If you’re juggling spreadsheets, struggling with the numbers or drowning in paper receipts, our top accounting tips are here to help.
As every business owner knows, time is precious. At Mullen Stoker we’ve made it our mission to help clients work smarter, so they have more time to do the things that make them tick. Managing finances and running accounts isn’t everyone’s idea of fun; tasks like dealing with invoices, recording expenses, monitoring outgoings and paying employees can be very time-consuming – but if you get it right it can put you and your business in a great position and set you up for the success you deserve.
We’ve put together our top five tried and tested accounting tools guaranteed to save you time and make your life easier.
With a bit of groundwork, you’ll be up and running and wondering why you didn’t make the switch sooner.
- Use bank feeds in Xero
A direct bank feed allows your banking activity to automatically feed into Xero. This means that your bank and Xero work together, sending the statement data over a secure connection directly into your Xero organisation. This makes life easier as it gives you reliable, up-to-date feeds, at the same time reducing the need for cross-checking and manual inputting.
- Use Rules in Xero
Perfect for those regular, everyday transactions that you wouldn’t enter as an invoice – such as car parking or coffee with a client – but that still need to be logged and filed in your accounts. Rules allows you to set up simple categories that make reconciling your expenses so much easier. Just assign each expense to a rule such as ‘parking’, ‘coffee’ or ‘phone bill’ and then swiftly file the expense into the appropriate account with one click.
- Embrace the cloud with Hubdoc
Time to go paperless? Hubdoc makes it easy to store your receipts, statements and invoices securely on the cloud. You can finally say goodbye to chasing missing documents and all that tedious data entry – just snap and send paperwork and link your accounts for automatic delivery. Linking Hubdoc to Xero will give you a seamless way to reconcile your banking and financial documentation.
- Automate your debt reminders with Chaser
Chasing unpaid invoices is a drain on your time and energy and can seriously affect your cash flow. Chaser is a cloud-based program that automatically takes all your unpaid invoices from Xero and sends them to Chaser who generate automatic reminders to pay you without you even needing to lift a finger. You can customise the emails that Chaser sends to your clients to keep a personal touch.
- Predict your cash flow with Fluidly
Fluidly offers intelligent cash flow management software, combining artificial intelligence (AI) with financial modelling to produce a forecast that’s always up to date. Produce cash flow forecasts in minutes, not hours and understand what’s coming up in the financial future. Fluidly integrates seamlessly with your Xero account too and is a brilliant tool to help you maximise opportunity and avoid risk. Save time, get paid more quickly, and never lose sleep over the financial future again.
Want to find out more about Xero or running your accounts more efficiently?
We’re always happy to help. Contact us today.