Starting a new financial year may come as a very overwhelming time for everyone, but it is a great chance to reflect on the before and to start thinking about what follows in the future. While reflecting, you can take a moment to think about where you want your business to go from here on out.
It would also be a great time to make any changes to your business or systems so then things will be able to run-smoothly while building up your business. There are some steps or processes that you can do to make your life easier for yourself and your employees during the financial year.
Here are a few examples of how Xero can make your 2023 financial year that much easier:
- Forget about holding onto receipts all year – to have a clean and organized record of all your receipts and bills will be a massive relief for you and your accountant. If you don’t have a organized system for your expenses then Xero is perfect for you. If your inbox is piling up with bills you can simply just email them directly to Xero with a feature called the ‘email-to-bills’ feature that will then go straight to a folder that will be stored and organized in Xero’s filing system.
- Stress free invoicing and billing – Invoices and bills are one for the most important items to running a business. A new initiative governmental has been created which, can make this full process quicker, which is called elnvoicing. It is faster to manage invoices and bills through elnvoicing because it switches invoices completely between the accounting system software.
- In-built Customer Relationship Manager (CRM) – With Xero, if your business isn’t large enough to warrant a dedicated CRM of its own, you are able to outline what’s going on with businesses or providers through Xero’s system. Keep track of what your contacts owe you, or what you owe them, all in one place. Xero’s CRM also makes communicating with contacts much simpler as it easily connects with Gmail or Office365 and can directly import email correspondence into Xero.
- Make informed business decisions based on current, accurate data – The longer you use Xero, the more data you will be able to access in regards to your company’s profitability and efficiency. Xero provides a wide variety of reports that business owners can use to make informed business decisions based on overviews of financial years, compared to previous financial years, as well as being able to identify current trends or areas where costs can be saved.
So, as we creep further into the new financial year, take some time to consider if your current system, or existing processes work for you, or if it might just be the time for change. Making small changes now can help you to keep your business running smoothly, as well as saving both yourself and your employees or team time for other, more important, things.
Contact Lana and her team at Matovic Business Accountants to discuss your options today.
Email us at info@matovicaccounting.com.au or call (07) 3557 5721.
Leave a reply