Online Bookkeeping – a Platform for Collaboration

10 November 2016

In this environment of driving operational efficiencies, have you considered how effectively and efficiently your own finance function is operating?

Whether you are a finance director or a business owner, the introduction of new, cost-effective, cloud bookkeeping software can revolutionise not only the platforms on which you record your business’s financial information but also the way in which you can collaborate with your clients, employees, suppliers and accountant, giving your finance functions the ability to become more efficient and improving cashflow at the same time.

Built-in dashboards also allow you to easily access the financial information you require at the touch of a button.

End-to-End Sales Integration

You can raise a sales quote which your customer can accept, reject or amend online. Once the sales order has been accepted and the work performed, you can then quickly convert the quote into a sales invoice which can be sent electronically to your customer with the ability for the customer to pay instantly at the touch of a button, should they choose to! This end-to-end integration is dramatically reducing the time it takes for businesses to get paid as it shortens the time it takes to get the sales invoice to the customer.

End-to-End Purchases Integration

You can raise a purchase order which your supplier can accept, reject or amend online. Once the purchase order has been accepted and the goods received, the supplier can then send their invoice directly to the software which can then be converted to a purchase invoice with a due date for payment – no need for paper copies of purchase invoices to be held as the software stores an electronic record of the invoice. Where appropriate, purchases can be allocated to stock and stock values and quantities bought and sold monitored.

Job Management

You can manage the workflow on jobs, raise purchase orders, input timesheets, allocate material costs to jobs, raise the sales invoice and report on the performance of each job without having to input data twice.

Expense Claims

Employees can submit their expense claims for approval online using a smartphone or tablet App by taking a picture of the receipt and attaching it to their claim. No more lost receipts!

Daily Bank Feeds

Many of the banks now provide daily direct bank feeds allowing online bookkeeping software to receive the bank statements automatically via a secure connection; since the bank account is always kept up to date on the software, business owners are able to keep on top of their debtors allowing them to see at a glance which customers’ invoices are outwith their standard credit terms.

Reporting 

In addition to reports on how jobs are performing, you can track the performance of divisions, locations or any other categories you wish.

Outsourcing

As data can be shared by you and your accountant, a partial or fully outsourced collaborative cloud bookkeeping service has become much more achievable and attractive.

 

With data capable of being accessed by employees, suppliers, customers and accountants, “collaboration” is definitely the new buzzword.

a step by step guide to using  Xero  watch here 

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