5 reasons why it is time to digitise your Accountancy and how we can help

Regardless of company size, management of cash flows, financial accuracy and maintaining a single source of truth are critical to ensuring your business stays on track and maintains your targeted growth trajectory. Digitisation of your accountancy, projections, taxation management and invoicing maximises efficiency and the value of your resources, which in today’s hiring climate, is invaluable.

Having real-time financial analysis available supports decision-making and gives senior management a real insight into where the company is performing against strategy. Transitioning to a secure, cloud-based methodology drives information security and can reduce costs. Cloud-based platforms enable teams to work more collaboratively, despite location, which we now know is a necessity rather than a ‘nice-to-have’. From a cost perspective, the positive news is that you pay for what you need, as the platforms offer entry level packages suited to a Sole Trader, right up to much broader packages for group structures.

  1. Drives Efficiency

Our recommendation when choosing a cloud-based accountancy platform is to ensure your chosen platform integrates with current business systems. This will enable you and your team to leverage established integrations (ease of data share) to maximise efficiency and significantly reduce manual entry. Team members will be able to retrieve the data they need in real-time from the accountancy platform, saving the time and effort required in producing manual reports. Many of the accountancy platforms also have add-on services such as Payroll, that drive standardisation, making your overall business more streamlined. Knowledge among accountancy professionals also means it can be quicker to get employees up and running on known systems, over more manual legacy platforms (or spreadsheet-based methods).

  1. Greater information security

Whilst many businesses had been cautious about moving to a cloud-based operation, it is proven to increase data security rather than reduce it, provided you have the correct infrastructure in place for your business type. Undertaking research on the optimum data storage model for your business type will be crucial ahead of moving to a cloud-based structure.

  1. Can shorten your payments cycles, helping with cash flow management

Repetition of invoicing tasks and the introduction of easier payment methods, such as ‘pay now’ buttons, can mean you are effectively receiving payments quicker on outstanding invoices. Debtor management is one of the biggest challenges facing business and auto reminders and scheduled ‘follow ups’ make it much easier to reconcile and decrease debtors.

  1. Real-time visibility of company performance

Business leaders should always have full visibility of their financial analytics in order to make decisions and to be fully aware of where there are potential cash-flow issues. The significant advantage with cloud-based platforms is that real-time data can be retrieved with ease and you can create easy to navigate reports, flows and charts, to present to senior leaders or your board, from any device. The level of analysis can start from high level overviews, to much more detailed analysis, all at your fingertips in ready-to-use widgets.

  1. Significant reduction of manual tasks, saving time and money

Our resources are precious, particularly as finding the right talent is proving very challenging for Irish businesses at present. Driving more efficiency from current resources and reducing manual intervention, saves significant time and effort.

So, how can we at Ormsby & Rhodes help you to transition to a more digital, technologically advanced model? Our business services team are experts across all the major accountancy platforms and work daily with organisations leveraging these platforms to ensure maximum results. We work with you to transition your existing infrastructure to a cloud-based platform, taking away much of the time and resources required in your team to drive change. We keep up-to-date with system advancements on your behalf, ensuring you make use of newly available functionality and automations best suited to your business

Keen to hear more? We’d be delighted to connect you with one of our experts. Reach out to info@ormsby-rhodes.ie.