The Importance of Good Credit Control and How to Get It

EditorCredit Hound, M2M

Credit control is an essential part of your business, it helps you to effectively manage your cash flow, avoid late payments and prevent bad debts. Think of it as a system used by well-managed businesses to ensure that credit is only given to customers who can pay and pay on time.

With bad debt and cash flow issues being two of the main reasons small businesses fail, it’s vital that someone is keeping an eye on yours. And yet, good credit control requires specialist skills combined with the correct systems and processes.

It’s not simply a case of collecting funds from nonpaying or late paying clients. Credit control is based on building relationships with your customers and creating a rapport with them. For example, understanding your customer’s processes and approval systems when it comes to invoicing can prove extremely beneficial, helping to reduce invoice errors, the need to re-submit invoices, and lessening the wait-time between payments.

Who’s Making Sure You’re Getting Paid on Time?

Handling late payments has to be one of the more infuriating elements of running a business. After all, you’ve delivered your side of the bargain, and now you just need them to deliver theirs. Plus, you want to balance the books and move on with new projects.

With so many companies being vulnerable to late payment due to the imbalance between their receipts and outgoing payments, what’s stopping businesses from chasing their customers for the money they’re owed?

Well, many SMEs find it difficult to raise the late payments issue and be firm with their customers because doing so could jeopardise future relationships. In addition, they simply don’t have the right resources or processes to chase late payments.

How to Conquer Bad Debt Once and For All

Rather than having to convince late paying clients to settle their invoice, it’s far more productive to prevent them from occurring in the first place. Having the right tools in place can assist with this, and enable you to use automation instead of verbally chasing your customers.

To help conquer your bad debt once and for all, we recommend using Credit Hound. This advanced credit control software gives you the tools to work more proactively, improve cash flow and get paid faster.

Integrating with your ERP system, Credit Hound shows you where your money is and who you need to chase. With all the information you need on screen to help you chase payments, you can record notes and set To-Do tasks to chase late payments.

The software also helps to save time carrying out repetitive tasks by enabling you to set up rules and actions to automatically send chase letters, put accounts on stop and schedule phone calls.

Whilst dispute handling features help you keep track of disputed invoices and its comprehensive reporting system gives you a clear overview of your debtor situation.

Credit Hound Features:
  • Dashboard view; see who owes money, how much, promised cash & disputed payments
  • Pre-emptive reminders; help to encourage prompt payment
  • Automated rules and actions; allows you to automate repetitive tasks
  • Interactive aged debtor list; sort and filter in real-time, no more manual check-lists
  • Chase screen; see information during calls and record notes
  • To-Do List; keep on top of your chasing calls
  • Reporting; range of reports available to assess your efforts and highlight debtor issues
  • Consolidated chasing; chase and report at branch or head office level
  • Dispute management; tracks and records disputes
  • ERP integration; seamless integration, so no re-keying data or manual admin
  • Quick return on investment; more available cash for your business
Get Paid Faster with Advanced Credit Control

If you need to get paid faster, M2M can help. We’re happy to discuss your credit control options and to help answer any questions you may have regarding advanced credit control software; Credit Hound. Contact us on 01245 49 48 47 to find out more.

Making Tax Digital – Are you Ready?

EditorM2M, Making Tax Digital

 

Making Tax Digital (MTD) is HMRC’s move to digitise tax, and up to 89% of UK business will change the way they process tax as a direct result.

As of April 2019, businesses with a turnover above £85k will have to submit VAT returns through the HM Revenue and Customs (HMRC) gateway using commercial accounting software.

This is one part of a vital journey the UK needs to take to tackle low productivity and improve the business environment for SMEs.

What Does MTD Mean for Businesses Like yours

Making Tax Digital will change the way your business pays its taxes to HMRC. For businesses with a turnover above £85,000, MTD is less than one year away. If that includes you, you will need to purchase or update your commercial accounting software to an MTD-ready version before April 2019.

Why is Making Tax Digital Happening?

HMRC loses £9 billion each year on taxation errors, and they believe that’s partly due to the way businesses declare their income, therefore digital record keeping and automated VAT submissions will make the process easier and error-free.

What Should you Do to Prepare?

If you’re a VAT Registered business which has a taxable turnover above the VAT registration threshold of £85,000, it’ll be mandatory for you to keep your records digitally and send your VAT returns using MTD compatible software from April 2019.

Part of improving VAT means you’ll need to record your transactions throughout your VAT period and send HMRC an automated nine box VAT return at the end of each period, directly from your software.

It’s a simpler, more efficient process that will be less disruptive to your business in the long run.

The Solution? Sage Software

Sage software can help you get ready for the April 2019 MTD deadline. With a long history of working with British businesses and accountants, Sage is a trusted and reliable tool for various businesses all over the UK.

Here are some of the ways Sage software can support you through the MTD transition;

  • Compatible Software

With Sage MTD compatible software, you can:

a) Record and preserve electronic records in an electronic form;

b) Provide to HMRC information and returns from the electronic records in an electronic form and by using the Application Programme Interface (API) platform; and

c) Receive information from HMRC

  • HMRC Trusted

Sage has been working with HMRC on MTD for years to ensure their Accounting products are leading the way in compliance.

