Lulu Emms shares her views on the fundamental importance of having efficient accounting systems
Working with a number of businesses where the common theme has been growth, but not having the right accounting systems in place to support them.
Quite often as businesses grow, the last area they think about changing is their accounting system. Having a clear picture of the business financial position is key to continued growth.
Reviewing current processes
With one particular client, we’ve been parachuted in to provide cover whilst they recruit a new FD. As part of our work there – and with the benefit of a fresh pair of eyes – we have been able to highlight some areas for improvements they had not considered and have suggested some simple changes they need to make to make their accounting system much more efficient. Both how they are using the accounting software they’ve got and also who should be doing what.
With a couple of our other SME clients, we have been working with their bookkeeper and management team to review their systems. With our vast knowledge of all manner of systems, we are able to put a plan of action in place to make the changes and improvements needed over a period of time.
Keeping a finger on the ‘technology’ pulse
You may not be aware of the pace at which accounting systems and solutions are changing. This often means our clients are not always aware of the improvements that could save their bookkeeper/finance team time and ultimately save them money.