Taking over the family business can be exciting. After years of waiting and watching how the company has been run, it’s finally your turn to take over and make all the updates you’ve been dreaming of.
From renovating the office to modernising processing, it’s all part of the job.
However, having taken over a business you may find that some of the processes are extremely outdated. Updating them can bring several benefits including:
We know this can be a daunting task, which is why modernising your accounting technology and processes is often best done gradually and strategically—here’s how you can start.
A good starting point before you make any changes to your business is to assess where it currently is, what the company needs and what your goals are.
For instance, if you currently store financial information locally on spreadsheets, there are several factors to consider, including:
At first glance, using a spreadsheet may seem cheaper than opting for a cloud-based accounting solution, however, it’s unlikely to address the other considerations mentioned above.
This is the stage where you must evaluate all competing needs of your business and prioritise what you want your accounting setup to accomplish and what features it must include – it’s going to be incredibly difficult to tackle all the issues at once.
Cloud-based accounting offers an innovative solution to outdated financial systems – often addressing a variety of your commercial needs in one package.
Your accountant can recommend the best apps and features to meet your specific requirements, ensuring they integrate seamlessly and streamline processes, such as:
Adopting digital processes has proven to be effective across all sectors, so if you want to keep up in today’s market – this is a necessity and increasingly a compliance requirement.
Businesses are increasingly required to digitise and submit their financial information. To optimise your accounting system, it’s crucial to understand your current obligations and anticipate future requirements.
A prime example is Making Tax Digital (MTD) for VAT. The vast majority of VAT-registered business must now digitally submit financial details and quarterly VAT returns using MTD-compatible software or bridging software. Additionally, financial records must be maintained digitally.
Another example is payroll processing. Some businesses still handle payroll manually or through outdated systems, which can be error-prone and time-consuming.
Transitioning to modern payroll software can streamline operations, ensure compliance with tax and labour regulations, and reduce administrative overhead.
Your accounting system should actively support compliance requirements without adding unnecessary time or costs. It should also align with your long-term business goals, capable of scaling with growth and centralising all financial processes.
We can assist you in selecting the right accounting software and processes tailored to your business needs to ensure a smooth transition into leadership and position your business securely in the modern market.
If you require further guidance, don’t hesitate to get in touch with our team.
