I have gradually been impressed with the progress made by LLM models such as ChatGPT, AI tools relating to video, graphic design, data analysis, strategy and a multitude of other useful applications. The sheer convenience of being able to quickly fact check a piece of information, to rewrite a sentence or paragraph, or even whip together a Power Point presentation, is truly remarkable and saves a ton of time. Using these tools are actually a no brainer if you ask me.
Even the professional accounting vertical have not been left unchanged. Many of our processes and procedures have been impacted and simplified by the development and use of these smart AI tools and software. My first introduction to this new approach, which also called for a greater client orientated focus, was Xero Accounting. A cloud-based accounting software application that I have been using in my practice for approximately 5 years now. Honestly, I have never looked back. Many of the larger accounting brands have been trying to match Xero’s software philosophy but are still playing catch-up in my professional opinion.
Allow me to state, unequivocally that I don’t have an affiliate marketing or any endorsement deals with Xero Accounting Software. I share what their software, online tools and other applications can do for small to medium enterprise and business owners. Please also note I am not saying this is the bee’s knees, there certainly are other non-Xero tools and software that may work just as well or even better. This post is entirely based on my own experience and the benefits I see for my clients and the tools I am familiar with in my practice. It is always best to consult with a tax or accounting professional before making a final decision to use any tools or software.
As I mentioned earlier, I switched to Xero accounting in 2020 as my preferred practice software for the following reasons:
It offered a cloud-based service, meaning it was accessible from anywhere at any time and saved me the risk of having to manage my own servers.
It permitted adding multiple users with various access levels and responsibilities, making it easy to collaborate between departments, teams and clients.
One of the best features, specifically aimed at clients, was the convenient uploading items such as debtors, creditors, documents, bank statements, invoices etc.
From an accounting perspective, all uploaded, source documents were traceable and linkable with specific journal entries.
We experienced an overall ease of use and had access to a great local technical support team from day one.
For ease of reference, I have broken the different tools into functional segments as I think it might better illustrate the available options. Also note that some of the tools are free to use, but in some cases, a monthly or annual fee per user may apply.
These lists of tools serve both as internal operations management amplifiers, or simply to assist the small business owner in keeping a closer eye on their finances. Select the tools that solves your most pressing management problems and concerns. All tools have been hyperlinked to an appropriate web page if you wish to read more about it:
1. Accounting Software
Accounting software automates financial tasks like tracking income and expenses, generating reports, and managing taxes. Some of the benefits include, improved accuracy as human errors are reduced, increased efficiency by automating time-consuming tasks, better business insights through the availability of real-time financial data and reports.
Popular accounting software include:
Xero Accounting Software
Sage Accounting Software
QuickBooks / Intuit Accounting Software
2. Document Control and Management
Document control and management tools helps you securely store, organize, and share important business documents like contracts, invoices, and employee records, effectively helping you reduce your carbon footprint and saving on stationery and storage space.
Some of the key benefits include enhanced security with the protection of sensitive data from unlawful access and breaches, improved collaboration by ensuring easy sharing of documents with clients / team members, and lastly, increased efficiency as document workflows are streamlined and time spent on searching for information is reduced.
Popular document control tools include:
Hubdoc
Content Snare
Prospero (to better manage business proposals, ideal if you issue a lot of proposal to multiple clients).
3. Payroll and HR
Payroll and HR software tools help to automate employee onboarding, assist with payroll processing, benefits administration, and performance tracking. Using these range of tools help to reduce payroll errors by eliminating inaccuracies in pay calculations and tax withholdings.
These tools also aid the business owner to improve compliance by adhering to labor laws and regulations such as calculating minimum wage and monitoring working hours.
HR tools aid the small business owner to create improved employee satisfaction, by offering simplified employee self-service tasks, and allowing for the updating of personal information.
Popular Payroll and HR tools include:
Payspace
SimplePay
4. Invoicing and Jobs (Scheduling)
I find the invoicing and job scheduling software to be of particular value to any small or medium sized business. During the start-up and early growth phase of any business, you want to focus on the tasks at hand and make a good impression on all your new accounts.
