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Tag: Sage 50

7 Key Ways To Foster Innovation In Accounting Firms

It’s rightfully said that there’s no such thing as standing still in business. We’re either growing or declining, and there’s simply no in-between.

7 Key Ways To Foster Innovation In Accounting Firms

This is probably even truer in the area of accounting, as there have been a number of important developments in recent years that demand change and a willingness to adapt.
Probably the most important of these developments have been the concept of machine learning and the arrival of the phenomenon that is Big Data. The immediate challenge of Big Data is how to obtain it, so there is a gradual move to robotic processing of information.

These new challenges should not be faced with fear or trepidation, as they are opportunities as much as challenges. So with that in mind, let’s have a look at how innovative accounting solutions – such as introducing small business accounting software like Sage 50 – is just one of the routes you can take to greater innovation.

  1. Innovate Your Processes And Look To New Technologies With Confidence:

    Unlike bygone days, the modern-day accounting firm is a partner to its clients, and much more is expected of it outside the sole area of financial bookkeeping. Today, accountants are expected to provide a highly informed view of the client business, plus the sector it operates in.

    Accounting innovation, of course is one of the keys to unlocking this additional time by automating repetitive tasks that don’t add much value to the client relationship. This and other ways of reducing time inefficiencies is by embracing the benefits of small business accounting software such as Sage 50.

  2. Be prepared to experiment:

    One of the biggest problems with doing something for the first time is that there’s no road map – nobody to tell you that this is how it should be handled. So, it stands to reason that the failure rate for genuinely innovative offerings will be higher than a ‘safer’ route, where you keep on trotting out the same offerings.

    In other words, you have to build in an element of trialling. For example, you might invite a small handful of clients to take part on a pilot programme, so these will be the only ones who know if the programme is not as successful as first thought, but maybe not all of the idea needs to be discontinued.

  3. Make sure it starts from the top:

    Genuine innovation involves a big change for the company – and for its staff. In order for it to be truly embraced at the earliest possible stage, the commitment to innovate needs to come from the very top. If it’s seen that there’s a genuine hunger for innovation at senior management level, then there’s a much greater chance of getting your staff on board.

  4. Look to services outside your normal offering:

    One of the greatest contributors to stagnation and decline is the notion of ‘sticking to what you’re good at’, i.e. trotting out the same old services, even though the demand from the market may have moved on. You may always have been regarded as the go to guys for Mergers and Acquisitions, but this doesn’t have to mean that you can’t be considered in other fields as well? And remember that the greater the number of services you offer, the greater your income stream, and the greater the opportunity for cross-selling or upselling.

  5. Change your markets:

    For some accounting firms, they tend to make a name for themselves in a particular market sector – especially in the early years. Once they’ve landed their first Distribution Company, for example, there’s a danger of seeing themselves as a Distribution Company specialist. This is fraught with danger, however, as it tends to blind you to other opportunities. Could small business accounting software such as Sage 50
    help you to become a master-partner for all SMEs, for example, or become the go to firm for start-ups?

  6. Look to other industries for inspiration:

    If you want a long-term relationship with a client, there’s a lot to be said for copying the best practices of companies who do this well. The advertising industry, for example, will frequently have a dedicated Account Service Director, who takes a helicopter view of the relationship, and looks after the big picture elements of the business. Having this form of relationship in place can yield real results in cementing the relationship. For example, if a particular client is cash-poor at a particular time of the year, reflecting this in your monthly billing could be hugely appreciated – and lock in the client for the long haul.
  7. Innovation takes time:

    We all get bogged down in the day-to-day minutiae of our jobs. But if fostering innovation in accounting is to be given a chance to flourish, there is a need to put aside quality time. This could be a company away day, for example, when the brightest minds in the organisation are given free rein to come up with the ideas that will drive the business tomorrow. Also, don’t forget that the best ideas can come from any source, whether it’s the office junior, an intern, or even a client. So make sure that everybody has easy access to management if they come up with something big. This could be anything from an old-fashioned Suggestion Box to a quarterly Ideas Lunch where staff can chew the fat with each other and see what comes up. So there you have it – seven great tips for making sure that your company constantly reinvents itself – and constantly remains relevant to your client. If you even introduce one or two of these practices, we’re confident that you’ll be well on the way to a more innovative and fearless company.

