If you’re using Xero, you should be aware of its ability to interlink with various other cloud platforms.
This means you can create a tech stack that helps keep your finance and accounting functions running seamlessly!
Creating efficiencies through Xero and the apps which integrate with it is our bread and butter. We’re experts in the cloud accounting app ecosystem, so we thought we’d share why using an effective tech stack is the way forward, as well as a few ways you can make your tech stack even more efficient!
To start with, what is a tech stack?
A tech stack is a collection of technology, software and/or tools that interlink and work together to create various effective outcomes. Xero is one of the core products we use each day, and our tech stack is built around it.
So, let’s dive in, why are tech stacks the future?
An effective tech stack will save you time every day by streamlining processes through automation. It will take care of tasks you used to do manually, which will ultimately mean you have more time to reinvest into other areas of your business.
Alongside automation, another aspect that will result in time saved is the ability to access, store and manage your centralised data quickly. Efficiency wise, it really does make sense to have the data you need in one easy to access place.
There are numerous apps out there which you can add to your stack to achieve this, and the best news is, many of them integrate flawlessly with Xero.
Get real-time insights
Having your data stored in one place means you can quickly access and view real-time insights.
You probably have certain KPIs that you want the business to be hitting in various areas. And interlinked apps within your stack can create easy to digest reports and analysis based on these.
Having this dashboard view of your numbers can give a quick snapshot of whether or not you’re achieving the things you set out to, or if you may need to make changes to get back on track.
It’s also handy when you need to make a business decision or need to cross-reference something.
Being able to access a real-time overview of your finances will also make it easier for you to forward plan. Whether that’s in relation to stock, staffing or other important business aspects.
This overview can help you to spot any trends which can help you understand what impacts certain decisions may have on your business, such as an increase or decrease in your profitability for instance.
Using apps for forecasting also means you can do exercises such as forecasting for the best or worst case scenarios much more quickly and accurately. For added peace of mind!
Leave less room for error
When successfully integrated, there are several ways the apps within your tech stacks will double and triple check your finances and processes.
They’ll give you quick and actionable notifications of any inconsistencies, such as if an expense has been logged and doesn’t have a receipt attached to it. So simple but so effective for keeping your numbers accurate and up to date.
Not sure if your tech stack is up to scratch?
We’re here to help! Feel free to get in touch to discuss your needs and work together to build an effective stack.