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Maximise your Cloud Accounting Strategy - Top Tips
Maximise your Cloud Accounting Strategy - Top Tips

 

1. Set up Bank Feeds ๐Ÿฆ

Setting up a bank feed will keep your bank transactions flowing into your bookkeeping software, ready for you to match them against your bills and sales invoices.

Bank feeds can be set up directly via Xero.

For further efficiency, set up bank rules for those transactions you wouldn’t normally receive invoices for, but are similar each month.

 

2. Automate Bill Capture ๐Ÿงพ

By taking pictures from your phone, forwarding emails with attached PDF’s and creating direct links with online supplier accounts, you can collate and process your purchase invoices, alleviating the need to type any of the information yourself. Not only does this save time, but it also reduces errors.

Dext Prepare can act as your purchase invoice inbox and gateway to Xero.

You can further speed up the flow of information by setting up supplier rules and auto publish, since this prevents having to re-check settings.

 

3. Raise Sales Invoices ๐Ÿ’ธ

By raising your sales invoices in Xero, you can easily send invoices with your own branding. Once paid, you can then quickly match them against your bank transactions. So, if a customer doesn’t pay you, you will know that you need to chase them for payment.

You can utilize Xero’s auto chaser function to send out emails to late payers chasing payment.

 

4. Use a Payment Facilitator ๐Ÿง

Integrate Stripe with Xero to allow customers to pay your invoices directly via the invoice with a credit card, reducing the time it takes for you to be paid.

For heightened clarity, configure your account so that it marks invoices as paid when customers make payment.

 

5. Match Once a Month ๐Ÿ“†

With the flow of data and processing set up correctly, you should aim to ensure your bookkeeping is up to date every month.

With all the above tips implemented correctly, you should spend less time monthly than you would have done quarterly or yearly!

The Outcome

With all your records backed-up in the cloud, you will be able to pull up and refer to your documents with ease, avoiding the tedious task of tackling endless piles of paper.

If your business is complex and you need assistance setting up your finance function, or you need help maintaining your data flow, you can get in touch with one of our cloud accounting experts here at Gow and Partners.

Our extensive experience in this field means we can completely tailor your system to you and help you meet your objectives, no matter how unique your business is.

Whether it’s hitting a sales target, increasing profit or achieving a certain level of growth – a deeper understanding of your finances and better reporting will help you make better business decisions and give you more time to do what you love.

 

 

Contact Gow and Partners 

 

Wherever you are in your cloud accounting journey, you can get in touch with our friendly team today and say hello to maximum finance function streamlining!

Simply call 01254 589799.

Alternatively, you can fill in a contact form, or send us an email at info@gowandpartners.co.uk.