These tools allow you to create and send professional quotes, invoices, to track project progress and properly manage client appointments. These are essential business functions. Why battle with a homemade Excell sheet when you can work professionally and effectively.
While the benefits of these tools are obvious, it’s useful to know that these tools also facilitate quicker invoice payments by means of automated reminders and online payment options. These tools also help you to apply improved project management by leveraging visibility into project timelines, budgets, and resource allocation.
All in all, these tools get to you to enhanced customer service by efficiently managing your business appointments and internal scheduling.
Popular Invoicing and Job tools include:
ServiceM8 (ideal for service-based businesses).
Tradify (ideal for trade-based businesses such as plumbers, cupboard makers, welders, electricians etc).
Simpro (ideal for businesses offering field services, projects and maintenance through service teams).
5. Inventory and Stock Management
Inventory and stock management tools help businesses track inventory levels, manage purchase orders, and optimize stock levels to prevent stockouts.
Benefits include, a reduction in inventory costs as levels are better kept in check, leading to improved order fulfillment and timely delivery to customers. Improved decision making as more accurate data provides valuable insights into inventory trends and customer demand.
Popular stock management tools include:
Unleashed
Tidystock
Prospect (ideal for businesses where sales and marketing teams need to be aware of stock levels, backorders, current client orders and sales history).
Conclusion
AI tools and smart software is here to stay, and I believe these tools and instruments will only go from strength to strength. While at present these tools assist in making mundane tasks more lively and quicker, there will come a day when these tasks are but a verbal command away.
The obvious benefits are that these tools help you deliver better services and products, but it also fulfills another important role; it gives you an insight of what is possible and to look for new opportunities to innovate and improve.
Many verticals will continue to be disrupted by these instruments and no sector is immune to the rhythmic march of progress. In my humble opinion it’s really a case of if you can’t beat them, then better to join them – quickly!
For any assistance with important business decisions, analyzing of your financial data, or for any accounting related services you may require, please take a look at our comprehensive portfolio of services or call us on +27 82 561 7024. You can also send us an email at myrtleo@mbasa.org for more information.
Even the professional accounting vertical have not been left unchanged. Many of our processes and procedures have been impacted and simplified by the development and use of these smart AI tools and software. My first introduction to this new approach, which also called for a greater client orientated focus, was Xero Accounting. A cloud-based accounting software application that I have been using in my practice for approximately 5 years now. Honestly, I have never looked back. Many of the larger accounting brands have been trying to match Xero’s software philosophy but are still playing catch-up in my professional opinion.
Allow me to state, unequivocally that I don’t have an affiliate marketing or any endorsement deals with Xero Accounting Software. I share what their software, online tools and other applications can do for small to medium enterprise and business owners. Please also note I am not saying this is the bee’s knees, there certainly are other non-Xero tools and software that may work just as well or even better. This post is entirely based on my own experience and the benefits I see for my clients and the tools I am familiar with in my practice. It is always best to consult with a tax or accounting professional before making a final decision to use any tools or software.
As I mentioned earlier, I switched to Xero accounting in 2020 as my preferred practice software for the following reasons:
It offered a cloud-based service, meaning it was accessible from anywhere at any time and saved me the risk of having to manage my own servers.
It permitted adding multiple users with various access levels and responsibilities, making it easy to collaborate between departments, teams and clients.
One of the best features, specifically aimed at clients, was the convenient uploading items such as debtors, creditors, documents, bank statements, invoices etc.
From an accounting perspective, all uploaded, source documents were traceable and linkable with specific journal entries.
We experienced an overall ease of use and had access to a great local technical support team from day one.
For ease of reference, I have broken the different tools into functional segments as I think it might better illustrate the available options. Also note that some of the tools are free to use, but in some cases, a monthly or annual fee per user may apply.
These lists of tools serve both as internal operations management amplifiers, or simply to assist the small business owner in keeping a closer eye on their finances. Select the tools that solves your most pressing management problems and concerns. All tools have been hyperlinked to an appropriate web page if you wish to read more about it:
1. Accounting Software
Accounting software automates financial tasks like tracking income and expenses, generating reports, and managing taxes. Some of the benefits include, improved accuracy as human errors are reduced, increased efficiency by automating time-consuming tasks, better business insights through the availability of real-time financial data and reports.
