Accounting for the Future: Build Your Own Application Stack


Every small business should have access to reliable and relevant data, but for many going paperless can be quite a daunting process.

However, by replacing that workbook in the corner, deleting outdated Excel spreadsheets, and using the newly available suite of cloud accounting apps instead, you can easily dig deeper into your business data.

Kate Edginton, Senior Manager of the Hazlewoods Business Solutions team, explains how you can drive your business forward with insights from apps you can add to your business today.

The Xero cloud accounting platform offers several useful apps to complement its own suite of useful tools. These apps let you get rid of paper documents cluttering your desk, search for bills, and provide cash flow forecasts so you can plan ahead with confidence. Just choose the apps you need and they’ll sync seamlessly with existing Xero features.

Hubdoc is your workbook in the cloud. It has long been the bane of business owners who have to keep deteriorating records due to HMRC’s seven-year rule. Hubdoc can help your business go paperless by storing your data on their secure cloud servers. You can simply take a picture of an invoice and send it to Hubdoc where it will be securely stored, accessible with just a few clicks. As if it were your own personal assistant, Hubdoc will even extract key information from your data and create receipts, invoices and invoices.

ApprovalMax is a tool to ensure that your financial documents are approved on time. This useful application streamlines workflows and replaces the need for messy ink pads or numerous emails to achieve the simple goal of approving accounting documents. Management can establish the task to be performed, the number of approval steps required, and details of the person(s) responsible for each step. All this can be achieved both on a browser or from ApprovalMax’s convenient mobile app.

Xero itself is an excellent accounting platform to host such applications, the integration is seamless and complete Xerobuilt-in functions. Hubdoc and ApprovalMax streamline long data entry processes. Once the data is stored in Xero many useful reports are available in the software and can be used to drive your business forward and enable analytical review. However, for some, it is necessary to go further.

Walk in Fluid. Forecasting, planning, bill tracking and financing in one solution. With instant syncs with Xero, Fluid converts raw data into useful, easily digestible information. Fluid analyzes your regular transactions to predict future payment patterns, allowing you to plan ahead with confidence. FluidScenario planning further allows you to look ahead to consider the impact that major business decisions will have on cash flow. Fluid will even offer you recommended financing options when financing needs are identified in your business, all without further obligation.

Maybe you think Fluidly isn’t for you, that your company isn’t big enough to make full use of these tools. Xero Analytics or Analytics Plus can be your answer, driven by the belief that every small business should have access to reliable and relevant data. Xero Analytics lets you see future cash flow, check financial health, and track metrics. Xero Analytics is included with your Xero subscription and shows how upcoming bills could affect your future bank balance over a seven or 30 day period. Xero Analytics Plus takes it one step further by using technology to predict future recurring cash transactions, extending the forecasts to 60 and 90 days.

The enterprise snapshot included in Xero Analytics perfectly highlights the company’s profitability, efficiency and cash position. Xero Analytics Plus allows you to tailor Business Snapshot to your business needs, providing the most useful data to drive your business forward.

If you would like advice on which apps are most useful for your business and how to integrate them with your existing accounting software, please contact Kate Edginton at [email protected] or 01242 680000 .

Twitter: @Hazlewoods

LinkedIn: @Hazlewoods

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