Cloud technology is revolutionising small business providing an opportunity to be more efficient and productive, lowering overheads and giving you more time to focus on money-making activities. It enables people to collaborate and work from anywhere in the world from a café in Florence to an airport lounge in Melbourne, all you need is a laptop, tablet or smart phone and internet access.
One of the significant areas cloud tech has helped small business is in streamlining financial processes.
Would you like to learn how cloud technology can help you in your small business? Read the How Tos below :-
Maintaining your accounts
The advent of cloud financial software such as Xero has completely revolutionized the way small business can manage their accounts. Xero has a number of savvy time saving features such as emailing invoices directly to customers from the software, adding links to emailed invoices for immediate payment via PayPal, Stripe and other payment gateways and the ability to send your invoice straight into your customer’s Xero (if they are Xero users). These features, as well as setting up daily automatic bank feeds from your bank directly into your Xero are time saving and easy to operate.
Increasing your cash flow
Gone are the days when you should have to waste time following up late payments from customers. Now you can set up direct debits using apps as well as accept immediate payment via your smartphone. The range is amazing, check out my Eway, ezyCollect, Stripe and Square. There are even apps that automatically chase your debtors for late payments by connecting to your accounting software like Debtor Daddy and Chaser. These all integrate with Xero and other cloud financial software automating the process and making sure money hits your bank account much faster.
Automating the routine stuff
Any job that is process driven and routine is perfect to automate with cloud tech and the financial processes of a small business are extremely routine and process driven. Generally it’s the business owner that gets caught up performing these activities and, not only is this a bad use of their time, but often they don’t know how to correctly perform the task which leads to incorrect financials or having to pay someone to fix it. Software like Receipt Bank, Entryless and Shoeboxed eliminate data entry of receipts and invoices by converting them into data and exporting to your accounting software. You can get the paperwork to these providers via mail, email or even via scanning on your smart phone or tablet.
Implementing cloud tech in your business to automate your financial processes is simple to do and will greatly improve your efficiency and cash flow. The majority of cloud applications are low cost if not free, with the flexibility to choose a subscription level on a needs basis. This means that as your business requirements grow you can scale up your subscription. Quite frankly, if your business is not in the cloud yet, you should seriously consider it.
About our Ausmumpreneur Expert :
Marisa Garra-Punshon helps small business owners make, manage and multiply their money by working with them to increase their cash flow, understand their finances and create accountability for their own success. She is passionate about streamlining financial and administrative systems via cloud solutions, which lead to greater efficiency, productivity and profits.
Marisa runs two businesses, Miss Moneypenny Presents and Orbit Accounts. She is a Xero consultant, designs online financial and software training programs, a speaker, Dream Builder Coach, MindPT Certified Master and a mum to two gorgeous teenagers.
Her consulting methods are unique as she provides a holistic combination of teaching small business finance principles and cloud implementation with strategies to achieve life goals and create and maintain a positive mindset.