for your business a way to see where you are going and a way to predict any bumps in the road. It’s also not as complex as you think with software like Futrli Predict, Float and others designed to be used by the business owner.     

Credit control

If you raise a lot of invoices, keeping on top of who have paid and those who haven’t can be a full time job. Which is where simple credit control software like Chaser or Satago comes into its own. Simple overview of invoices, debtor days and tools to help chase those late payers where you can. Hours saved and most importantly money in your bank.

Need more?

Depending on your industry there’s a host of other software you could look at. For farmers why not take a look at Figured, an industry specific forecasting tool, or if you have a team regularly claiming expenses maybe take a look at SAP Concur, Pleo, Expend or Expensify.

There’s even solutions for payroll (Xero Payroll, Deputy, Tanda), sales CRM (Capsule CRM, Breadwinner, Hubspot) and time tracking (Workflwo Max, Xero Projects, SimPro)

The key here is that they all link into the accounting software to give a more integrated way to run your business finances and make your life easier.

ABOUT THE AUTHOR
Phil Hobden
Phil Hobden
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