Blue Equator | 5 cool ideas on how to automate
For our Christmas special, we are presenting 5 ideas on how to automate your back office operations. Save time and cut down on administrative costs for the New Year.
automation, startups, payroll, reconciliation, expenses, travel, cut costs
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5 cool ways to automate before Christmas

Christmas is coming and most of us will have a New Year resolution. Most of these resolutions center around being healthy, active and produtive. For the upcoming year, why not set the same resolution for your business? New Year resolutions for your finances will be simply perfect (especially if your financial year starts on January 1st).

In this post, we will give you some cool ideas on how to automate your operations in the New Year. The suggested software providers are for reference only. The technology revolution has brought on so many new tools and we are sure you will find the right ones for your needs. Happy Celebrations!

INVOICE REMINDERS

Chasing payments is part of daily life for most businesses. It is not a fun conversation to have and in most cases, we delegate to someone outside the sales team. If your business is already using Quickbooks or Xero, that automation feature can be easily turned on. The step-by-step description on how to set up automatic reminders for QB is here, and for Xero is here.

PAYPAL BUSINESS ACCOUNT

If your business is already running on Xero or Quickbooks, you can create direct feed to your business PayPal account. That will eliminate the labour intensive and tedious process of reconciliation, especially for e-commerce merchants that have all their sales volume that passing through card payments. Another cool and less known feature is an integration with ReceiptBank, automation add on for paper and online receipts and invoices. ReceiptBank can automatically extract transactions from your Paypal and push them into your accounting system eliminating the need for human intervention.

PAYROLL

If you have more than 20 employees, it would make sense to automate your payroll since this is something that you have to inevitably do every month. Payroll automation is very much dependent on the country that you are based in. In Singapore, some cool tools you can use are HREasily or Talenox. In big markets, like Australia or the United States, Xero have set those features in the software itself and you are not likely to need any extra add-ons. For QB, a lot of accountants in the United State use Gusto for payroll their integration.

EMPLOYEE EXPENSE CLAIMS

Very commonly used feature for startups whose founders criss cross the globe to fundraise, open new offices and attend conferences. Expense claims are very prone to errors and they can be easily automated. There are a number of options here: you can use Expensify, Receiptbank, Datamolino, Expenditure and many others. The choice of app will depend on where you want the approval process to sit, the number of users and their usage level. The range of tools for expense automation is so wide that there is no excuse for processing manual claims regardless of the size of your company.

BANK FEEDS

For non-accountants: this is by far the most tedious and labour intensive process in managing your financial books. If you are in big markets, such as the United States, you can take advantage of systems like HubDoc that will do some magic and pull out all your data from bank and credit card statements. Xero (connects to HubDoc as well) has reached agreements with hundreds of financial institutions worldwide for direct bank feeds. Check the list here for the latest updates.

 

If you need help with automating your processes, do not hesitate to get in touch. We have holiday specials for Xero set-up and integration starting from one-time fee of only $300.