At Starfish, we’re big fans of embracing technology to make life easier. It’s why we use digital accounting (we love Xero!) instead of working with spreadsheets and paper documents. Aside from being better for the environment, cutting out paper in favour of digital accounting gives you far more reliable and smooth finances as you run your business. Let’s explore how.
Paper accounting is time-consuming
Using paper often creates far more work than is needed! You’ve got the hassle of tracking down the right documents, popping them in the post and then waiting for your accountant to send them back.
As a business owner already wearing all the hats, you don’t need to add courier to your list of jobs. That’s the beauty of digital accounting: it gives you time back to do other things.
Let’s look at one example from our tech stack: Dext Prepare. It has a smartphone app which lets you digitally upload expenses. When you have a business lunch simply snap a photo of the receipt, upload it to the app and the details are ready to be logged in Xero. No more receipts cluttering up your bag, no more dreary-eyed evenings manually uploading expenses.
There are costs that come with paper accounting
Not only does it take up valuable time, but paper accounting also racks up expenses. Every time you send an envelope of receipts in the post, you have to pay for fuel to get to the post office before then paying for postage. They’re small, avoidable costs that can really add up over time!
Paper provides less security
There’s always a risk that comes with sending important documents by post. The fact is, the postal service isn’t always reliable.
We’ve unfortunately seen clients learn this the hard way. A client once tried to send us important documents for their property rental accounts via post. There was a mix-up in the post, the files got lost… and they eventually found their way to our office three months later!
Digital accounting protects your data. We have an online portal where clients can upload documents safely. It eliminates the risk of data loss, providing peace of mind your data has reached us instantly and securely.
You’ve got enough on your plate running your business, so don’t put yourself through the added stress of lost or delayed documents.
Digital accounting gives more reliable (and valuable) data
Regular, weekly bookkeeping on Xero works with real-time data from your business. It means you get the most accurate insights into what’s going on in your business, straight to your Xero dashboard.
Having access to accurate numbers makes a huge difference to how you approach your business goals. You’re able to make key decisions based on reliable data, instead of going off outdated figures and plugging the gaps with guesswork.
Digital accounting lets us help you in real time
One of the beauties of digital software is that it lets us work more closely with our clients.
If you have a query about your VAT, we can give you answers straight away by accessing your information digitally. We’ll look at your Xero account, see what’s going on in your return and walk you through the answer in real time.
It cuts out the palaver of physically sending the document to us in the post, then waiting for it to be sent back. Fewer headaches all around!
Digital accounting also means we’re able to give you the most relevant guidance for your business. When we have visibility over which bills are outstanding and what money is owed to you, it produces the most accurate forecast of your cash flow. It means we can advise whether it’s the right time to expand, like bringing on a new employee.
Experience how paperless will make your life easier
We’ve helped hundreds of entrepreneurs get set up on Xero and seen the clarity it brings to their business from day one.
Unsure how to introduce it into your business? Good news: it’s a quick, smooth process which our team can guide you through. Book a chat with us to get started.
