close
Get Started Today

Please fill out the form below and a member of our
team will be in touch with you soon.

    Tag: digital transformation

    Navigating digital transformation: a guide for SMEs

    Posted on by Laura Boyd

    Digital transformation is crucial for small to medium-sized enterprises (SMEs), and many are already embracing the transition. Research shows that 79% of SMEs view digitalisation as an essential step to ensure the future viability of their business. Moreover, a survey of 1,000 UK businesses revealed that digital capabilities can increase revenues by 4.4% and reduce costs by 4.3% – significant savings, especially for smaller businesses.

    If you’re considering adopting digital tools or software but are unsure where to begin, our cloud accounting team can guide you through the process. In our latest blog, cloud accounting director, Rosie Cooper, explains how she helps clients navigate digital transformation.

    Starting the digital transformation journey

    When evaluating which aspects of the business could benefit most from digital transformation, we often start by identifying clients pain points. This may involve identifying tasks that take up the most time or resources, and exploring whether digital solutions could enhance efficiency.

    Common time-consuming tasks, such as managing payments, tracking cash flow, or end-of-month reporting can often be automated, saving employees valuable time and reducing stress. Once the main issues are identified, our cloud experts provide tailored advice and recommendations. Typically, this involves selecting the right accounting software before considering additional software integrations.

    Full system reviews

    As awareness of digital transformation grows, or as businesses using digital tools reassess their needs, we’ve seen an increasing demand for full system reviews. This involves a deep dive into the business to understand its overall operations and identify areas for improvement. It’s not just about specific software but about understanding the business’s day-to-day activities and how they can be optimised.

    A full system overhaul may not always be necessary – it could just be small changes, like the implementation of a digital tool which makes all the difference. There’s no one-size-fits-all solution – we recommend an app stack tailored to the business’s needs and help them develop a realistic implementation plan as part of a broader strategy.

    Timing is everything

    When businesses decide to update their systems, timing is key. Attempting a major overhaul during a busy period can lead to challenges – employees could view the change as an additional burden rather than a beneficial improvement.

    Our consultation process considers the business on a holistic level – not just from a money-saving perspective. We ensure the new system meets the needs of all employees, not just the owners. For a new system to be successful, everyone needs to understand its value and have time to adapt to it.

    Moving forward with conversion and implementation

    Transitioning to a new system can be daunting, leading many businesses to delay the process and tolerate inefficiencies. However, working with a conversion and implementation team can help you choose the right system and customise it to your needs. Our team will work closely with you to ensure a seamless transition, from determining the necessary data transfer to establishing timelines and phased plans. Depending on your business size, the conversion process may take 1-7 days, or this could be longer over a phased period for larger businesses.

    Training

    Effective training is crucial when implementing a new system, and is often overlooked in the process. We provide a comprehensive training plan from the beginning of the process, ensuring your team fully utilises the system’s capabilities.

    Expert app recommendations

    With a growing number of apps available (over 1,000 in the Xero ecosystem alone), it can be difficult to determine which ones will be beneficial for your business.

    Our team of specialists spend time evaluating and testing a wide range of apps and can confidently recommend those will work for you. Whether it’s streamlining data entry, approval processes, expense management, or automated reporting, we can help you enhance efficiency by implementing an app roadmap that aligns with your goals and objectives.

    Get in touch

    If you are concerned that the traditional accounting methods you currently use are inefficient and outdated, or your current software is causing issues which are creating inefficiencies for your business, speak to our team of cloud specialists who can work with you to recommend a solution. PM+M have helped many businesses of all sizes digitise their processes – and ultimately, revolutionise their finance function. Our cloud team have the expertise to recommend the perfect bespoke solution for your business, utilising the latest technological advance to help you work smarter.

    Get in touch with the team by emailing cloudaccounting@pmm.co.uk or click the button below to arrange an initial discussion.

    A ROUNDUP OF OUR ‘NAVIGATING THE NOW AND NEXT’ EVENT – THURSDAY 24 FEBRUARY

    Posted on by Laura Boyd

    The thirteenth in the series of PM+M’s ‘Navigating the Now and Next’ virtual panel events took place on Thursday 24 February, facilitating discussion between a panel of speakers on the ongoing challenges presented to businesses and taking a positive and forward-looking view on how to overcome them.

    Hosted by our very own Neil Welsh, with digital hosting managed by our friends at The Landmark in Burnley, we welcomed panellists:

    Dave Walker – Managing Director, +24 Marketing

    James Robbins – Partner, Harrison Drury Solicitors

    Amin Kamaluddin – Growth Consultant, SK Growth

    Dave Scholes – Director, Six Connections

    Following the opening introduction and welcome from Neil, Dave Walker highlighted some of the challenges he was facing within his business, +24 Marketing (a digital agency), including rising costs and recruitment, something which other business owners may find relatable.

    Dave then looked at a more positive change impacting business: the considerable and rising importance of digital transformation. He explained how his company helped a customer move from inputting orders manually to an online portal – saving thousands of hours. Dave went on to highlight how digital transformation can improve processes, reduce costs, and create more agile working. This also tied into the principles of process improvement and how research and development can play its part.

    Next up, Neil introduced James Robbins (Harrison Drury) who explained that although businesses received some breathing space during the pandemic through government support schemes, he predicts that concerns over insolvency are likely to increase over the next few years. James advised businesses that may find themselves in this position to obtain legal advice as early as possible to achieve the best outcomes. Transparency, honesty and a degree of vulnerability would better serve a business – the key message was to reach out for support. This was endorsed by attending guest Andy Platt of Simply Corporate.

    James also discussed the hospitality sector, explaining that although the relaxation of Covid restrictions is helping towards recovery, there are still major issues concerning staff retention and the impact of rising inflation. He viewed low-cost and higher-end offerings as being perhaps better positioned than those who inhabit the middle ground. Finding a differentiator perhaps being the key to survival and success.

    To finish up, James offered a forecast for 2022 regarding property tenancy, suggesting that we may be on the path to a return of normalcy with lease forfeits and landlords now be able to pursue rent arrears – a welcome change for property owners.

    Amin Kamaluddin of SK Growth, our next speaker, gave some insights into the world of SK Growth, explaining how they help businesses with:

    • Scaling up
    • Looking to grow, but have run into some barriers and need advice
    • Getting sale-ready

    Amin spoke about the importance of strategy in businesses – namely how implementing a strategy can be harder than creating one. He discussed the McKinsey’s 7-S model which focusses on strategy, structure, systems, shared values, skills, style, and staff – all of which should ideally be balanced for an organisation to perform well. The idea that culture tops strategy and the importance of this for recruitment and retention was also endorsed by guest and employment lawyer Emma Saunders (Napthens).

    Our final panellist, Dave Scholes (Six Connections), offered his agreement to Amin’s points by emphasising the importance of a company culture that prioritises employee mental health and wellbeing. Dave explained that a business which aims to genuinely understand the professional and personal parts of an individual can vastly improve a person’s wellbeing.

    Neil brought the panel discussion to a close and opened the floor to the audience, with additional comments and thoughts from Ceri Dixon (PM+M), Andy Platt (Simply Corporate), Roger Phillips (PM+M) and Andi Lewis (Six Connections) before thanking the panel and Claire Rhodes (The Landmark) for hosting the event.

    If anyone would like to be introduced to members of the panel or audience, included in the invite for next month’s event or wish to speak to one of the PM+M team about our services, please get in touch with Neil Welsh via the button below.