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    Tag: Xero

    Thinking of making the move to cloud accounting?

    Posted on by Rebecca Campbell

    If you are concerned that the traditional accounting software you currently use is inefficient and outdated, or you’re feeling the effects of ongoing recruitment difficulties, with accessibility from home becoming more important, then making the move to cloud-based accounting software may be the solution for you.

    In our latest blog, PM+M director and cloud expert, Rosie Cooper, outlines the process and discusses how to maximise your move to the cloud.

    1. Systems review

    A full system review is a good place to start. Our detailed scoping report will outline your key processes and any interaction between other software. We will spend time with your finance team, and potentially wider team members, to understand the current processes, pain points and then make clear recommendations to get the most out of your new software.

    2. Conversion and implementation

    Moving systems can often feel like a daunting task, which is why many businesses tend to delay it and endure inefficiencies or issues. However, enlisting the expertise of a conversion and implementation team can provide valuable insights into selecting the right system for your needs and tailoring it to your specific circumstances.

    Our dedicated team will collaborate closely with your business to understand your unique business requirements, ensuring a smooth transition.

    Once the software needs have been agreed and your app stack is designed – we will talk to you about the level of historic data that needs to be transferred for comparability and what we can do with older data to make sure you adhere to company law. We will also discuss the cut off point and timescale for conversion so that there is no need for parallel runs on two pieces of software. Once timescales and level of data is agreed, we will provide appropriately phased plans and dates.

    Depending on the size of the business and level of data being converted, a conversion can typically take between 1 – 7 days. For larger entities, this may be phased over several months to allow for work to continue and where a phased approach is more appropriate.

    3. Training

    Training is an important, and often overlooked, aspect of implementing a new system or process, with some assuming that their employees will just pick things up over time. We will provide a comprehensive training plan from the outset to ensure your team are utilising the system to the best of its capabilities.

    Training should be seen as an investment to ensure your change in systems runs smoothly, and you are gaining maximum efficiencies as early as possible.

    4. Post implementation support

    Ongoing training and support are paramount in ensuring any issues with using the system are quickly rectified, and your team are confident with the changes. By working with a cloud accounting team like PM+M, you can be rest assured that we will provide the specialist advice, training, and post implementation support to build your teams confidence in using the system, and to ultimately achieve the best return on investment.

    5. Expert app recommendations

    With an ever-increasing number of apps on the market (there are over 1000 in the Xero eco-system alone), it can be challenging to understand which will benefit your business.

    Our team of experienced advisers spend their time reviewing and testing a multitude of apps on the market, and can confidently recommend those which will work for you. From data inputting to approvals processes, expenses to automated reporting, we can help you improve efficiencies by implementing an app roadmap which aligns with your goals and objectives.

    6. Data health checks

    Once your new system is implemented and the data has been migrated, it is critical that you undertake regular reviews to ensure the data is free from errors or duplications which may harm your reporting or insights. Our Xero Health Check service has become a popular option to ensure you are still getting the best out of your Xero subscription.

    Get in touch

    Our team of cloud accounting experts are on hand to support you with your transition to cloud accounting, from the initial systems review, through to implementation, training and expert app recommendations. If you would like to speak to a member of the team to discuss your accounting solution in more detail, we would love to help. Send an email to enquiries@pmm.co.uk and one of our cloud experts will get back to you.

    How Cloud Accounting could help your business in a recession

    Posted on by Katie Heaton

    The pandemic proved the importance of cloud accounting, with many businesses closing their doors and going fully remote, there was an influx of enquiries within our cloud accounting team. With many businesses wanting the ability to seamlessly shift to remote work and keep their accounting function running perfectly even when employees aren’t in the office, cloud accounting was the solution. Here we explore how the same advantages may apply to recessions.

    Xero

    Xero is an entirely cloud based accounting software for small businesses. It performs accounting functions such as invoicing, payroll etc. and also allows for direct business bank feeds to streamline bookkeeping. Xero has some great standard features such as business snapshot which is a dashboard style report, displaying performance measures to help you understand the financial position of your business. Using your customisable dashboard, you can discuss your businesses financial health with your adviser quickly.

    Using automated daily bank feeds and tracking categories you can keep a close eye on any areas of your business that may be more cost sensitive and very quickly see what is included within each nominal – even drilling down to a copy of the original purchase invoice within a few clicks of a button.

