Finance is a key area for every business owner and with the latest digital tools you can truly enhance how you see and manage your finance function every day.
Trust us when we say there are many advantages to embracing digital tools, cloud accounting solutions and tech stacks, they can really make your job as a business owner so much easier!
Within this blog we’ll explore 4 reasons why you should revolutionise your finance function with the introduction of digital tools!
Accessibility
By using digital tools such as Xero, your finances become so much more accessible! Instead of reaching for physical books in which you’ve stored your monthly income and expenditure, you can log into one platform and see everything clearly.
Easily accessible data can make it easier for you to understand and navigate your finances each day. It can also mean that you’re able to quickly identify whether you’re achieving the things you set out to achieve, and help you with a quick overview of your accounts if you need to make a timely business decision.
Save time
It shouldn’t surprise you to learn that, for most of the financial jobs you’re doing manually, there’s a digital tool out there that can do it for you. As well as streamlining and speeding up the process.
Many tools can help by automating processes that you used to do manually. Others help by interlinking and working together to deliver outcomes for you, including tasks like paying staff and sending chaser emails for overdue invoices.
Efficiency
Embracing digital tools can result in improved overall efficiency for your business! Having your financial data in an easy to access format and stored within a digital platform is more efficient than having it stored in various places.
The introduction of automation within your processes will also enable you to be more efficient than completing data entry manually.
Digital tools can also help flag inconsistencies and errors quickly! Meaning you’re able to ensure your data and processes are up to date, and most importantly, accurate.
Forward plan
There are also tools out there which will help you forward plan, forecast and review! We know it can be tempting to stick with the traditional Excel spreadsheets for tracking and forecasting, but the tools out there are far, far more effective.
You can create easy to digest reports and analysis based on your KPIs and goals, and quickly gain a snapshot and comparison of your current and previous financial years.
Want to learn more?
If you’re a business based in Newcastle, North Tyneside or Northumberland and you want to:
- Learn more about digital tools and cloud accounting
- See some digital tools in action
- Hear how digital solutions will advance and the skills required to use them
- Hear from business owners who’ve embraced digital tools and cloud accounting (as well as the benefits they’ve noted)
Our upcoming, free event with Digital Pathfinders on the 12th of January will help! You can find out more and register your interest here.
About Digital Pathfinders
Digital Pathfinders is a free-to-access programme which helps organisations across Newcastle, North Tyneside and Northumberland become more successful by exploring, planning and implementing digital technology.
The programme operates across a variety of sectors including – but not limited to – retailers, non-profits and manufacturing organisations.
Digital Pathfinders helps organisations mitigate the risk of adopting new technologies, equipping them with the understanding of potential investment required for relevant digital solutions.
The programme is delivered in partnership with Digital Catapult North East Tees Valley, Generator, Vonne and Steam Digital. The programme is funded by Digital Catapult and North of Tyne Combined Authority, as part of the North of Tyne Digital Growth and Innovation Programme.
By registering for the Blu Sky and Digital Pathfinders event you will be registered on the Digital Pathfinders Programme and eligible for ongoing one-to-one support, future events and potential funding.
