5 Tools to Help your EOFY Preparations

May, 2021
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The business of running a business never ends, it’s an ongoing juggling act and before you know it, there is the additional complication of the end of the financial year and another thing that needs to be done. 

The great thing about EOFY is that it allows you to take stock of the year behind and prepare for the year ahead. This is the moment to slow down, take note of the lessons that you learnt this year and prepare for the upcoming year.

Several tools can help your business (and your accountant or bookkeeper) to streamline your operations and make your EOFY a little simpler and more efficient. Why should you consider these different tools? They are cost-effective and scalable to help your business grow.

However, it isn’t that simple to just select a couple of online tools to help your business run consistently. You need to understand and map out your core requirements before selecting the correct technology. 

Did you know? The average company uses an average of 137 unique SaaS online systems and apps, and the free ones are used 3 times more than paid apps. 

What are the benefits of using cloud-based applications? 

Why should you consider using different online tools? There are numerous benefits to your company that include saving time and money, having the ability to grow your business and more. Here is a list of some of the potential reasons why you should go to the cloud.

  • Start small or free and upgrade as your business grows – this makes scaling your business more affordable
  • These online systems are quick to implement and change if you find yourself moving to another system.
  • Data recovery and backups are usually automated, and because they are saved to the cloud there is no need to keep physical backups. 
  • You can work from anywhere with immediate access to your systems
  • Cloud-based systems are secure and run different data centres to ensure delivery
  • These systems are relatively easy to adopt
  • Unlimited storage capacity
  • And more…

Cloud-based systems you should consider for your business

Here are some system categories that we have identified to help keep your business growing into the new financial year. 

  • Sales CRM
    A CRM is a tool to manage all the touchpoints with potential customers throughout the sales process. It builds an extensive database of your customers, which gives you a better understanding of who your customer is, how to retain them and how to offer them a better service.
    CRM’s that you should investigate and consider: HubSpot, Salesforce, Pipedrive.
  • Email, Documents & Cloud Storage
    Email is an important communication method in all businesses, and thanks to Google and Microsoft, your email is connected to your documents and cloud storage. Having the three areas all connected makes not only your life easier but also that of your staff members.
  • Accounting & Finance
    Xero and Quickbooks have made online accounting easy. You can log in remotely, have access to a dashboard that gives you an immediate overview of your balances, invoices, and more. You can manage your payroll, expense claims and more. 
  • HR
    An essential part of any business is the people that it employs. An HR package will help manage the people, their time-tracking, their leave, and even recruitment.
  • Inventory Management
    If your business has any type of stock or inventory, then an inventory management system is a must-have. Inventory management apps help businesses to manage sales from a variety of sources (online, retail and more), track inventory, forecasting and inventory planning and avoid stock-outs. There are a variety of different types of IMS available, and each one unique.

If you are looking for an inventory management system, we suggest that you connect with one of our Solution Architects to help identify your system needs – it’s complimentary. Click here

These systems should be able to integrate and connect. Integration of your systems is important because this will boost information flows and reduce operational costs. This allows simple tasks to be automated, saving time. The prime benefit is that you will have improved productivity and quality of operations. 

What does this mean for EOFY? 

With the end of the financial year around the corner, there is a great deal of information to pull from the systems so that your accountants, bookkeepers and tax agents can complete your applications. If you have some of the above systems in place in your business, you will be able to quickly pull accurate reports and statements to help speed the process up.

However, it is important to note that the systems only work if you do. Our key motto at WAOConnect is that whatever happens in real-life, needs to happen in the system too. The key to managing some of these systems is to track actual activities. 

We suggest that you set up daily, weekly, and monthly checklists to monitor and manage your activities both in the real world and the cloud. A checklist will help you and your team keep on top of what needs to be done, and how regularly it needs to happen. 

You can download a free checklist to help you manage your inventory and help your accountant. Click here to download the Ultimate Guide to Inventory Accounting.

Need help with your cloud integration? 

Do you need help with your cloud integration to set your business up for success in the following financial year? Connect with one of our Solution Architects to help identify your system needs. Click here to take up the complimentary inventory system offer. 

Are you ready to bring that perfect system in your head to life?

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