    As Xero platinum advisers, our cloud team work closely with Xero every day, offering expert advice in converting from other accounting platforms to performing Xero health checks and making recommendations for software integrations that will help improve efficiency and cut processing time for finance teams. Prices for Xero start at £28pm.

    Dext

    Dext is our no.1 recommend app integration with Xero. Dext is a software application that allows business owners to electronically capture and store receipts, invoices, and other supporting documents which a business depends on to ensure they keep accurate and secure financial records. Dext removes the hassle of manual entry.

    Dext also has the ability to fetch supplier information using API links, taking the stress out of uploading information out of the equation too.

    Telleroo

    For many businesses, making manual payment runs takes a large amount of time. From choosing which invoices need paying to manually inputting bank information to online banking – Telleroo takes care of all of that for you. Your supplier or contacts financial information (payment details) are all input into Xero, bills are then selected in Xero using payment due reports and marked as paid by Telleroo – this sends an automatic payment run to Telleroo for approval (with copies of the invoices if also using Dext) and with a very swift approval process the payment run will be made. No more manual bank payments!

    Approvalmax

    With more remote working and digitalised finance functions, Approvalmax acts as your approval stamp at a managerial level except it’s completely digital. As businesses look to tighten their spending in certain areas, Approvalmax allows for a seamless PO and PI matching process, with a completely bespoke approval matrix available.

    Capitalise

    We have partnered with Capitalise to enable an easy funding search application process which can be completely managed by us. Capitalise allows us to do one application to most high street and other less traditional lenders for a range of finance products – whether a simple bank loan or a more complex invoice financing facility, our relationship with Capitalise and the connection with cloud accounting software allows us to search for the right products if needed.

    Capitalise also has a credit improvement service which aims to help strengthen any companies with a less than average credit rating, which in turn will allow for better terms for any lending if required.

    Futrli

    Futrli predict helps prepare short or long-term forecasting and reporting using all your accounting data. You can see daily whole business analysis across all customers and suppliers. Follow profit and cashflow, and debt to discover how you’re tracking to your plan. It also has the ability to create and manage reporting boards and KPI packs, making reporting easy and accessible. Feeling the cashflow pinch? Futrli can track daily cashflow with pinpoint accuracy, understand the optimum time to pay suppliers to get the best cashflow for your business and see the impact of early or late customer payments.

    Futrli can also help speed up the budgeting processes with instant smart budgets using algorithms.

    How could this help in a recession?

    Cloud accounting makes it easier to predict and access the relevant information – not to mention the fact that cloud-based services tend to cost less than yesterday’s on-premises solutions and drive more value too. For everything that companies strive to do during recessions, such as cut costs, stay agile, get innovative – cloud-based software serves the agenda.

    Our experienced cloud team are proactively helping many businesses digitalise their finance functions by converting and implementing different software and applications to streamline the finance functions of all sized businesses.

    Get in touch

    For further information or advice on the above cloud-based options or any general guidance on what may be the right options to ensure your business is well equipped to survive a recession, please get in touch with our cloud team manager, Rosie Cooper, using the button below.  

    A comment to note that the article does not constitute personalised advice and that advice should be sought before taking any action.

    Spotlight on: Xero’s integration with Zigaflow

    Posted on by Rebecca Campbell

    As one of the leading cloud accounting software systems on the market, Xero is constantly evolving to provide its users with even more features and tools, and ultimately, a better user experience. One of the key ways in which Xero does this is through integrating and partnering with various apps, which support businesses in a range of ways.

    In this blog, we’re putting the spotlight on Zigaflow, a fantastic app integration available to Xero users. We will be exploring what Zigaflow can do for you – helping you make the most of your software.

    What is Zigaflow?

    Zigaflow is a CRM (Customer Relationship Management) software designed to work in line with your business processes. With a strong focus on efficiency, many time-consuming tasks can be automated across sales, business operations and customer service.

    There are 3 different subscription plans providing access to different modules including quotations, contract management, order management, purchase orders, stock control and much more.

    How does Zigaflow integrate with Xero?

    Connecting your Xero account to Zigaflow gives you an incredibly powerful way to run your business, and better serve your customers.

