Innovation, Integration and Technology

All the blood, sweat and tears maybe for nothing if your systems are slowing you down. The world is rapidly evolving with the rise of technology, it is shaping the future of systems in business and accounting. It is easy to become overwhelmed and stick with the status-quo, but it is imperative to stay up-to-date or you just might be left behind.

At Pacific Accounting, we’re passionate about technology. We are constantly reviewing our systems and testing new software and apps to increase efficiency, accuracy and help manage our business better. We hope this blog will help you discover ways your business can use integration and automation to become more efficient, and ultimately increase your gross profit. We are happy to answer any questions and assist you with innovation, integration, and technology.

Cloud-based accounting software – it’s just the start!

These days, most businesses use cloud-based financial software. An important advantage of a cloud-based system is the continual updating of information, instant access to resources, such as data and computing capabilities. At Pacific Accounting, our preferred cloud-based accounting software is Xero, others include MYOB, Quickbooks and Reckon. Make sure you are getting the most out of your accounting software by ensuring it is set-up correctly and that you are using all its functionality.

• Linked and live bank feeds import bank statements for up-to-date reconciliation
• Check your STP reporting is linked and filing each pay-cycle
• Lodging and paying your Superannuation through your accounting software
• Payroll and Supplier ABA files created in your software for quick, easy, and accurate payment

Add-ons, Apps, and Integration

The integration of other software programs and apps will enable you to get the most of out of your accounting software, it will increase your efficiencies and help you to manage your business better. There are many areas of your business that can be managed through apps and programs that are ready to integrate to your accounting software. Following are examples we use or have used at Pacific Accounting, both for ourselves and for our clients.  

Expenses

Hubdoc and Dext will automatically extract the key information from each bill or receipt for time saving data entry. Invoices can be sent via email or use the app with a simple photo upload. The invoice is attached to transaction in your accounting software, so no need to keep the hard copies. The Xero Expenses App saves time and admin costs by capturing, tracking, and managing your expenses. Reimburse yourself and your staff for expenses, track mileage claims and monitor spending in real time.

E-Invoicing or Electronic Invoicing is a new way businesses can send invoices from their software directly to their customers software in a standard format. It is fast, efficient, and reliable. Talk to your accountant or software provider to see how you can start E-Invoicing today.  

Collections & payments

To make payment easy and quick for your customers, we recommend both GoCardless and Stripe. GoCardless is a simple tool that is highly integrated with the Xero. It will direct debit your clients accounts on the date their invoice is due – no need to process payments manually and you receive your payment on time, every time. Stripe is a payment gate way for collection of payment via credit card. Sent as a link on your invoice, payment can be made quickly and securely. It can also be set-up to charge your client credit card for recurring invoices on their due date.

Marmalade is a cash-flow and payment tool designed to help your business grow. It enables you to get paid on demand by cashing in eligible unpaid invoices any time locked at a rate of 2-5%. So, if you’re stuck waiting for customers to pay, you can still unlock your cash-flow and keep your business moving.    

QuickFee offer monthly payment plans for your customers to pay off your invoices. Your customers can ease their cash flow and spread their invoice balance over 3-12 monthly payments via EFT or credit card, while you have the peace of mind that your invoice is locked in for payment. 

Payroll, HR and Time tracking

With Xero Payroll and Xero Me  you can say goodbye to those old paper timesheets, chasing employees for their hours and checking the diary for who wants leave and when. Xero Payroll used in conjunction with the Xero Me App is a cost-effective way (it’s included in your Xero subscription) to manage your payroll, increase efficiencies and streamline your payroll processes.

For something with a little more to offer, you may consider Deputy or Keypay. These payroll programs include rostering, compliance, industry rates and time tracking. Both integrate with all major accounting software and are easy to use for you, your employees, and your accountant.

Reporting

Do you find that your Management Reports are too bland, with all those numbers making your eyes glaze over? Fathom is a monthly reporting package with highly customisable charts and KPI’s that takes a direct feed from your accounting system to produce beautiful reports that can assist you to identify trends and take meaningful action. We use Fathom for a number of our clients, we find the multi-entity clients get great value of having a single report showing their whole operation at a glance.

POS and Inventory

We recommend the integration of your Point of Sale (POS) with your accounting software. This will increase efficiencies and accuracy. Many POS systems are designed for specific industries (hospitality, building/maintenance, and healthcare etc.). They often include other modules such as project management, inventory, and recipe costing. Hospitality systems we are familiar with include Lightspeed, HostPOS and Cooking the Books. Dear can look after your inventory needs for retail and manufacturing, whilst you can try SimPRO for project management in the building and maintenance industry.

At Pacific Accounting we also use ClickUp for task management and Practice Ignition for proposals, invoicing and as a payment platform. The list of apps and add-ons available is endless. The chances are the right app to improve your business systems and processes is out there.  We can help you with the following types of systems:

• Accounting Systems & Reporting
• Payment Gateways
• Timesheet and Payroll
• Process Mapping
• Offshoring & Outsourcing
• Management Reports
• Point of Sales
• Inventory Management
• Integration of POS
• Business Efficiency

No business can remain relevant and competitive without adopting some of these innovations. The business landscape has changed dramatically over the last two years with covid. More of us are moving away from the traditional 9-5, office bound work environment, so our reliance on technology is more important than ever. Advances in technology can take your business to a new level. By adopting and leveraging innovations you can increase revenue, retain clients, and increase operational efficiency. Pacific Accounting is here to help – Contact any of our Virtual Chief Financial Officers (VCFOs) for more information on 1800 1800 98.