Running a business comes with endless challenges, especially for growing SMEs that are juggling everything from managing finances to developing strategy. But, at the core of it all, there are three key areas of focus that can determine success: your People, your Processes, and your Purpose.
For many business owners, the administrative burden of managing financial operations can shift focus away from these critical areas. That’s where tech-driven financial processes, led by your accountant, can make a real difference.
By allowing your accountant to evaluate and streamline your finance processes, you can unlock efficiencies, reduce errors, and free up valuable time to focus on your people and reconnect with the purpose of your business.
In this month’s Fintech Friday, we explore how using technology to optimise your financial processes can drive benefits across your wider business.
Process: Driving efficiency with tech-led solutions
At the heart of every successful business is a streamlined, scalable process. Managing your finance function manually or relying on outdated systems can lead to inefficiencies, errors, and time wasted. By adopting a tech-driven approach, such as integrating cloud-based platforms like Xero or automating workflows with apps like ApprovalMax and Dext, you can eliminate unnecessary tasks and reduce human error.
An accountant experienced in digital advisory can help you:
- evaluate your current processes by identifying inefficiencies and bottlenecks in your finance function.
- implement cloud-based solutions, proving real-time access and enabling you to automate tasks like invoicing, expenses, and payroll.
- optimise workflows, enabling you to tailor your financial system to one that is scalable and designed to grow with your business.
By doing so, the heavy lifting of daily financial management is largely taken care of, leaving you more time and energy to focus on higher-value tasks.
People: Freeing up time for what matters most
With streamlined processes in place, you’ll have the time to concentrate on the people who matter most – your team members and customers.
Managing and growing your team, fostering relationships, and developing a supportive company culture are essential to business success, but they can often get overlooked when you’re bogged down in financial admin.
By largely handing over the ‘process’ side of your finances to an accountant that can deliver tech-led advice, you’ll have more time to:
- invest in your team, whether that’s through training and development or delivering growth through a more focussed approach to recruitment.
- improve customer experience by having more time to focus on client relationships and feedback.
- enhance your work-life balance by freeing up personal time, reducing stress, and allowing space for strategic thinking.
Purpose: Reconnecting with why you went into business in the first place
As your business grows, it’s easy to lose sight of your original vision. Tech-led financial processes give you the space to revisit why you went into business in the first place. Instead of spending your days worrying about manual financial tasks or navigating outdated systems, your digital advisor can deliver improvements to your finance function which will, ultimately, free you up to work on strategic goals.
How can we help?
As your business grows, managing financial admin becomes increasingly complex. By partnering with Digital Advisors like us, you can turn this potential challenge into an opportunity and keep focus on why you went into business in the first place.
Ready to run your business smarter? For more information, contact our digital advisory team by emailing fintech@haroldsharp.co.uk or call 0161 905 1616.