  • 100% Compliant

Sage market-leading software will mean you can submit your VAT return with confidence, in line with MTD legislation.

  • World-Class Support

With the help of a vast amount of digital content, such as expert led webinars, live events, web chat and telephone support, not to mention bespoke services designed to support your business including 1-2-1 training and onsite support, you can feel at ease knowing your business will get the help it needs.

  • Pioneering Technology

Sage has been helping with VAT for years so it’s important you understand that you won’t get left behind. With Sage technology, you can also make sure the changes will feel as small as possible.

Sage Business Cloud offers solutions for businesses of all sizes, providing software that grows as your business does, and meeting your needs every step of the way.

Need Help with MTD? Contact M2M…

For businesses needing to use digital software for the first time, or for those looking to invest in MTD compatible software, M2M can help.

Using Making Tax Digital compatible software, you can store and submit your digital records securely and keep track of everything you owe, making it easy for your business to meet the MTD requirements.

For further information about the benefits MTD complaint software can bring, such as saving your business time, decreasing admin levels and preventing late filing and errors, contact M2M today.

How Standardised Software Could Be Inhibiting your Business Growth

EditorM2M, Sage

 

Just as every business is unique, the requirements of a business are too. So, when it comes to business software, it’s logical that users want more than just a standardised solution, especially since productivity levels took a nosedive in 2009 and are yet to recover.

According to Red Letter Days’ 2017 ‘Productivity in the Workplace’ report, the reduction of business productivity growth in the UK in recent years has seen employees spend more than 4.4 million days every year on ‘time wasting’ office tasks, as a result of ‘too much admin’ and ‘slow technology’.

So, what can be done to resolve this problem? Well, bespoke software can help to increase employee output significantly by minimising unnecessary admin tasks and eliminating slow systems within a workplace.

The Benefits of Bespoke Sage Software…

There are a variety of reasons why a business would choose to develop their Sage systems, so here we consider the benefits of bespoke business software, and how software development can help to achieve them:

• Speed Up your Processes

Bespoke business software is about having a software package that’s assembled to meet your individual business needs rather than potentially being made to fit afterwards. It’s like gaining a suit made by a skilled tailor who takes the time to understand your size and style, as opposed to buying one from Debenhams.
If you feel that your standardised Sage software is hindering your business growth, customised Sage software can be implemented to precisely meet your business needs and streamline your business processes, ultimately helping to enhance your return on investment.

• Achieve Greater Visibility of Information

Sage developer services ensure you gain bespoke software to help your business operate more efficiently and systematically. Software development that’s uniquely built to fit the needs of your business allows you to directly address your strategic goals, because it allows your unique business needs to be fully realised, improving visibility, as well as reporting, collaboration and automation for greater productivity and profitability.
Greater visibility will also help to ensure better departmental communication. Instant access to all business data, and automatic updates, will mean your workforce can improve collaboration within their teams. Such centralised communication also better enables employees to work from anywhere at any time.

• Integrate with Other Applications

With the right software development team, you can benefit from Sage software that strategically integrates with other applications. For instance, Line 50 and Line 100 Sage accounting packages can be integrated with sales processing and other systems. This type of integration can save considerable book-keeping time and can pay for itself within a few months.

Sage integration can be achieved by writing custom integration code using the Sage Software Development Kit (SDK). This SDK allows skilled developers to create custom programs which can directly add new entries to a Sage accounting file, for example automatically creating new customers, sales records etc.

Need Help Increasing your Business Productivity?

At M2M Technology, we provide Sage software development, helping to meet the unique requirements of your business and adding direct value. We offer in-house Sage development, where you can gain greater visibility of the development process and updates as and when you need them. If you’re interested in discovering more about Sage software custom development services, contact M2M today. We’re happy to help and recommend meeting with us to discuss how your current system can be tailored to match your requirements.

Everything You Need to Know About Sicon WAP

EditorM2M

 

Established in 1996, Sicon have been developing software applications for integration with Sage for over 18 years and are now well established as one of the leading software developers in the UK and Ireland.

Today Sicon design and develop innovative, high quality and highly functional software applications solely for integration with Sage 200.

Web Authorisation (WAP) is just one of the intuitive applications that Sicon provide for Sage 200, but what does it do? Well, it’s been designed to allow easy data entry and approval processing for business documents.

How Does Sicon Web Authorisation Work?

WAP is a locally installed web-based application designed specifically for real-time integration with Sage 200. It’s designed to streamline the creation and approval of business documents such as purchase requisitions, invoices, expenses, time-sheets and holidays.

The system connects directly to your Sage system and you can log into the WAP system via your web browser, via a specific URL to access your login page.

Which WAP Modules Are Available?

