The way that we count the money that comes into our business is changing.
It has changed rapidly over the past few years and is changing even more rapidly still.
In 2020, we decided it was time to ship across to cloud-based accountancy, and we picked 0 XERO.
Glad we did.
The developments in online and cloud-based finance and analytics are extraordinary, and if you tie this up with a practice management system which allows you to draw the information into your finance system, it means that your finances can begin to be reconciled automatically.
The other thing that allows you to do is issue regular invoices and to reconcile those automatically, and so you begin the process of removing people from menial tasks, which is boring and totally uninteresting, into stuff which is much more effective, valuable and insightful.
As we move on from that, it will be easy to plug in or to use the plugins that exist within your online finance system to provide you with insight and analytics that you require to make better decisions for your business.
For someone who is historically terrible at finance and who actually has a limited understanding of this, from the very top level, I see the extraordinary benefits to our business in terms of the reduction in the use of repetitive manpower, but the increase in objective data, which allows us the opportunity to make decisions about our finances and our future finances that we would never have been able to do before.
When you're looking at your business moving forward, and you're concerned about the money in the bank, or the blindness that you have of what's gone past, but particularly what's to come, as part of our overall business clock strategy of the method that we teach in dental business, you would be able to plan a course to get to a situation using relatively inexpensive modern technology to provide you with the type of financial freedom, information and insight that you could never have dreamed of before.
It sounds overwhelming to start with, but we only started it 6 years ago, and so imagine 6 years from now, where you could be and how much better your analytics and your insight into those analytics could be.
It used to be the case that it was not the boss's job to count the numbers, only the boss's job to answer questions about the numbers; it’s now not really anyone's job to count the numbers, it's everyone's job to give insight into those numbers.
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