4 Simple but effective Sage 50 tips to follow

Sage 50 is an easy to use online accounting software solution for small and medium sized businesses. Sage 50 offers features such as accounts payable, accounts receivable and cash flow management.

  1. Know your Sage 50 Support options:
    Having excellent Sage 50 Support on hand and readily available is vital as when you have questions and problems you will need an answer straight away to avoid downtime and other complications. Pimbrook has achieved numerous business awards over the years for their excellent Sage 50 Support, such as ‘Sage 50 Irish Partner of the Year’ 2015, 2016, 2017 and overall Sage Partner of the Year for 2018 and while we are proud of these, our main focus is to always deliver to our clients, exceptional Support, at all times.
  2. Compile a Monthly Sage Accounts Checklist:
    By preparing a monthly sage accounts checklist you can make the process of doing your monthly accounts easier and more efficient. When doing your monthly accounts through Sage with your newly prepared checklist on hand you will be sure that won’t let anything important pass you by.
  3. Know your Sage Function Shortcuts:
    The Sage function keys are designed to save you time and effort in the often fast-paced office environment where time can regularly be in short supply. Sage key functions from F1 to F9 are all designed with specific shortcut functions such as F1 which when pressed will generate the relevant help topics for that particular screen or F5 which when pressed opens a currency converter in a numeric field and also a spellchecker in a text field. By learning off your Sage Function key shortcuts you will not only increase your speed efficiency but it will also make the work that bit easier for you.
  4. Protect your data:
    As the data stored on your Sage 50 Accounts can be of a sensitive nature it is paramount that your Sage 50 Accounts are not only secure but maintained regularly to ensure their security. A great way to protect your data and ensure its safety is to schedule daily backups so worst case scenario you will have the most recent copy of your data saved from earlier that day should anything go wrong. Backups can be scheduled through The Sage Accounts Backup Manager.

For more information on Sage 50 and our excellent accounting solutions please feel free to get in touch with Pimbrook Software Ireland’s overall Sage Partner of the Year 2018.

What Good Chief Financial Officers need to do to succeed

Once upon a time, the role of the Chief Financial Officer related primarily to “looking after the numbers’, making sure that the accounts of a company were properly and legally kept, and that the company enjoyed sound financial health. These days, however, that role has changed almost beyond recognition. More and more they’re using technology and software (such as Sage 50, now Sage 50cloud) to broaden their impact on their companies.

What Good Chief Financial Officers need to do to succeed

    It’s fair to say that few business roles have changed as much in the past decade or so as that of the CFO. More and more, they’re expected to have a new and broader skillset to compete successfully in a world of commerce that’s ‘always on’, and where traditional notions of geographical markets have been made obsolete by the internet.

    You could argue long and hard as to what makes an exceptional CFO these days, but it seems beyond argument that there are a number of key skills and aptitudes that are central to the task. In no particular order, here are our top choices.

    Strategic as well as tactical thinking. More and more, the CFO is involved in the most important decisions being made by the company – even if those decisions are in other areas such as Sales & Marketing or HR. At the end of the day, everything has an impact on the bottom line, so the CFO is the best placed to contribute to the debate on just how strong this impact may be.

    The CFO needs to be able to see the big picture, rather than just focus on the tactical and short-term elements of his job. It also helps if the CFO has a strong enough character to stand his ground against other heads of function in the company – particularly when defending an unpopular line of action. Obviously, being fully armed with data is important in this area, which is why software such as Sage 50 (now Sage 50cloud) is so important.

    The ability to understand data analytics. Much has been said about the role of big data, and how it can help companies to make decisions based on a range and a breadth of data that might not have been available to previous generations. The challenge now for the CFO is the ability to embrace big data rather than to fear it.

    What’s essential is that they have the ability to see what lurks behind big data, and to draw genuine business insights from the financial data that’s available to them – either from their own company, from their own industry sector, or from business in general.

    When it comes to understanding data, of course, software such as Sage 50 (now Sage 50cloud) truly comes into its own.

    The ability to be a team player. No matter how much a business decision may relate to finance, there will be a need to bring other people along with you. It really helps if your CFO has the political skills to persuade people of his position, and the ability to concede to a better opinion should it come onto the table. Stand-offs benefit nobody!

