6 Ways Technology Can Make Your Business More Efficient

Business software can automate a lot of the tasks you do manually and whilst this list is not definitive, we’ve identified 6 ways technology can make your business more efficient.

Cloud-based apps and tools, like those in the Xero App Store or wider Xero Ecosystem, have given small businesses the ability to use a combination of apps to build their own bespoke business technology stack. 

Xero research has shown that organisations who use five or more apps have seen sales growth of 4.3%, while those who don’t use any at all have experienced a 3.4% decline (year to December 2020).

By taking away those manual tasks, you can free up your time and improve your business efficiencies. Implementing affordable software can streamline the following tasks for you;

  • Staff Scheduling and Time Recording 
  • Point of Sale 
  • Taking Payments
  • Customer Relations 
  • Invoicing Payroll 

Staff Scheduling and Time Recording

Accurately tracking time makes it easier to measure profitability. It enables you to bill clients and pay employees accurately and enhances transparency. 

Understanding how much time certain tasks take can also be useful in determining workloads and staffing levels.

Integrating time recording software with the likes of Xero means you can quote, track, and monitor tasks and projects in one place. 

Time recording software is readily available, however, it is worth researching industry specific software and checking that it integrates with your cloud accounting software to benefit fully from the efficiencies it has to offer. 

Point of Sale 

If selling products is the heart of your business, then a good POS system should be the backbone. There’s more to a good point-of-sale system than just handling payments and recording sales. It’ll help improve:

  • Inventory management by telling you what’s selling and what’s not
  • profitability by showing which product lines make you money
  • marketing by highlighting customer buying habits; face-to-face sales versus online sales, for example. 

Taking Payments

Stripe, GoCardless and PayPal are popular payment systems often implemented by small businesses. E-payments are multifaceted, fast, secure, and convenient for both businesses and consumers. 

They give your customer more choice as to how to pay and enable you to get paid faster and reduce late payments.

Integrating payment software with your chosen cloud accounting software makes for far more efficient bookkeeping which is much less manual. 

Customer Relations Management 

A CRM system can benefit your business by helping you to centralise, optimise, and streamline your communications with customers. 

Implementing an effective CRM Software can impact profitability positively. It provides you with the ability to segment your audience and target new and existing clients accordingly based on their purchasing habits, interests and profile. 

Integrating your chosen system with Xero means you can access your client details effortlessly with contact details and billing information all in one place. 

Invoicing

Invoicing software allows you to work smarter. By moving away from paper invoicing you can reduce payment waiting times and the amount of chasing you must do. 

Xero’s easy to use online invoicing software makes it simple for customers to pay you faster, so you can concentrate on other tasks. 

  • Create and send professional looking invoices
  • Let customers pay you straight away 
  • Give customers an extra (automatic) nudge and take the work out of chasing payments

Payroll

Implementing payroll software means you can pay staff with ease. Payroll software in Xero makes it easy to track employee time and leave, process pay and pension and report the right information to HMRC. 

Automating business processes takes away unwanted pressures, lowers costs, and ensures everything runs smoothly. Whilst almost all of our clients use Xero Cloud Software, this article may prompt you to consider other software solutions to improve your efficiencies. If you want to run an idea passed us or find out more about Xero Integrations, the team is happy to help. 

Focal Business Group Ltd is a Xero Gold Partner.

Growing businesses need more from their accountant; as business accountants, analysts and advisors, we help you understand and manage your numbers to drive plans and decision making. If you would like to discuss the ways we can help you and your business, simply call 0800 112 0880 or email hello@focalbusiness.co.uk.

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