Saturday 27th February 2021

Making Tax Digital

Powering your business with real-time information

One of the key ingredients for the success of a business is information. It’s needed before you start, as you get going, and then ongoing as you seek to grow. Why is information key? Because without it you’re steering blind. 

Collating useful information

Of course, good information can come from many places and obviously getting advice and updates from outside trusted partners should be a regular part of your data gathering. However, what is particularly important and useful is information regarding what’s going on inside your organisation. And for that… 

We recommend good software

The application we’d like to highlight in this issue is Xledger, a superb piece of software that can enhance your efficiency whilst providing you with critical information on the financial health of your business too. Sound good but a little vague? Here’s an example to illustrate what we’re getting at…

The challenges facing an online seller

Picture this: You started your business part time and have seen it grow. When you initially got things going you were happy to just manage all the statistics in Excel. But now you have various members of staff working remotely, you’re selling several product lines to people all over the world, and you think things are looking good… but you don’t really know for sure. 

What gives?

You’d like to start seeing regular, informative reports by product and region.

You want several people to be able to approve an invoice and it’s all very manual at the moment.

You could do with automated reporting because Excel is no longer ‘cutting it’.

You need an integrated reporting solution

Real-time information is the magic gold dust that will free up your time, make decision making easier and faster, and keep everyone who needs to be in the know… in the know. Xledger is ideal because it can integrate with your online store to give you exactly the full reporting functionality you require, so you can get information at the press of a button. You can then slice it, dice, even put-it-on-ice it if you really want to. The key is… you can have it when you need it. So, in our example, you would have the capability to set up users to be able to approve invoices based on cost centre, project, price, product line etc. AND you would be able to report on that too.

If that all sounds a bit daunting, though, don’t worry.

At Essendon, we’ve been working with Xledger for quite a while and would be glad to help you get up and running. We can also provide you with training, and then support you using it ongoing. Just imagine… being able to peruse detailed monthly/quarterly management reports with a cup of coffee in your hand, all at the press of a button. Cheers!

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