    This ability to be a team player doesn’t just relate to the other members of the C-Suite. Your CFO will also need the ability to work well with banks, with investors, with suppliers, with partners etc. And when the company gets big enough to have a large board – including outsiders – the CFO will need to get on with the members of it. The bottom line is that ego shouldn’t come into it – it’s the ultimate success of the business that matters most.

    Obviously, it helps if the CFO can argue with utter conviction, so being armed with the sort of information that software such as Sage 50 (now Sage 50cloud) can deliver is of vital importance.

    A willingness to embrace the best available technology. Technology changes so fast that some people are inclined to either ignore it, or worse still, to fear it. For a CFO, this would be an absolute disaster. There is so much software and technology available to the modern CFO that unless the CFO is willing to stay abreast of what’s happening in this space, it’s the company that will ultimately lose out.

    The bottom line is that financial information and financial technology are two of the biggest assets a company can have, whether in making strategic decision, setting more appropriate KPI’s or making accurate projections for the future, technology is of vital importance.

    The technology that’s available to the CFO is also critical in meeting the growing number of legislative requirements that the modern business faces. Failure to tackle this task ‘the easy way’ would be a major black mark for any financial supremo. It goes without saying that accounts software such as Sage 50 (now Sage 50cloud) come top of the list in terms of the technology that can give a CFO an advantage.

    The ability to lead from the front. Aside from the CEO, the CFO probably plays the most important leadership role in the company, and must be big enough to wear this mantle with courage and confidence.

    Many of the opportunities or the challenges that a company encounters will first come through the CFO, e.g. expansion opportunities, investment opportunities, restructuring needs. And rather than being a meek intermediary in bringing these challenges or opportunities to the broader company, the CFO needs to come to the table with recommendations and a strong opening position.

    More and more, it’s the CFO that drives change in an organisation, so being a leader is perhaps one of the biggest aptitudes that he can have. And if not a natural leader, then the onus is on him to learn the leadership skills that are demanded of him. Leadership, of course, demands that the leader is well informed, which is why software such as Sage 50 (now Sage 50cloud) is so important.

    The ability to look outwards as well as inwards. Very often, inspiration for a successful corporate team will come from a completely different company or a completely different sector. Having the ability to be open to inspiration from outside sources is an important factor in producing a truly successful CFO.
    Reading a lot, talking to other CFOs (across a range of companies and sectors), and having a broad range of personal and business interests can help a lot in this area. When it comes to this particular cat, curiosity is very definitely a major benefit!

Sage 50 GoCardless

GoCardless for Sage 50

Payment Methods in Sage Software

 

Hello welcome to my presentation on Payment Methods in Sage Software. My name is Stephanie Davies and I’m the Managing Director of Pimbrook Software. Briefly, Pimbrook came about by the merge of two business partners Pim’s Business Systems and Brook Software Solutions. We’ve well over 17 years’ experience, now servicing thirteen hundred clients.

One of our commitments is to deliver exceptional customer service and we earned these awards for three years in a row due to that, so today I’d like to concentrate on Go Cardless in Sage 50.

What is GoCardless?

It is an integrated direct debit functionality for businesses who take recurring payments. So the research has looked at automated reconciliation – time is critical for businesses nowadays, so the more automation you can bring into your business the more successful it’s going to be.

Getting paid on time obviously speaks for itself. We all want to get the cash flow going but, what’s the biggest thing that we find that will help your business is getting your customers on board with you, so that you can receive those payments efficiently and quickly.

So let’s have a look, so in your Sage 50 now you have a direct debit manager, so we’re going to set up GoCardless for your business, so click on the setup now, you have an option to connect to an existing account or create a new one.  For the purpose of this demo we’re going to create a new one, so you’re just have to pop in some basic details about your company and once you’ve completed that, your integration with the GoCardless account is completed successfully. So that’s your side done, so one last bit on the Sage side to complete, is going into Sage 50 and setting up those bank accounts that you want the monies to be populated into, and you have a couple of nominal codes there as well.

