Is your business growing and putting more demands on your IT system? If
so have a read of our tell-tale signs that your accounting software is no
longer fit for purpose and may need upgrading.
1. Increased manual activitiesAre your employees resorting to manual activities such as
entering data twice in order to fulfill your business needs?
If the answer is yes,
you may benefit from investing in a new solution that is more aligned with the
size of your business and has the ability to provide more efficient data entry
will stop time wasting on duplicating procedures.
2. Reporting challengesAre you wasting time trying to find data, rather than
As your business
grows, you need the ability to see and analyse accurate data quickly and
easily. Upgrading your software could help by streamlining and automating
reporting processes, ensuring you can clearly and easily identify the lucrative
and unprofitable parts of your business.
3. There isn’t an app for thatCan employees access your accounting software whilst out
of the office?
Whether it’s giving sales the ability to check a customer’s balance or
availability of stock, or giving managers the chance to access tailored management reports, a
mobile app will allow employees to work more efficiently wherever they are.
Lack of data integration
Is your data stored in a range of locations?
If you answered yes, then you are
currently hindering your ability to collect, analyse and report on important
financial information in a timely manner. A system that stores data in a single
location will increase productivity and efficiency, leading
to more opportunities throughout your business.
5. Performance issuesAre you having to sacrifice
transaction history or other records because your data volume is increasing?
If you’re exceeding the limits of your current solution then you need to
consider new software that will eliminate the risk of having inadequate historic records. It will
also stop employees wasting time on tasks such as moving data to make room for
6. Insufficient controlAre you creating workarounds
to join up processes and fill in the gaps?
If you are creating workarounds then life is harder than it needs to be.
A seemingly small change in how your accounting software operates can have a
big impact for you and your colleagues, placing you firmly in control of your
Choosing to invest in
new software is a commitment of both money and time and the thought of
dedicating more resource to a new project can be overwhelming. But consider the
impact of not taking action – how much is time wasting and lack of analysis
costing your teams and hindering further business growth?
For more information
on how Exchequer can help growing businesses, check out our on-demand webinar.
Tags: accounting software, accounting app, outgrowing accounting software, webinar, Reporting
Late payment can be frustrating and costly for any
business with poor cash flow being the single biggest reason that businesses
Although it can seem daunting at first, implementing a
simple credit control process needn’t be complicated – check out our
infographic for seven steps to making sure you get paid every time!
Tags: credit control, infographic
Accounting Software | Infographic
Tags: credit control, top tips , infographic, webinar, cost savings
According to Deloitte’s latest research, which surveyed 118 Chief Financial Officers (CFOs) last month (September, 2014), perceptions of economic and financial uncertainty increased in the third quarter for the first time in two years. With many unanswered questions surrounding the campaign - currency, tax, regulations, oil - to name a few, it’s no surprise that the prospect of an independent Scotland is thought to have played a dominant role in this change.
While Deloitte’s research points out that political developments can create uncertainty for businesses, its overriding message focuses on growth. Expansion is high on the agenda for many CFOs with risk appetite reaching a seven-year high. Furthermore, 35% of CFOs surveyed rated the introduction of new products or expanding into new markets a strong priority and 19% are looking to increase capital expenditure.
Regardless of your current size, the prospect of growth can bring with it many challenges. The ability to remain agile with quick and easy access to real-time information provides a firm foundation for decision making and business success.
We’re working with many growing businesses and organisations to streamline processes, save time and reduce costs. If you are growing or are looking to do so, visit our resource centre for more information.
You can download the full Deloitte report here.
Charities and not-for-profit organisations
have been eager to embrace the potential of mobile technology and those that
have are well placed to capitalise on the benefits.
A report published in November 2013 by
mobile network company Three found that donations through websites, social
media and apps now account for £26 in every £100 donated in the UK, with an
annual figure of £2.4 billion now being donated online and by mobile.
As advances in mobile technologies
accelerate, charities face the challenge of how to exploit new ways of working
while continuing to wrestle with limited budgets. This quandary has prompted a
growing number of charitable organisations to consider adopting Bring Your Own
Device (BYOD) schemes.