    Examples of how the integration between Zigaflow and Xero works include;

    – Invoices created in Zigaflow can automatically be pushed into your Xero account

    – Customer records in Xero can automatically be created or updated from Zigaflow

    – Invoices marked as paid in your Xero bank feed, can automatically update corresponding invoices in Zigaflow

    4 key ways Zigaflow can benefit your business

    1. Flexibility
      1. You have control over how your processes work to mirror how you do business
      2. You can produce better looking sales quotes and proposals, which align with your brand and can include product images, specification sheets and more
      3. Other document templates for invoices, order confirmations, purchase orders and more can be fully customised to match your branding.
    2. Visibility
      1. You can see exactly what is happening in every area of your business, at a glance
      2. Detailed reports can give you clear insights on performance across your business allowing you to make informed decisions quickly
    3. Efficiency
      1. By automating tasks, you can massively reduce the amount of resource required to operate across all departments
      2. Communication with customers, suppliers and internal team members can be systemised
      3. Information is easily accessible to everyone who needs it (subject to access rights)
    4. Scalability
      1. You can increase your user licences as needed, giving you a platform for growth
      2. With step-by-step instructions throughout the software, users can get started quickly and easily
      3. There are no limitations on the number of customers, contacts or products which can be stored in your Zigaflow account.

    For more information on integrating Zigaflow and Xero, click here.

    Get in touch

    Xero has a whole host of apps for a variety of different functions, and we would be delighted to support you getting started.

    For advice on Zigaflow, and how this may be beneficial for your business, feel free to get in touch with PM+M partner, Jill Morris, by clicking the button below.

     

    Xero Payroll introduces new automated pension re-enrolment feature

    Posted on by Rebecca Campbell

    Xero have recently introduced a new pension re-enrolment feature in Xero Payroll.

    The new feature helps business owners save time and eliminate some of the administrative burden of pension re-enrolment.

    What is pension re-enrolment?

    As an employer in the UK, every three years you must assess any employees who have opted out of your workplace pension scheme and re-enrol them if they are eligible.

    Even if you have no staff to re-enrol onto the scheme, you must still select a re-enrolment date and complete a re-declaration of compliance to inform the pension regulator of how you have met your obligations.

    Remember, pension re-enrolment and re-declaration are an employer’s legal duty, and if you don’t act, you could be fined.

    How will the new Xero Payroll feature help?

    The automated pension re-enrolment feature will:

    • Automatically assess and enrol employees onto your workplace pension scheme,
    • Reduce manual processes and therefore errors; and
    • Ensure secure integration with pension provides

    Find out more including how to update your workplace pension settings by clicking here.

    Get in touch

    For any further information, help or advice with Xero, please do not hesitate to contact us on 01254 679131 or email cloudaccounting@pmm.co.uk.

    Are you getting the most out of your Xero software?

    Posted on by Rebecca Campbell

    In this blog, PM+M partner and cloud accounting expert, Jill Morris, highlights some of Xero’s latest features and explains why business owners should always look to get the more out of their software…

    It’s safe to say that over the past year, we’ve all learned the importance of technology and the amazing things it can offer, especially as so many of us have been working from home and relying solely on digital methods to conduct our business activities.

    However, with tech advancing and developing at an astonishing rate, we know that there’s always something more that could be done to make our lives easier and make the most of the tools we have available – this certainly applies to cloud accounting software.

    Xero’s new features

    Many of our clients use Xero as their chosen software – but did you know there are a string of new features that have been introduced in 2021 to help users get even more value from their system?

    Some of our top picks are:

    – Payment services: Xero users can now set up a GoCardless integration within their software so customers can pay invoices using direct debit.

    – Multi-factor authentication: You can now add a second layer of security to your account with Xero’s new ‘Xero Verify’ app, meaning you can to log-in to Xero more easily and safely by receiving push notifications to your device which allow you to authenticate whoever is logging in.

    – Invoices: Xero now apply credit limit blocks to repeating invoices, meaning that if a credit limit is exceeded, the invoice is saved as a draft instead of being approved or sent.

    – Invoices: Xero users can now apply overpayments and prepayments in new invoicing.

    – Xero accounting for iOS: Users can now delete draft and submitted invoices from the Xero app.

    We want to ask our clients – could introducing any of these new tools help to optimise your Xero usage and allow you to get more out of your system?

    Thinking about how you could make these new features work within your current Xero package could significantly enhance the overall value you get from it – not just financially, but also in terms of time savings, efficiency and decision making.

    Why not transform your Xero usage with a health check from our team?

    With technology constantly advancing and more digital tools available than ever before, now really is a great time to take a deeper look at your software to optimise your usage.

    We would be delighted to provide you with a Xero health check, in which a member of our team will review your current software and advise on the best features, tools and integrations to support you in making the most of Xero. Please click on the button below to arrange, or for support with any Xero queries or guidance.