So the next thing is how do we get your customers on-board with you? So the most important thing is to get a mandate out to the customer. So we’ll select a customer to pop into it and put their details in there of the email address. So once that’s set up for your customer on your Sage 50, they will be given an invite, through the email to set up a direct debit to ensure that the recurring payments to you are made regularly. Once that’s completed and all monies start to transfer into your business, you can then go into the bank account and you’ll see where this auto update happens automatically. So again let’s recap on the benefits to both parties to you and your customer.  Once your customer has signed the mandate you can schedule your payment dates flexibly and they will be told in advance when they’re going to pay yourselves. You as the business,  will always get paid on time, the transactions are auto updated, so a reduction in the operations in the business and ideally you’re constantly getting paid so if you’ve got recurring payments.  Please ensure you invest in GoCardless for your business.

I’ll leave some contact details on the screen there. Either contact Gavin or myself at either the Dublin or the Waterford office or get further information on pimbrook.ie. 

Thank you.

6 Stages of Smarter Money Management

Have you been waiting for 60 days for a customer or client to pay you?

You’re not alone

Download this eBook (pdf)

The 6 Stages of Smarter Money Management

We know you don’t want to be worrying about financial challenges like getting paid on time when you could be winning new clients and customers and growing your business. And, here’s the thing.

Ensuring you get paid on time is just ONE of the SIX stages of money management that every business goes through. The good news is you can draw from the experience of more businesses than ever today.

According to 2018 Central Statistics Office (CSO) statistical release*, there were a record of 250, 033 enterprises at the end of 2016, an increase of 5,838 since 2008.

 

Sage talked to some of the smartest business owners and managers in the UK and around the world. They told them what they do to master each stage of money management, from when they were just getting started to the moment they achieved financial mastery.

In this ebook, we’ll explain the six key stages every successful growing business goes through and how you can move from one stage to the next.

The Six stages of smarter money management – A Summary

Stage 1:  Claiming your most valuable asset – Time is the one thing you can keep pumping into your business but which you’ll never have enough of. If you spend it the wrong way, you’ll never be able to earn it back.

Stage 2:  Setting measurable targets for your team(s) – Rather than setting a general goal like “I want to grow my business,” decide what exactly you want to achieve. For example, are you going to grow your business by increasing sales of by cutting costs? Doing both at the same time could prove problematic.

Stage 3:  Paying your employees and suppliers on time, every time – Ensure you have a good system in place that alerts you to important dates, such as an upcoming renewal, and if you need to do anything in advance (like filling out paperwork for example). Working ahead gives you time to sort out any blips or problems.

” Dealing with accounting deadlines and employee returns is much less stressful when you know what you need to action well in advance”

– says Rachel Parkins, creative director at the Balagan Group and a Sage Business Expert.

Stage 4:  Mastering your business’s cash flow (once and for all) – Cash flow is the oxygen your business depends on for survival. You need more money coming in than going out, and it must arrive on time for you to pay suppliers and purchase stock. If you’re a new business owner or manager and you’ve yet to master cash flow management, it doesn’t have to be a challenge.

Stage 5:  Managing your finances on the move – Mobile devices offer great opportunities for building customer loyalty, keeping up-to-date on the financial health of your business and managing a growing company. And they become even more useful if you manage your company’s financial information in the cloud.

Stage 6:  Using reliable financial insights to accelerate growth – If you want your business to achieve financial mastery, your team shouldn’t have to spend hours preparing a report to see if revenue projections are on target and you should be able to review and understand the financial health of your business at a glance.

Download this eBook (pdf)

* Business Demography 2016, CSO statistical release, 04 July 2018
https://pdf.cso.ie/www/pdf/20181024015127_Business_Demography_2016_full.pdf

Manage Your Business on the Go

Keep your business moving

Download - Manage your Business on the Go

Even while you’re out on the move

Running your own business is rewarding. But let’s be honest, it’s also a challenge. Staying on top of industry trends, being at your clients’ beck and call, finding new clients, juggling meetings, keeping track of cash flow, and filing your tax returns. They’re all competing for your time and attention.

You can end up so focused on running your business that financial and IT tasks take a back seat, creating problems that could one day come back to bite you.

Imagine if you could issue an invoice as you finish a job at a customer’s premises. Upload expenses on the move. Effortlessly manage cash flow on the go.

Technology is no longer limited to the office. With smartphones and tablets now as powerful as laptops, you can do pretty much any business task wherever you are.

And by automating everyday financial tasks, you’ll vastly reduce the amount of admin you and your accountant need to do too – making you more self-reliant as you look to scale, strategise and compete.

Download Manage your Business on the Go