BYOD schemes allow employees and volunteers
to use their own mobile devices (laptops, tables, smartphones etc) for work
purposes and offer improved flexibility and productivity. For charities in
particular, the appeal of BYOD is obvious.
Dwindling budgets mean that many
organisations have insufficient funds to invest in updating IT hardware and
corporate mobile plans. This comes at a time when charities are facing greater
demands from staff to use smartphones and tablets to do their job by
accommodating flexible working. With more employees and volunteers showing a
willingness to use their own personal devices for work purposes BYOD has become
a tempting proposition.
Mobile technology significantly increases
productivity for field workers as staff can record information ‘on the move’
during visits and deal with queries as they arise. Essential transactional
information, such as expenses and time spent on projects, can be entered and
authorised remotely using a mobile device. This eliminates the need to return
to the office and trawl through mountains of paperwork.
The rise of mobile is also enabling
charities to better engage with stakeholders, supporters and younger audiences
to boost responses from their fundraising campaigns to drive donations.
Trustees are also using mobile devices to gain easier access to financial
information and can drill down to the detail in order to offer meaningful
advice on the allocation of scarce resources.
To meet this soaring
demand Exchequer is continually developing mobile applications to provide
organisations with remote access to key information via the Exchequer finance
system using smartphones.
While allowing staff and volunteers to use
their own devices may provide significant cost savings, it is essential that
charities create a consistent and coherent BYOD strategy to prevent data
security breaches and the inevitable loss of supporter trust.
By doing so
organisations can mitigate the threat of security vulnerabilities and empower
employees and volunteers to use mobile technologies to help generate vital
funds, without placing donor relationships at risk
access the white paper “Why every charity and not-for-profit needs a BYOD strategy”, click here.
Tags: BYOD, NFP
Even just a few years ago many business owners were contemplating their future with a weary sigh; there were fears about double dips and consumers hoarding their cash, unwilling to spend.But the good news is we seem to be over the worst - Britain’s economy grew last year at its fastest rate since the financial crisis. Data from the Office for National Statistics showed that most major sectors of Britain’s economy expanded in the final three months of 2013, concluding its best showing since 2007. The economy grew 0.7 percent quarter-on-quarter from October through December. Growth for the full year rose to 1.9 percent, which bodes well for the coming 12 months.A word of caution, however: while confidence has increased, this hasn’t translated into increased investment in business. Despite positive predictions, UK organisations are far from certain about their future. According to the Baker Tilly annual SME Distress Monitor, 96% of business owners said they were happy achieving their current level of success, 74% expect their workforce to stay the same, and only 23% plan to increase their sales and marketing spend. A large majority, 84%, are not willing to take on any more debt in 2014.In short, it looks like businesses are holding steady and seeing where this positive momentum gets them before they make any capital commitments.MDs that wish to make sure that their organisation remains resilient to the uncertainty surrounding the direction that the economy may take, need to ensure that their processes are structured and every operational parameter is managed, monitored, controlled, measured, reported and benchmarked to achieve optimum operational productivity and profitability. In 2014 now, more than ever, secure, strong and resilient management is critical and instant access to key performance indicators (KPIs) and the status of the business operation is key to thriving.Why not download the whitepaper in full ‘Thriving in uncertain times – 7 top tips for 2014’
Original article http://startups.co.uk/outlook-for-2014-and-what-businesses-need-to-watch-out-for/
Accounting Software | News | Topical
If you ever needed proof that accounting software was a small world, look no further than the arrival of Greg Ford as the new managing director at Exchequer at the beginning of this month.
For most of the past two years, Ford has been Managing Director at V1, the document management wing of Advanced Computer Software Group that has been converted to a multi-purpose business process and learning support organisation under his guidance.
Before that, Ford was managing director at both Sage’s accountants’ and mid-market divisons - the latter for more than a decade - so the return to mainstream accounting has been something of a homecoming.
“When Advanced acquired CSH and Exchequer, I told [Advanced CEO] Vin [Murria] I was passionate about the accounting business and could make a difference. Fortunately the opportunity arose for me to replace Kay Mason,” Ford told AccountingWEB.
