Businesses across the UK are feeling the squeeze of increasing energy bills and raw materials, especially as the inflation rate recently hit 9 per cent.

With inflationary pressures increasing outgoings, as well as staff feeling the pinch on their wages, you are probably looking for other areas to cut costs.

All VAT-registered businesses should be using one form of cloud accounting to comply with HM Revenue & Customs’ (HMRC) Making Tax Digital regulations.

However, the software is capable of much more…

Increasing productivity

As you are already paying for cloud accounting software to remain compliant, it is worth considering how to get the best value for your money, by harnessing the full power of the software.

In fact, by using cloud accounting to automate more processes, productivity can be dramatically boosted, thereby increasing employee output.

The software allows repetitive manual data entry tasks to be eliminated by automatically updating data.

Additionally, with the help of app stacks, you can outsource even more functions to streamline your business’s operations. For hospitality businesses this could include a roster system that automatically updates payroll accounts.

Not only does this give your employees more time to dedicate to other tasks, but this also reduces the number of human errors – which, again, saves valuable time and energy.

Below are just a few examples of the cloud applications that we are certifies to implement:

Reducing outgoings

With cloud accounting allowing for accounts to be accessed from anywhere, this provides an opportunity to evaluate the company’s fixed costs.

The need for large office spaces could be redundant if more employees are opting for a hybrid working approach, or solely working from home.

Whilst this is not a possibility for every business, should the option to downsize be available, this can make a substantial difference to the business’s costs, with both rent and bills being reduced.

Monitoring cash flow

The software is also a handy tool for nurturing a healthy cash flow.

As accounts are constantly updated, it is much easier to spot growth opportunities as well as potential issues as soon as they arise.

Especially with the possibility to add apps, such as Dext and Fluidly, keeping your accounts up to date has never been easier.

For instance, if one of your products or services has experienced a sudden increase in demand, this can direct action to increase production and sustain sales, which in turn facilitates growth.

On the other hand, the insight from data can also highlight issues. Introducing an app to monitor stock levels can simplify the process of stock management, as well as signalling whether action is needed to alter the business strategy, should stock become static.

Looking to optimise your business’s cost? Contact us.

Posted in Blog.