Popular accounting software include:
Xero Accounting Software
Sage Accounting Software
QuickBooks / Intuit Accounting Software
2. Document Control and Management
Document control and management tools helps you securely store, organize, and share important business documents like contracts, invoices, and employee records, effectively helping you reduce your carbon footprint and saving on stationery and storage space.
Some of the key benefits include enhanced security with the protection of sensitive data from unlawful access and breaches, improved collaboration by ensuring easy sharing of documents with clients / team members, and lastly, increased efficiency as document workflows are streamlined and time spent on searching for information is reduced.
Popular document control tools include:
Hubdoc
Content Snare
Prospero (to better manage business proposals, ideal if you issue a lot of proposal to multiple clients).
3. Payroll and HR
Payroll and HR software tools help to automate employee onboarding, assist with payroll processing, benefits administration, and performance tracking. Using these range of tools help to reduce payroll errors by eliminating inaccuracies in pay calculations and tax withholdings.
These tools also aid the business owner to improve compliance by adhering to labor laws and regulations such as calculating minimum wage and monitoring working hours.
HR tools aid the small business owner to create improved employee satisfaction, by offering simplified employee self-service tasks, and allowing for the updating of personal information.
Popular Payroll and HR tools include:
Payspace
SimplePay
4. Invoicing and Jobs (Scheduling)
I find the invoicing and job scheduling software to be of particular value to any small or medium sized business. During the start-up and early growth phase of any business, you want to focus on the tasks at hand and make a good impression on all your new accounts.
These tools allow you to create and send professional quotes, invoices, to track project progress and properly manage client appointments. These are essential business functions. Why battle with a homemade Excell sheet when you can work professionally and effectively.
While the benefits of these tools are obvious, it’s useful to know that these tools also facilitate quicker invoice payments by means of automated reminders and online payment options. These tools also help you to apply improved project management by leveraging visibility into project timelines, budgets, and resource allocation.
All in all, these tools get to you to enhanced customer service by efficiently managing your business appointments and internal scheduling.
Popular Invoicing and Job tools include:
ServiceM8 (ideal for service-based businesses).
Tradify (ideal for trade-based businesses such as plumbers, cupboard makers, welders, electricians etc).
Simpro (ideal for businesses offering field services, projects and maintenance through service teams).
5. Inventory and Stock Management
Inventory and stock management tools help businesses track inventory levels, manage purchase orders, and optimize stock levels to prevent stockouts.
Benefits include, a reduction in inventory costs as levels are better kept in check, leading to improved order fulfillment and timely delivery to customers. Improved decision making as more accurate data provides valuable insights into inventory trends and customer demand.
Popular stock management tools include:
Unleashed
Tidystock
Prospect (ideal for businesses where sales and marketing teams need to be aware of stock levels, backorders, current client orders and sales history).
Conclusion
AI tools and smart software is here to stay, and I believe these tools and instruments will only go from strength to strength. While at present these tools assist in making mundane tasks more lively and quicker, there will come a day when these tasks are but a verbal command away.
The obvious benefits are that these tools help you deliver better services and products, but it also fulfills another important role; it gives you an insight of what is possible and to look for new opportunities to innovate and improve.
Many verticals will continue to be disrupted by these instruments and no sector is immune to the rhythmic march of progress. In my humble opinion it’s really a case of if you can’t beat them, then better to join them – quickly!
For any assistance with important business decisions, analyzing of your financial data, or for any accounting related services you may require, please take a look at our comprehensive portfolio of services or call us on +27 82 561 7024. You can also send us an email at myrtleo@mbasa.org for more information.
CONTACT US
Please contact us for an obligation free consultation. Our team works remotely and we are available for on-line or local in person meetings.
082 561 7024
Mon to Fri 7am to 4pm
Mon to Fri 7am to 4pm
myrtleo@mbasa.org