Exchequer is an “incredibly healthy” business with a strong, horizontal customer base with big user communities in distribution, manufacturing, not-for-profit and education sectors, he explained.
“Exchequer was always well regarded for innovation and agility in the marketplace - for example with the Exchequer 365 mobile platform,” Ford said. “My plan is to get back to the grass roots, to get closer to customers and identify emerging trends in a more agile fashion. We’re supported by the Advanced Group, but are small enough to respond to people’s needs.”
Already Ford has gone out on “discovery tours” to meet more than 250 existing Exchequer customers. While many of them remain very loyal to the company, they also shared where they’d like to see improvement.
“People’s expectations these days are much, much higher. They don’t just want software installed, they want in place, on time, to plan and delivering benefits they invested in.”
This emphasis on customer care and feedback is a clear imprint from his days at Sage, where Ford earned his spurs fighting customer service firestorms and apologising for coding mishaps such as the recurring bank entry bug in Sage 50 Accounts 2010.
“I’m proud of my association with Sage,” said Ford of his former employer-turned-market rival. “But here we have the opportunity to be much more engaged with the customer. The larger you are, the more treacle you have to work through to deliver a great experience. Being smaller, but supported by a larger organisation means we can be more creative and more engaged.”
Ford does have some remedial work to do at Exchequer. He is right that as an independent developer Exchequer used to be one of the hidden gems on the UK accounting software scene, but market consolidation has not been kind to the company.
Exchequer was acquired by IRIS in 2005 as part of a major financial expansion plan led by CEO Martin Leuw. For a period our Software Satisfaction Survey results showed an improvement in product satisfaction ratings among Exchequer users, but this has been in decline since hitting a peak in 2009.
When presented with these figures, Ford commented that with Advanced’s backing, “We can improve by delivering a stronger customer experience around the solutions that we offer. We’re very, very strong on product - but people need to see the whole solution delivered as the client expects and needs.”
Article originally published on AccountingWEB 19th November, 2013
According to the the ONS Index of Production, UK manufacturing output surged by 1.1% in March, with the largest upward contributions coming from the manufacture of basic metals and metal products, up by 2.8%, and the manufacture of computer, electronic and optical products, up by 5.5%.
This month’s promising manufacturing output figures may have come as a surprise – it’s the first time in two years that we have seen a rise over two consecutive months. From a gloomy start, UK manufacturing data shows an improved outlook, which was a drag on output in the first quarter and could allow us to see GDP maintaining a more consistent and positive path over the coming months.
KPMG too has revealed that the manufacturing sector could be regaining traction, reporting that the UK is the top three most popular sourcing destination. According to its 4th annual Global Manufacturing Outlook report published in May, the top strategic priority for global manufacturing companies was reducing cost structure, ahead of sales growth, and increasing agility.
Despite the prolonged uncertainties for manufacturing, many companies are emerging from the downturn with significantly reduced cost structures, and improved systems enabling them to be far more responsive to customer requirements and market trends
These agile systems are no longer the preserve of large companies with generous IT budgets – in fact the reverse is true. Smaller companies have the flexibility to adapt their processes, and mid-market ERP systems now include advanced logic to maximise customer service levels and minimise costs. Sherwood Scientific is one such company expanding its export market and championing the UK as a destination for future profit growth.
The Cambridgeshire based development and manufacturing company manufactures and distributes a range of scientific instruments and apparatus worldwide. It utilises Exchequer’s financial software to handle stock control and workflow. The Works Order processing (WOP) enables Sherwood to syncronise various functions of the business; from picking components and transferring work in progress to receipt of finished goods back into the stores. This allows the team to manage the supply of products to their customers on time and within budget.
Sherwood Scientific’s products are sold worldwide and it supports its customers with one of the most extensive distributor networks in the industry. Accurate information and Key Performance Indicators are crucial to effective management in this environment. General Manager Nick Sugden says; “We have distributors across most countries and Exchequer allows us to look at their sales numbers on a wide variety of parameters. Sales can be determined by product, by unit numbers, by margin, by time period and by comparison to previous periods. Exchequer also permits the export of data into other products such as Microsoft Excel where further data processing and charting is possible.”
