Top Tips To Help Your Business Go Digital
We live in an age where most things are digital with paper records becoming a thing of the past. The introduction of Making Tax Digital (MTD) in 2019 encouraged many UK businesses to start the process of going digital beyond what is legally required, and it’s certainly not a bad thing modernising where you can. If your business wants to improve its digital footprint, we can help, streamlining your processes and accounts effortlessly. We’ve put together some first steps to get your business digital.
Embrace the change
While traditional paper methods might be a habit you’ve embraced for years, taking the next step towards digital is easier and less daunting than you think. Look at the bigger picture and how your business could look digitally. The benefits of going digital are there for all to see, these include increased efficiencies, cost savings and flexibility whilst having access to real time information including your cash and profitability.
You can start the process by first:
- Brainstorming – the first step is to develop a plan for how and what going digital looks like for you and your business.
- Develop a road map and timeline – a step by step guide on how you will achieve your objectives will help keep you on track.
- Get a company buy-in, assigning roles and responsibilities – your team will plan a huge role in whether you will achieve you going digital objectives and can be a real driven force to push you forward.
- Partner with the right technology and service providers
- Expand or develop an online presence – Website, Google My Business and social media platforms etc
You can also look at phone app’s such as Receipt bank, Zoho or SAP Concur to scan receipts and invoices. A little goes a long way to making good habits.
Top tip: Don’t get stuck in the middle, go all paper or all digital. If you’re not fully ready for digital, it can be an accountant’s nightmare to sort the paper from the emails.
Invest in software
Don’t spend hours poring over spreadsheets, let modern technology lead the way to simpler bookkeeping. Your business’ books will benefit, and your accountant will thank you when it comes to preparing your accounts. Using good, cloud-based software such as Xero or Quickbooks will save you time and money. It will allow you to create invoices, track payments, calculate and report VAT and manage stock levels.
We’re an accredited Xero online partner. Xero is a powerful piece of software that lets us tailor the service to your specific requirements, and share detailed reports highlighting areas of concern, opportunity, or relevance to your market sector. This detailed information can be accessed anywhere given you the flexibility you deserve!
Using the software’s data we can give you detailed management reports on how your business is performing. Remember that good account preparation paves the way for future growth.
One step at a time
If you’re ready to get bitten by the digital bug we’ll be there to lead the way. Our team will work closely with you to review what areas can be digitised and automated. We can guide you on setting up best practice and use the right software so you can do it yourself easily and in full compliance. This way we can be involved as much or as little as you wish. Ultimately, we’ll then be able to give you real time data on your accounts, helping your business make informed decisions on future developments, and generate growth.