The past month has had an enormous impact on businesses as they adhere to Government directives in an effort to eliminate COVID-19. It’s taken its toll on business owners both mentally and financially, and has created a lot of uncertainty around what the future holds for our economy.
Whilst many business owners have been unable to work IN their business, we are encouraging them to take this opportunity to work ON their business. We are seeing many positive changes being made, the key one being investment in secure technology which will improve the way we all operate beyond COVID-19.
As accountants, over the past few years we have experienced an increase in client demand for ongoing advice and support, in addition to typical financial statements and tax return preparation.
Our discussions with clients have shifted from analysing past business performance to future performance. Our ability to access ‘live’ business data from accounting software, means that this analysis is much more effective.
Below we outline three simple ways to improve your business processes and enhance interactions with your business advisor.
Providing ‘live access’ to your accounting software
Adding your accountant as a user to your accounting software, such as Xero or MYOB, gives your advisor the ability to access your live information efficiently. It;
- Ensures advice is accurate and timely
- Assists with the timely preparation of financial statements
- Allows your advisor to plan strategically (forecasting cashflow, minimising taxation etc.)
Investing in an electronic processing system
Manual bookkeeping and physically keeping all your paper files can be onerous and time consuming. The recent lockdown has also shown the risk to businesses when they can't access paper documents.
Introducing a system such as Receipt Bank or Hubdoc can instantly improve the way small-to-medium sized businesses handle accounts payable and record keeping. They store your documents and receipts safely, and automatically back them up in the cloud. These systems will also process your creditor transactions into Xero saving you considerable hours. This means that you are freed up to do more productive things in your business knowing that your documentation will always remain accessible, and far more convenient for both you and your advisor.
Teleconferencing & screen sharing
Our relationships are so important to us, and nothing beats getting in front of our clients to help solve their problems. During alert level 3 and 4, we’re hosting meetings via video conferencing software such as Zoom and Microsoft Teams. This effectively allows us to continue those invaluable face to face meetings, whilst all staying safe in our bubbles.
At Nexia NZ we have been helping businesses through these chellenging times. If you would like advice on how best to improve your business technology processes, then please do not hesitate to get in contact with the Nexia NZ Information Systems team or a Nexia NZ advisor.