Last Updated on September 6, 2024
Ask most business owners what they love about their job and chances are they will launch into an enthusiastic rant about their specific field of expertise. Likewise, ask them what they hate about doing business and for most it will be the time-consuming, boring and stressful demands of administration and paper pushing.
If this sounds like you then it may be time to take a look at how technology has advanced in the areas of online invoicing, payroll software, payment platforms and information sharing. What you find is new ways to streamline your business processes making them more cost effective, more transparent and with the ability to enhance the customer experience as never before.
Taking account of your business
Online accounting software now means the days of installation disks and single user portals are becoming obsolete. Cloud based accounting also means an end to onsite servers and the need for high spec computers.
It provides multi-user functionality which can be accessed from anywhere in the world, providing discretionary access, real-time financial data and the ability to collaborate as a team.
Until comparatively recently, the mechanics of work such as bookkeeping and payroll had remained fairly static; requiring a lot of man-hours and attention to stay compliant and vigilant in both ATO accountability and employee entitlements.
Many business owners are still somewhat in the dark as to the technological advances which have been made to make these processes and legal commitments, faster, more accurate, more compliant and far less man-hour dependent.
Another powerful tool available to business owners is ERP software which is speeding up end-to-end processes and providing staff and managers keen insights into every area of their business.
ERP explained
Put simply, Enterprise Resource Planning (ERP) brings all areas of a business together. Formerly, each business division would operate independently, without the benefit of real-time access to vital information about other facets of its running.
ERP software is enabling business process management through a system of integrated applications and automates many administrative and back office functions. Through this integration, departments such as those below can be amalgamated into an application with a single user interface. This may include such diverse functions as:
- Purchasing
- Inventory
- Finance
- Manufacturing
- Sales and marketing
- Product planning
Now using web-based applications all these departments can work synergistically and have the ability to accessed remotely from multiple points.
Invoicing
If you are still emailing, faxing or mailing your invoices to clients you are doing your business a disservice. Imagine being able to send an invoice whilst you are still onsite and, better yet, have the facilities which enable your client to can pay that invoice immediately using a number of different payment platforms such as credit card, Paypal or BPAY. This would not only increase cash flow but make more precise and predictable financial forecasting possible.
Payroll
Online payroll software facilitates the transfer of information automatically into or out of, your accounting system to keep abreast of wage increases, tax rates and ATO submissions.
Online accounting software can provide Single Touch Payroll reporting (STP) which caters to the government stipulation which has been recently introduced for businesses to report their employee payment details including superannuation, electronically. The system works by automatically transferring pay data to the ATO when you initiate your pay run.
Not only does STP reduce the need for EOFY company tax reports, it means no more time-consuming group certificate generation at tax time as well.
Multi-user capabilities
Utilising online accounting software has huge benefits for companies who deal interstate and internationally. Using permission based protocols you can set up access for staff to remotely manage financial information, check stock levels and collaborate as a team from anywhere in the world.
This furnishes sales staff with the power confidently quote to clients and provide accurate delivery schedules which in turn avoids disappointed and disgruntled customers.
The above is just a small taste of the advantages which can be gained by updating your accounting software. Many systems have now become plug-in compatible with multitudes of industry specific apps and add-ons to complement and enhance the power of stand alone programs.
If you are still using outdated systems and processes, it is now time to take a step into the 21st Century and give your business the support it deserves.
