Reduce time spent on administration and accounting
Sam Eastwood | Mar 1st, 2018 | 3 min read
Market research carried out by Sage shows that the UK’s small and medium-sized businesses currently spend the equivalent of almost 150 days per year on administrative tasks. If this time was re-allocated to core business activities, it could lead to an increase in GDP of at least £33.9 billion per year when combining figures for all UK SMEs.
For SMEs in the UK, the most significant administrative task is accounting, amounting to 20% of administration time, followed by drawing up invoices, processing invoices and chasing late payments. Recruitment, HR and payroll also represent a burden, as well as dealing with taxation.
Swiftcase can help with many of these time consuming administrative tasks, helping you manage everything digitally; from people to money, at any time, at any location.
Accounting administration covers profit and loss recording; calculating work in progress and dealing with bank accounts.
Swiftcase makes these tasks easier to manage. The Banking Report allows you to see the total amounts paid into the bank by a client and also the method of payment: cash, cheque, direct credit or PayPal. The daybooks feature shows all the day’s transactions split into unallocated funds, waives, fees generated and discounts. Swiftcase also allows you to see your debtors and perform a reconcile calculation.
If you waive any fees or receive requested to do so, it can be hard to keep track of them all for accounting purposes. Swiftcase has a Waive management area allowing you to see waives agreed and declined by any client.
Manually generating invoices is a time consuming and monotonous job. Manually ensuring that all the appropriate charges are included and calculating amounts is even more tedious.
You can automatically generate invoices in Swiftcase based on all information contained in the corresponding task. The invoice document is professionally formatted and sent automatically to the client at the appropriate point in your business process.
Processing Payments and Waives
Once the invoice has been issued, and payment received, you will want to record the payment against the job. Swiftcase makes this easy by allowing you to see the unpaid work for any particular client. You then just need to enter the amount received and mark the job as paid.
Chasing Late Payments
Chasing late paying clients for payment is no easy feat. First, you need to realise that the client is overdue in paying for work, then you need to work out how late they are, the amount owed and then issue an appropriate letter which could be a gentle reminder or a final demand notice.
Swiftcase has a feature to generate batch overdue payment letters automatically. Apply predetermined rules to send different correspondence to clients according to how late the payment is.
Furthermore, a statement can be sent with the letter, so the client is aware which payments are overdue. Once this has been generated, it can be printed and posted to the client, or automatically emailed.
Issuing Credit Notes
Sometimes you may need to issue a credit note for a client. Manually producing and keeping track of these is understandably time-consuming. Credit notes produced in Swiftcase are professionally formatted, sent automatically sent and trackable. You can then see any that are used and unused and also search for them by client.
Human Resources, Recruitment and Training
Keeping track of employees’ presence and absence (especially offsite ones), training and knowing when it is time to recruit often needs to be paired with the amount of work taken on. These tasks are often affected by human error such as staff absences and training being incorrectly communicated or forgotten.
Fortunately, Swiftcase features automated resource management, allowing employees to enter absences, working hours and skills so that jobs are automatically allocated. You can see when resources are stretched or stagnant or recruitment or training is required.
Get in touch with us today, for a free, no-obligation demonstration.