5 Systems to Invest in to Reduce your Business Costs

‍A sudden change in the economy can have a huge impact on a small business - especially during these unprecedented times. Now, more than ever, business owners have to pay serious attention to the finite details, as the slightest alteration can quickly send things south.  

Thankfully, it's not all doom and gloom. With the help of advanced online systems and software, there are plenty of tools available to help you navigate the current economy and reduce your business costs. By automating processes, collecting data and forecasting trends, these systems can improve your businesses efficiency whilst saving you both time and money.

Here at Gow and Partners, we use these systems every day to help us give you the most accurate and efficient service possible! Not only this, but it allows us to cut costs on those sometimes unnecessary business expenses! So, if you're looking to cut costs whilst improving your profit margins and time management, here are 5 systems you should invest in.

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GoCardless

GoCardless allows you to automate payment collections directly to your business account with ease and efficiency. Not only can you automate Direct Debits, credit control and monitor transactions, you can also streamline your bookkeeping as GoCardless will automatically correspond each transaction to its respective invoice.  

By automating your payment collections, you're able to minimise the risk of late payments, save time chasing invoices and improve your bookkeeping process, thus allowing your team to focus on higher-value tasks.  

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Dext, Hubdoc and AutoEntry  

Software like Dext (formally known as Receipt Bank), HubDoc and AutoEntry enables you to capture and store receipts and invoices electronically. By photographing/emailing receipts and invoices straight to your accounting software, you're able to input information quickly and efficiently without wasting time on manual entries. These systems also utilise automation to ensure receipts and purchase invoices are stored correctly (minimising the risk of human error or intervention).

With software available to ensure your financial records are stored safely and accurately, the real question is, why wouldn't you input your records electronically?

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Client Onboarding Systems

Client onboarding systems help you gain and retain new clients by ensuring your client's onboarding experience is simple and effective. An efficient onboarding system relies on several successful processes (i.e. requesting documents, collecting payments and organising meetings).  

By investing in onboarding software, you're able to automate many of those tasks, saving you time, money and resources whilst simultaneously improving your customer experience.  

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G Suite (Now Google Workspace)

Rather than opting for Microsoft, consider using G Suite (now Google Workspace) to get more bang for your buck. G Suite allows you to store and share documents on the cloud, connect with your employees/customers and synchronise files across all of your devices - and that's only the beginning. This user-friendly software optimises productivity, encourages collaboration and ensures all of your documents are filed and secured in one unified digital space.  

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EPOS Systems  

EPOS (Electronic Point Of Sale) software is designed to improve upon the traditional till system. Instead of solely recording sales, EPOS utilises the data from your transactions to create detailed reports and business forecasts. This data allows you to track inventory, monitor sales trends and provide valuable analytics for your finance and stock systems.  

By offering you an in-depth analysis of your sales, EPOS can positively influence your business (and its profits) by forecasting trends, improving accuracy and automating processes to minimise error and wastage.  

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Invest in the Future of your Business

The pandemic demonstrated just how quickly the economy (and our lives) can change. Although you cannot forecast every economic fluctuation, you can adopt systems to streamline your businesses and reduce costs. That way, when the unexpected does happen, you already have the foundations in place to protect your business and minimise mistakes whilst also improving productivity and profit margins! If you would like more information about how you can use any of the systems mentioned above, do not hesitate to get in contact with one of our expert accountants here at Gow and partners.

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Set Yourself up for Success    

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Did you know that we run the highest rated accountancy firm in Blackburn with Darwen?  

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Book your 30 minute discovery call  today— enjoy a relaxed, no-obligation chat with one of our qualified accounting advisors. We can assess your situation and determine how to best serve and add value to your business.    

Alternatively, you can send us a message  with any queries (big or small), and one of our team members will get back to you promptly.

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