Don't listen to the App Stack Gurus – the four apps every business needs
You have probably heard about cloud accounting software by now, and if you haven't, you have probably been stranded on a desert island for a prolonged period. But the new buzz word in the Accountancy industry is the “App Stack”.
An App Stack is the eco system of applications that you use to link into your bookkeeping software to help you run your business efficiently. There are hundreds of apps that will integrate with the various bookkeeping software and will allow you to do a multitude of things. The problem is that more and more accountants are stuffing app after app down their clients throats which they are simply not ready for, or do not need. They have designed App Stacks for certain sectors or sizes of businesses, but not all businesses are the same and a 'one size' app stack does not fit all
So, what you really need to know is there are four apps that every business should adopt whether they are a start-up or are a well-established business:
- Cloud bookkeeping software allows you to access your business financials anywhere in the world so long as you have an internet connection and a phone, tablet or computer. It will drive efficiency, make the process of doing your books quicker and easier and will be the hub for the financial aspect of your business. The two main applications are Xero and QuickBooks Online. There is also Freeagent and Sage Accounting, but these two are further behind the curve in terms of technology.
- Receipt Bank – this app is the god-send of apps. Scan in a purchase invoice or take a snap of it using the app on your smart phone and sit back whilst it turns your paper or PDF invoice into a digital one that will transfer direct into your bookkeeping software. Never again will you have a need for paper invoices in endless files, as the picture is now in your Xero or QBO. There are additional features that link with other online accounts e.g. your EE or O2 account and fetch the invoice and process it. Overall, this app is an absolute must of any business.
- GoCardless – you will hear me bang on about this app time and time again. It's easy to set up a direct debit service so that you get paid on time every time, and it reconciles payments and money into your bank automatically - genius!!
- Chaser – for your clients that are not using GoCardless and are regularly unreliable with payments, Chaser takes the heavy work out of credit control. It regularly sends 'chaser' emails to the customers that owe you money, and the message they get will be dependant on how late they are. Chaser allows you to fully automate your credit control and avoid having the awkward conversations that us Brits hate having
Now before all the Xero and QBO fans started – I know there are more apps that can really help and make business even more efficient, but this is just the starting point, and that is the next stage. Deploy all of the apps mentioned above, and your business financials will be in a much better place in no time at all. You will:
- Have the ability to fully understand your performance
- Optimise your day by spending as little amount of time as possible doing your bookkeeping
- Get paid on time, every time, and reduce any worry about cashflow
- Avoid having those “please pay me” conversations with customers
If you want help on any of these apps and how to get them installed, feel free to get in touch today and we can start moving your business financials into the 21 century.