Accountants Get Prepared
If covid-19 has taught the business world anything, it’s that the unexpected does happen and it’s important to be prepared. We might not be able to prepare for every eventuality, but streamlining and making sure your business is running as efficiently as possible can help ensure it will weather the storm. Stay poised and ready to tackle the next crisis that emerges by writing down your standard accounting procedures, focusing on security, and realising the full potential of your accounting software by tapping into automation features and combining it with a real time payment solution like Ordo.
Write down your standard procedures
One of the best ways to stay prepared and keep your accounting department running efficiently is to write down your standard procedures. Although it has always been important to make sure everyone is working from the same playbook, it’s even more so when people are working remotely. It’s not as easy to consult with colleagues about a task or protocol when they are working from home, so having your processes written down ensures that there is a consistency in work, even if a project is carried out by multiple people in different locations.
Double down on security
Whenever there is a crisis, there are always scam artists or fraudsters out there hoping to make money during the confusion. Since 1 March 2020, £34.5 million has been stolen in Covid-related fraud and cyber-crime. Scams include people fraudulently applying for government covid-19 support packages, phishing for financial information from individuals or companies, and even sending fraudulent invoices to companies in the hopes they will not be properly scrutinised before payment. How do you protect yourself and your clients from fraud?
- Be vigilant - Make sure you and your colleagues are aware of the different types of scams and trained with how to deal with them. The Fraud Advisory Panel has set up a Covid-19 fraud watch that can help you stay up to date on fraud associated with the pandemic and Action Fraud Alert provides information on all types of scams across the country.
- Use secure payment systems – If you send invoices or bank transfer information through email you are leaving yourself vulnerable to scammers who can hack into your email to steal information or manipulate it so they can perpetrate bank transfer fraud. Using payment systems that keeps bank information and invoices secure is the best way to avoid these types of scams.
Get to know your software
If you already have an accounting software, make sure you’re taking full advantage of it. Most accounting software can automate many onerous tasks, saving you the time of creating another spreadsheet and helping you avoid more data entry. The less data you have to enter the lower your chance of making a transcription error.
Automation in your accounting software isn’t just for generating reports; it can also help with your accounts payable when coupled with Ordo, the real time payment solution. Whether you’re a current or new user of Quickbooks, Xero, or Sage, Ordo is a payment app that can work with your accounts to help improve efficiency. Ordo is the official payments Open Banking partner with Sage and is available in the Sage marketplace. Not only does Ordo enable you to request and receive instant payments, but it also links to your accounting software, loading all your transactions into your accounts without you lifting a finger. You can easily track who’s paid and who hasn’t at a glance, and you have peace of mind knowing your invoice has been sent securely, landing with your client exactly as you want it to, and not tampered with by fraudsters. Arrange a demonstration today and find out how Ordo can streamline your accounting processes.
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Ordo removes hassle & headache from payments, making getting paid easy. Ordo means reduced costs, immediate money transfer, automatically reconciled payments, invoice security, and happy customers. We’re FCA authorised (FRN836070), invested in by Nationwide Building Society, the former Faster Payments leadership team & CGI partners.