Business Technology

There is no question about it, computer systems are replacing the need to employ people, and making things happen so much faster in a business.

Just one example is the creditors and the payment cycle.

In the old days, after purchasing something you received the invoices in the mail, sorted them and reconciled them to a statement. The invoice may have been processed into a creditors system, maybe by about the 10th of the month you had an idea of what your creditors balance was at the end of the month previously.

When it came time to pay it, you wrote a cheque, put the cheque with a remittance advice into an envelope, wrote the name and address of your creditor on the envelop then took them all to the post office. Your creditor had to open the envelope, record the receipt in their debtors system, write up a bank deposit slip and take it and the cheque to the bank to deposit.

Things have changes. Now, using an online system like Xero, invoices arriving by email and using a system called Receipt Bank the way we do, the processing of your invoices can take much less time.

Receipt Bank can read an invoice/receipt and save you the need to process it by inputting all the details for you, even making an educated guess at what to code it to. You then go in, make any necessary changes and approve it. Receipt Bank then send it to Xero and enters it as one of your creditors. Read More »

Technology in Business

We use technology to help our businesses in many different ways, including:

  • Communications
  • Marketing and customer engagement
  • HR and payroll
  • Accounts
  • Record keeping

The most useful purpose though is to help create efficiencies – to streamline procedures and increase productivity. To help make sure your product or service is delivered in the most consistent, cost effective and efficient way.

I often say to clients that you need to get a computerised system that helps your business do what you do. For example, with us, it’s a work flow and a time and cost system, for a retailer it’s a stock and point of sale system.

That system needs to get to the point of you being able to produce an invoice. Then we tack on an accounting system. Gone are the days when the accounting system was the main focus, which then had a stock or time and cost system tacked on. It’s completely reversed. Read More »