Making a shift towards the digital is the new challenge of FY24
Over the last decade, the fields of accounting and bookkeeping have evolved to provide its users with the best solutions. From aiding in advancing business models to meet the expectations of client demands; change has been the only consistent element in boosting the industrial standards.
One of the biggest changes that has provided the industry with new standards of operation is practices being digitalized. Going digital has made practices increase the customer reach and has also allowed them to stay up-to-date with the most recent accounting and bookkeeping applications. By moving on to more reliable softwares and systems; practices are now moving towards a more efficient and modernized process allowing them to save cost and time.
While moving into FY24, practices now have the best opportunity and timeframe to review and update their application tack by considering digital tools that are more time and cost effective. One platform that is providing practices with the best app stack is XERO as it has compiled a list of applications that can help practices gear-up for the coming year.
Xero has provided a list of applications that aid bookkeepers and accountants in managing their business along with their clients as well. The applications list is composed of areas including,
- Invoicing
- Payments
- Payroll HR
- Inventory
- CRM
- Time Tracking
All these applications aid bookkeepers and accountants in managing businesses digitally in the best way possible.
Finding the RIGHT proposal design:
For new companies, drafting and sending a proposal helps in setting standards and expectations from new clients. However, this part can be tricky if you are trying to propose or re-negotiate the terms of your engagement. In order to ensure that the terms of your engagement are clear, understandable and accordant; relying on a software that would aid in designing a coherent engagement letter is a must.
Many online softwares exist that aid in the development of proposals; one identified by Xero is Ignition that aids in making proposals, setting billing dates, minimizing business risks and maintaining cashflows.
Choosing seamless payment methods:
Most start ups are thinking of going digital, the one element of the digitalization process is managing the payment gateways. Companies moving to a digital framework look for pathways that are reliable and easy to understand. One payment gateway that accepts payments, sends payouts and provides an easy online cashflow management is Stripe.
As recommended by Xero, Stripe allows for an easy integration and lets merchants accept credit/ debit cards along with other payment methods. Stripe assists small and large businesses who make most of their sales online. Stripe is a certified service provider that provides seamless and safe payments for companies with online clients and sales.
Integrating CRM into your business model:
For any company; large or small, one element that makes or breaks them is their resources; Human resources. Your company resources are solely responsible for managing clients and their businesses. Having a good client management system in place will help your company maintain client information and reduce admin work. Splose as recommended by Xero is a CRM software designed to help you with Allied Health and NDIS providers to reduce their workload and grow their practice.
Splose provides a lot of features including online forms, budget tracking, invoicing methods and scheduling options for its clients. Xero integration with Splose is the one stop solution to move towards automatic recons for your practice.
Reducing stress by pre-planning your work scheduling:
Moving your business online along with managing your and your clients’ business activities may get risky if you don’t plan ahead of time. Planning ahead of time will help in meeting deadlines, maintaining your staff roster and payroll integration. RosterElf is a cloud based rostering system that helps with your staff and time management. It is easy to follow and allows you to develop an employee-time driven system by bringing in accountability.
To sum it up:
Xero helps clients maintain and provide information processing through its platform. It has a bundle of applications and softwares that help practitioners and accountants maintain, schedule and analyze information, payments, cashflows and payrolls. If you are looking to integrate your business with Xero and include various add-ons; Accounts Automated has the best bookkeepers, accountants and resources with experience in Xero integrations. Being a Gold Partner with Xero, Accounts Automated is well equipped in managing businesses and forecasting according to the clients’ needs. Get in touch with us today and hire an accounting expert.