It is encouraging to know that global markets are increasing their focus on the UK for growth in sales, profit and sourcing. We should be celebrating the ‘Made in Britain’ marque; localisation of production would help lower Britain’s trade deficit as UK-made goods would replace imported ones
Robust and flexible business systems which meet the needs of the manufacturing and distribution industries will have an impact in all areas of operation. By achieving greater control of stock, and establishing a continuous and auditable workflow through the manufacturing process can only result in increased visibility of performance and ultimately of the sales distribution network.
Over the next five years and in an age and industry where volatility has become a given, companies that possess these attributes and pursue these strategies will likely define the standard of success.
For more information on manufacturing management software, please click here.
Tags: ONS Index of Production, Manufacturing, Global Manufacturing Outlook, UK Manufacturing data
Accounting Software | Topical
THE total value of UK retail sales in April was down 0.6% on the same month of 2012, in contrast to a 3.7% year-on-year rise in March, according to the British Retail Consortium (BRC) publishing its figures this week.It appears that retail sales figures have proved volatile in recent months with bad weather to blame for the weak figures and high petrol prices deterring motorists from filling up their tanks. It’s not all doom and gloom though – According to the BRC, snow and the prolonged cold were not ideal but not a disaster. They brought mixed fortunes for different categories. Food sales rose by 0.9%, boosted by a continued appetite for hearty meals and wintry fare such as roasts and chocolate. But demand was cool for new season clothing and footwear lines, resulting in a decline for both categories.Internet sales during the month have seen a boost too, rising by 8.3% with online sales of non-food goods picking up. So in spite of the squeeze, how are the retailers getting it right doing so in a recession?When Exchequer customers and internet entrepreneurs Holly Tucker and Sophie Cornish launched Notonthehighstreet.com in 2006, they not only have become one of the most high-profile e-commerce business in Britain, revolutionising the way we shop but have helped SMEs to thrive in a downturn.After launching, the founders learnt quickly that keeping an eye on the bottom line was key - from implementing their business model and legal requirements to selecting an efficient accounting software solution, taking business growth from £100,000 turnover in the first year to £100m at the end of last year.The expectation is to grow by 100-percent this year and with their eye on Global dominance, the duo have introduced multi-currency functionality to their Exchequer system plus its first tv ad campaign along with a best-selling book.As Tucker says in this month’s Director Magazine; "We didn't set out to break glass ceilings. We didn't set up to become a female-led entrepreneurial business with five of the best VC backers in the world, supporting the UK and changing the economy. That wasn't our mission, we don't want to be famous – we've got a job to do. We didn't realise the outcome of all that energy would be that we support 5,000 people now in the UK, not just through our business, but through the people our partners employ."MDs face a challenging time ahead as the uncertainty of the state of the economy continues and there appears to be little respite from the challenging trading conditions. To thrive in these difficult times, Tucker and Cornish have embraced the tools available to them and taken advantage of the latest technologies to improve their business performance. MD’s can learn a lot from the Notonthehighstreet model - through employing interactive ‘live’ dashboards to keep track of the status of the business, valuing and rewarding staff and keeping your pulse on not only your business but the wider economy will all assist in driving success and delivering results.For advice on boosting your retail sales figures and thriving in difficult economy why not download our latest guide from Exchequer - 7 top tips for MDs to thrive? Click here to download.To read this month’s Director Magazine article profiling Notonthehighstreet.com’s success story in full click here.
Tags: notonthehighstreet.com, notonthehighst, Director magazine, retail sales figures
On-demand access to instant information is not a new trend; successful, dynamic and fast-paced organisations fuel their business with the power to access key information anywhere and at any time. This infographic explores the face of today's business landscape and what mobile working will mean to us in the future from checking our bank balances to accessing our mobile accounting software.
For further information, download our latest Whitepaper - Mobile Working on the Move.
Tags: mobile working, mobile accounting software
Accounting Software | Mobile | Remote working
Our expert contributors provide news and views on business and finance issues, accounting software and industry solutions.www.exchequer.com