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All Articles Case Studies Commercial Finance Estate Planning Resources Uncategorised WhitepapersDigital Bookkeeping: Tips To Build Your Business Empire
by grenfell james
Digital bookkeeping tips to give your business the boost it needs.
DIY Bookkeeping: Weighing the Pros and Cons
by grenfell james
Explore the pros and cons of DIY bookkeeping and learn to avoid common errors.
End-of-Tax Year 2023: Maximise Your Budget
by grenfell james
Make the most of your end-of-year 2023 tax budget. Explore our strategies for leveraging budgets during the festive season.
Christmas Expenses: Your Tax-Deductible Guide
by grenfell james
Unlocking Tax-Savvy Celebrations. Explore our guide on tax-deductible Christmas expenses to navigate the festive season.
Autumn Statement 2023: What It Means for Your Business
by grenfell james
The 2023 Autumn Statement brings pivotal changes impacting entrepreneurs, self-employed individuals, and employers across the UK. Let’s delve into the takeaways.
Mortgages: Rates, House Prices, and More
by grenfell james
We take a look at the current landscape for residential mortgages, interest rates, house prices, and the Buy-to-Let (BTL) market.
Estate Planning: A Conversation With Kerry Murphy
by grenfell james
Without a solid estate plan, you’re leaving a lot to chance. Learn how GJ Estate Planning helps its clients receive a personalised plan that truly fits.
Succession Planning: Securing Your Business’s Future
by grenfell james
Succession planning helps to secure the future of your business. We explore estate planning, wills and succession to protect your legacy.
Grenfell James Technology Adoption Index
How does your business perform against others adopting financial tech? Find out with our interactive diagnostic:
1.
How does your business receive invoices?
A)
Invoices are mainly received in paper form
B)
Invoices are mainly received by email
C)
Invoices are emailed then automatically forwarded to a designated mailbox
2.
How are purchase invoices processed?
A)
Invoices are entered manually
B)
Invoices are attached to manually raised invoices
C)
Automated software (e.g. ReceiptBank, 1Tap, HubDoc etc) collates invoices
3.
How are accounts processed?
A)
Using Excel/paper-based
B)
Using Computer-based, offline software
C)
Using cloud-based accountancy software
4.
How often is business data revised?
A)
Data is updated annually
B)
Data is updated quarterly
C)
Data is updated monthly or more often
5.
How is banking updated for your business?
A)
Banking is updated manually
B)
Banking is updated by imports
C)
Banking is updated via a live feed
6.
How are bank payments made?
A)
Bank payments are manual
B)
Bank payments are made using bulk imports
C)
Bank payments are made directly via accounting software
7.
How are bank receipts reconciled?
A)
Receipts are chased and reconciled manually
B)
Receipts are chased and reconciled automatically
C)
A third-party platform is used to chase debts and collect fees
8.
How often are management reports produced?
A)
No reports are provided
B)
Reports are provided but often too late to be valuable
C)
Reports are automated with real-time information
Score 8-12:
Curious Exploration
Your financial technology phase is Curious Exploration
% of respondent businesses are in this phase too.
Switching accountancy systems may seem like an upheaval, but can be much more straightforward than most businesses imagine. From talking to our clients, they have found moving from paper invoicing and desktop-based accounting software to the cloud and apps quickly makes the transition process a worthwhile investment of time. Digital accounting solutions bring in streamlined processes, up-to-date business data and greater confidence in the accuracy of information when making financial decisions.
Grenfell James works with your team to fully assess the needs of your business and minimise the impact of any transitions for solutions we recommend.
Score 13-19:
Measured Discovery
Your financial technology phase is Measured Discovery
% of respondent businesses are in this phase too.
Once cloud accountancy software is in place, there’s still plenty of scope to improve your accountancy processes and make sure your business is maximising the benefits of adopting a digital accounting solution. Grenfell James assesses each business to understand how any implemented solutions are being used, identify areas for improvement and the needs of the business overall to support your business goals and achieve success.
Our team of experts can discuss a range of time-saving automation and get different apps and cloud-based solutions talking to create and manage a digital accountancy eco-system to help your business grow.
Score 20-24:
Bold Innovation
Your financial technology phase is Bold Innovation
% of respondent businesses are in this phase too.
You know the benefits of accounting technology and the impact it can have on your business goals. If you want to take it a step further, our team can conduct a systematic review of your processes, apps and business goals to ensure your digital accountancy ecosystem is keeping pace with the changing needs of a growing business.