Utilizing Technology to Move Your Business Forward in 2021

The New Year is a great time to assess your business needs and look for ways to improve efficiency and productivity.  If you’ve been hesitant to implement cloud accounting programs now is a good time to re-evaluate.  Consider utilizing the following technology tools to keep your business moving forward.

Cloud Based Accounting Software

Hopefully by now you’ve moved from a box of receipts (gasp!) or spreadsheet into a software-based system, but have you considered cloud-based?  There are many options for solid cloud-based accounting systems.  My personal choice is QuickBooks Online as I feel it is the most well-rounded option.  Need robust inventory management, a CRM or a point of sale (POS) system?  There are a plethora of apps that can be integrated.  You can streamline invoicing by using the auto-invoicing feature. Streamline banking with connection to bank and credit card accounts. Send invoices with a payment link that deposits the money into your bank account and auto-records the related payment and deposit transactions. These are just a few of productivity enhancers available. Cloud based technology also gives you the option of easy access for when you are out of the office and allows you to easily transmit data to your tax accountant.  Check out this article on 5 of the top-rated options available.

Time Tracking

Another favorite productivity enhancer of mine is T-Sheets for tracking employee’s time. You can utilize it to track time by jobs or just in general. It is especially useful if you have employees who are traveling between job sites.  It allows the input of daily schedules so your employees know where to be and when.  Time is tracked and submitted from their smart phone.  GPS-tracking can be turned on during work hours to ensure accountability. Don’t want to use a smart phone?  A time clock kiosk can be setup on any computer or tablet with face recognition to prevent buddy clocking.  When you are ready to run payroll, reports can be obtained in spreadsheet or pdf formats or integrated with various cloud-based payroll systems.

Expense Tracking

Are your employees tired of laboriously filling out expense reimbursement documents and then waiting for a check?  Are you tired of sifting through the reports, asking your employees to track down missing receipts and entering data into your accounting software?  Utilizing an expense tracking app like Expensify or Concur (just 2 of the many options) takes the struggle out of employee reimbursements.  Your employees snap photos of receipts with their smart phones. Expense reports are automatically submitted on due dates. Once approved you can establish next-day reimbursements for direct deposit to their bank account.  Most of these apps also offer accounting software integration and even integration with credit card companies for easier reconciliations.

Other Things to Consider

If you are already using a cloud-based accounting system I recommend that you look at the list of app integrations available.  You may be using another software already (like my law firm clients that use CLIO) where an integration could be done to save time.  Keep in mind that any transition or implementation is not without its challenges!  An open mind and active communication with employees is vital to success.