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Unlock your business potential with digital accounting

25.11.2019

Business

For many of us, when we hear the words artificial intelligence or machine learning we immediately conjure up the notion of ‘human-like’ robots taking over the world and forcing the slow demise of the human race, as we know it.

 

While these concerns may have their roots in science fiction, the reality is that technology and artificial intelligence have already transformed the way in we all interact with businesses 'and each other' across the globe.

 

Machines already make up a high percentage of the work force, across all industries and in today’s high-tech environment a high percentage of our social and business interactions take place online.

 

You only need to look at how tech giants such as Amazon, Facebook and Apple have changed the way we buy, communicate and share information to see the potential for businesses now, and in the future.

 

Connecting you and your business with Xero Apps

Intelligent accounting software, such a Xero have revolutionised the way in which small businesses operate.
 

Historically only available to larger companies, the use of artificial intelligence and machine learning combined with the need for businesses to access real-time, accurate and transparent information has generated a boom in the range of cloud accounting products, apps and services available to small businesses.
 

The rapid development in cloud accounting is also driving the Xero Apps market, with companies racing to create an App for everything and anything to help make running your business more efficient and profitable.   
 

There are now over 800 different Apps specifically designed to power small businesses and connect seamlessly to Xero.

 

Open Banking 

Open banking technology allows your Xero accounting software to connect directly into your business bank account enabling you or your accountant to access real-time data and make more informed decisions about your business.

 

The technology used to power Xero is now so sophisticated that it will automatically post similar or repeat transactions, saving you the time and effort of checking every transaction.  
 

It also means that reconciling the bank can occur every day rather than having to wait until the end of the month to reconcile the bank to the bank statement. 
 

With the introduction of Open Banking this will open up a far more connected way of working such as allowing you to initiate payments direct from your Xero accounting  

 

Take control of your cashflow – no more unpaid invoices

Managing your cashflow can be a headache, especially if you do not have clear visibility of when cash is coming in or going out of your business account.

 

There are several cloud-based credit control software apps on the market that will automate the chasing of outstanding sales invoices such as Chaser.  Saving you time and worry that you just have not got time to get the money in to pay the staff their wages or suppliers.  If you can get paid quicker for the sales invoices that you have raised this will have a positive impact on your company’s cashflow. 

 

Struggling to pay bills and worry about cash?
Did you know there are applications out there that help analyse your data and suggest when you may need extra cash. These tools can also help prepare budgets and forecasts for the next few years using historical information provided by the accounting software. 

 

What about managing staff expenses and lost receipts?  

With most people owning smart phones, expenses can be photographed, uploaded into a digital expense claim so you are not having to chase every person for their expenses.  Other options are apps with prepaid card that ensure staff aren’t having to use their own money for company expenses.  You keep control over expense types cards can be used for and data synced directly into the accounting software.  

 

Paying and receiving money in foreign currencies?  

You no longer need an expensive separate foreign currency bank account to transfer or receive cash overseas - there are online banks that are revolutionising the traditional banking system known as challenger banks.

 

Due to the on-line capabilities of accounting software they can manage all your foreign currency creating borderless accounts without charging the extortionate fees.  These are easier to setup, cheaper and provide more flexibility with new data feeds into Xero allowing you to keep up to date with your financial reconciliations. 

 

At CKLG Accountants we are helping business clients embrace digital accounting- to find out more which apps can help you run your business for efficiently talk to Alex and Chloe on 01223 810100 

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