True Story: 2 Simple Tech Solutions that Unlocked Thousands in Cash while Saving Hours of Time
Every business wants more cash and more time, right?
Well, our bookkeeper recently helped us achieve just that with 2 simple software solutions. Watch the video to find out what they are or read the transcript below.
Transcript
Joel: Hi, I’m Joel Gerschman, co-founder of Digital Autopilot, and I’d like to take three minutes of your time to share with you something that has been unbelievably effective for my business. You see, we help businesses skyrocket their revenue. But as businesses grow, they often end up with two critical problems. One is managing cash and the other is managing time. You see, businesses can grow, but that doesn’t mean that money comes in in the right way in the right time, which can result in cashflow headaches for business owners. And similarly, as things grow, you often end up with significantly more financial administration, which can result in time-sapping efforts on the parts of business owners and their employees. And that’s why I’d like to introduce one of Australia’s leading bookkeepers, Jolene Lutman, founder of Centegrity. Jolene, welcome.
Jolene: Thank you.
Joel: You’ve had us implement a particular piece of software called Hubdoc. Can you tell us a bit about that and why you had us implement it?
Jolene: Sure. So, Hubdoc we use to save time. Hubdoc is a document collection and management tool. There are a number of others on the market. You could look at it as an electronic shoebox that is compliant with the ATO. The tool is used to then process the data. It converts the data in a way that can be integrated directly into your accounting software, and it can be accessed by the client, the bookkeeper and the accountant, so there’s one source of truth.
Joel: I have to say that it’s been incredibly effective for us. You know, there’s nothing worse for me than having to locate a receipt from six months ago that’s somewhere in amongst all my emails. So, it’s saved a huge amount of time for us.
Jolene: The way that we use Hubdoc is there are three easy ways to upload your documents. You can either snap, take a photo and upload straight into the app. You can link your automatic accounts, such as your telephone and your electricity, for example, or you can forward your email, invoices or receipts directly from your inbox. This then converts the data into a usable format, and it integrates directly into your accounting software. The benefits, as you’ve mentioned, are that you’re able to locate information. You can be paperless, you don’t have to store your paperwork, and you’re gonna save time by not having to look for that later down the track.
Joel: I also mentioned that we would look at some strategies for managing cash flow. Now, you had us implement a couple of different pieces of software. One of them was Billpower. Can you tell us about Billpower and some of the other pieces of software that help manage cash?
Jolene: Sure. Billpower is what’s known as a payment service. Payment services are an add-on to a zero electronic invoice, which allows your client to pay you directly from that invoice. So there’s no need for them to go into their banking and make a separate transaction. The benefits of a payment service is that you’re likely to get an improvement in cash flow because people find it easier to just make the payment straight away, rather than wait till the day they’re gonna do their banking. It’s quite a complex analysis that’s required in order to know which is the best payment service for your company. In your case, it was Billpower. But an analysis definitely needs to be done to make sure it’s the best fit for you and your company.
Joel: So, thank you very much for that. And those are two critical strategies that you can literally implement immediately.
Jolene: If you’d like to visit our website, centegrity.com.au, we’re offering a free consultation in which we can talk about saving time and improving cashflow in your business.
Joel: Thank you very much, Jolene, for sharing these insights with us. Really appreciate it. And good luck implementing these in your business to improve cashflow and save time.
