Blog Layout

3 cloud accounting tips to save your business time and money

September 26, 2023

Accounting tasks don’t have to eat into your business time. With the right cloud accounting software, you can save time and money – while also getting tighter control over your finances.

Keeping on top of your accounts is a big part of running a successful and profitable business. But you don’t want to spend ALL your time dealing with accounting tasks, especially when that time could be spent building customer relationships, or developing new products etc.


So, how do you keep your finances in check, while also spending less time on your accounts?


1. Bringing your accounting into the digital age


Switching to cloud accounting can be a revolutionary step for many business owners, especially when you look at the ways you can streamline and automate the basic accounting tasks. By using accounting platforms like Xero, QuickBooks, MYOB or Sage, you get all the basics of small business financial management, but with the benefits of smart automation.


With most modern cloud accounting software, you can:


  • Automate the scanning and digitisation of your expenses and receipts
  • Automatically reconcile your bank transactions with your invoices and bills
  • Connect your accounts to other time-saving apps for mileage claims or staff expenses.


2. Getting paid faster and with less admin


With a cloud accounting platform driving your business, you also make it easier to send out e-invoices and get paid faster and more effectively. Improving your payment times and cash collection can make a huge difference to your cashflow position, and also sets the right expectations with your customers – making it clear that you require to be made on time.


Using the invoicing function in your business software, you can:


  • Quickly send out electronic invoices as soon as a job is completed
  • Set up automated invoices to be sent out at pre-agreed points in a project
  • Include payment buttons on your invoice, so customers can pay via PayPal or card
  • Remove the barriers to payment and speed up payment times.


3. Getting a better overview of your important numbers


Using cloud accounting isn’t just about automating the time-consuming financial admin tasks. By recording and tracking all the financial and non-financial data flowing through your system, your accounting platform can actually provide you with a goldmine of useful real-time information.


With cloud accounting providing your reporting, you can:


  • Access totally up-to-date real-time information, to improve your decision-making
  • Track your performance against targets to see how well the business is performing
  • Monitor spending and budgets to keep your cashflow under control
  • Understand your return on investment when it comes to sales and marketing activity
  • See how promotion has driven sales but reduced your profit, due to discounting.


Talk to us about setting up a more productive kind of accounting


If you want complete control of your finances and business decision-making, updating your accounting software and processes will be key to achieving that goal.


We can help you decide which accounting software is most suited to your business, and how to maximise the benefits you get from automation and real-time data.


Get in touch to talk through updating your accounting.


Data-driven decision-making operations and inventory
April 7, 2025
Are you using data insights to drive your operational efficiency? We’ve got the lowdown on five ways that data-based decision-making takes your business to new levels of productivity.
Data-driven decision-making: growth and strategy
April 7, 2025
Putting data at the heart of your growth strategy is a no-brainer. We’ve broken down five ways that data-based decision-making helps you grab the best opportunities and grow at pace.
Data-driven decision-making: sales, marketing and social media
April 7, 2025
Analysing your customer data is a no-brainer in our data-driven times. We’ve shared five ways that data can help your sales, marketing and social media activity.
Data-driven decision-making: cashflow and financial health
April 7, 2025
Data-based decision-making helps you take informed action and keep your cash in a positive position. We’ve signposted five key ways that data can improve your cashflow.
Australian Federal Budget 2025
March 25, 2025
The 2025 Federal Budget was handed down on 25 March. Here's what it says.
Do You Have Direct Debits and Online Payments Set Up?
March 3, 2025
Do you have direct debits and online payments set up to make it easy for your customers to pay you? Talk to us today about implementing online payment systems to reduce admin time, improve the accuracy of your accounts and get paid quicker.
Taking on the family business legacy: becoming the successor.
March 3, 2025
Becoming the successor to the family business is an honour – but it can also be a daunting role to take on. We’ve summarised five of the core skills you need as the head of the business.
When should your business be passed to the next generation?
March 3, 2025
You may be ready to hand your family business onto the next generation. But what’s the best time to initiate this transition from one generation to the next. We have the lowdown.
How to keep your small construction company on track
March 3, 2025
The Aussie construction industry is facing a growing number of business failures. But don’t worry. We’ve set out seven key ways to keep your small construction business on track.
Happy Holidays to our valued clients. We wish you health, happiness, and new beginnings for the year
November 25, 2024
Happy Holidays to our valued clients. We wish you health, happiness, and new beginnings for the year ahead.
More Posts
Share by: