Put the spring back in your budget
September 14, 2020
Accessing finance options better with cloud accounting practices
October 19, 2020

Free up to focus strategies lets you bank on a long-term future

As we move into the next phase of recovery, business decision-makers should now apply even deeper and more dedicated focus to return to pre-COVID financial health. This calls for smarter longer-term strategies. Not only strategies designed to allow you to work from anywhere at any time, but also strategies that enable you to work smarter with your time.

Time is your most valuable resource, why not start protecting it?

What if you can get your business to work smarter and faster, while freeing up your time to focus!

A study by Xero on the impact of the pandemic on small businesses in in New Zealand, Australia, the UK, Singapore and the US provides great insights on how digitally enabled businesses were more resilient, saw their declining revenues fall by less, and were able to better retain their staff. These digitally enabled businesses are those geared to work from home just as effectively as growing online sales or making use of business app tools.

It was very clear that a strong digital pivot was one of the strategies allowing organisations to pull through the pandemic. Yes, there were other strategies like government funding and relief that provided the much-needed relief in the short term, but looking ahead, that digital pivot always comes back into play. The study shows improved resilience and flexibility are not the only benefits of a digital enablement, but there is also a direct correlation between using a cloud accounting strategy and growing profitability.

In order for you as business owner to ‘free up time to focus’, real-time cloud-based business applications are needed that seamlessly integrate with the core cloud-accounting software and other third-party apps.

Here are a few of the many applications available which you can bank on. Use them interconnectedly with your core accounting software, and it frees up time to focus on the aspect of running your business:

Looking after that cashflow, means less time chasing money

  • Instant payment options make it easy for you to automatically offer your customers more flexible payment options on invoices. PayFast, credit card or online payment are some of the options enabling your customers to settle their accounts faster.
  • Debtor control options like Chaser automates invoice chasing and streamlines your credit control process to get you paid on time – in less time.
  • Grow your confidence in your long-term future with forecasting apps like Float and Spotlight. These apps provide you with a real-time, accurate and visual cash flow forecasting that will help you spot cash fluctuations in advance.

Focus on the ease of simple management software

  • Data capturing tools, like ReceiptBank and Hubdoc, make it easy for you to upload, email or snap bills and receipts while giving you access to the documents you need, when you need them. These software applications automatically read the bills and receipts, transcribes the purchase data, and captures it into their accounting software.
  • Time tracking apps like Harvest allow staff to clock time from their desktop or smart phones. It can be coded to various tasks, allowing you to keep track of much time is going into specific jobs or clients.
  • Inventory management apps like, DEAR Systems, Vend or Unleashed will help you gain control of the entire inventory module so that you know what’s in stock, where, at any time, while managing your production and utilising integrated point of sales.
  • Payroll apps, like SimplePay, take the stress out of payroll tasks from payslips to reports to filing and, of course, automatic capturing to the core accounting software. The big thumbs up is the generation of IRP5s, EMP201s, and EMP501s to simplify the process of submitting to SARS.

Pivot daunting omni-sales marketing

  • Ecommerce apps, like Shopify, will help you keep tabs on multiple shops through different platforms, like your website, social media and other ecommerce platforms.

Wouldn’t you like to be connected with the data in your business? These business tools have never been more accessible to anyone with a business idea. They are easily scalable, cost effective and simple to use and integrate. What’s more is, it leaves you with more free time to focus your attention where it is needed – firmly on the future of your business.