WAP is the software used, however a module is always required for use with the software, and there are a range of WAP modules available, these include;

• Purchase Requisitions

• Invoice Approval

• Expense Approval

• Timesheets

• Holiday Approval

• Sales Orders

• HR

The Benefits of Sicon WAP:
1. Web-Based Application

The fact that Sicon WAP is a web-based application, means installation, upgrade and deployment can be achieved with ease for both internal and external users, making it an ideal application for multi-site or remote distributed organisations.

2. Scalable Solution

Sicon WAP is a scalable solution that can be implemented on sites with a varying number of users… from 10 to 700.

3. Links Directly to Sage

Locally installed, Sicon WAP links directly to Sage, providing the following functionalities;

• Create Sage Purchase orders and use created orders and actual postings in commitment calculations (calculates actual, deferred, historical, orders placed and unapproved requests to work out commitments v’s budgets in Sage 200)
• Project accounting for each line of a requisition; the user can select a project and project item
• Users can be assigned to projects and project items
• Sage Payroll link employees and pay elements to the Timesheet module rates to enable postings back to Payroll
• Real-time nominal budget, actual and commitments are analysed

4. Easy to Use Dashboard

Users are presented with an easy-to-use dashboard containing notifications or links to items to approve. Plus, each screen has been designed for non-IT users, making them a doddle to navigate.

5. Secure User Login

You can ensure data is kept secure with user logins restricting access to system functions, and user accounts that can be configured to use Windows Password Security.

6. Approval Limits Assigned Per User

• Approval routes by nominal code, project, user and value
• From one to unlimited authorisers per approval route
• Requisitions approved when a user with sufficient authorisation is reached

7. Integration with Other Sicon Solutions

Sicon’s WAP can integrate with document management solutions to view and archive documents related to authorisation transactions.

Looking for Sophisticated Sage Add-Ons?

We have spoken about the availability of sophisticated Sage add-ons many times before, and at M2M Technology, you can trust that we have carefully selected our business partners to offer add-on software solutions that can enhance your business. So, if you’d like to learn more about Sicon WAP and how it can work for you, why not get in touch?

How M2M Technology Can Help…

We work closely with our customers and with Sicon throughout the decision making and installation process to provide our customers with a seamless integration and a first-class service. We are always happy to arrange a demonstration of Sicon Applications for Sage 200. Simply get in touch to request a demonstration.

How Sage 200 Business Cloud Helps to Overcome Business Expansion Challenges

EditorM2M

 

According to PwC’s 2018 CEO Survey, 88% of respondents feel optimistic about their company’s outlook for the year ahead, demonstrating that businesses throughout the UK are feeling positive about their prospects for business growth. We’re sure you’ll agree that such positivity is key in business building, however it’s important to pinpoint common problems experienced by many up-on their journey to success.

Ambition is an important driver in any business, particularly for entrepreneurs and business build-ers alike who aspire to grow. But even with the loftiest of ambitions to broaden your business, ob-stacles can step in the way and halter your path to business growth. Whether it’s a mere bump in the road or more a hefty sinkhole, you will need to have clear strategies in place to overcome the inevitable challenges that lie ahead.

Here we discuss the challenges that linger for even the most ambitious of entrepreneurs and how using Sage 200 Business Cloud can help overcome common challenges faced by business owners looking to scale their enterprises.

• Scalability & Planning Ahead

When your business grows, your requirements alter. The good news is Sage 200 Business Cloud is all you need for taking care of your business, with scalable software that grows with your business, no matter how fast. So, for those focused on business growth, Sage helps to facilitate day-to-day activities with supercharged features and functionalities to help unlock your potential.

Sage 200 Business Cloud allows you to keep your edge with complete control of growth and cash control, it’s designed to manage your finances, customers, and business insight with in one simplis-tic solution, making it the ideal solution for fast-growing and agile businesses.

• Fast Track your Financial Management

Sage 200 Business Cloud is effectively accounting software. It removes tedious and repetitive tasks such as re-typing bank payments by connecting to Sage 200 Business Cloud with your bank ac-count.

With such fast-track functionality aids, you’re able to save yourself valuable time so you can focus on the things that really matter.

With Sage 200 Business Cloud, you’re able to respond quickly to opportunities with the necessary insight you need, on the go, enabling your business to be more efficient, increase profit and speed up growth.

• Decision Making & Problem Solving

Often, entrepreneurship is something only associated with people who embark on new business-es and who take big risks, yet the term entrepreneurship equally applies to larger, more estab-lished companies too. And not just to a single person, but also to a team of people.

Developing new ideas and making a mark in your chosen industry aren’t simply things achieved by start-ups, so it’s important to encourage entrepreneurship to develop new ideas within larger businesses too.

The cloud makes it possible for all employees to gain the same information and therefore the same opportunities to create and innovate. The possibility of having 24-7 access to real-time data is very much a reality thanks to the cloud.

By having such pivotal and crucial insight at the mere touch of a button, particularly with mobile access, employees can benefit from more accurate planning and forecasting, thereby encouraging ideas and decision making as a team.

• Selecting the Right Systems

All businesses produce and rely on large volumes of information, from financial records to custom-er interactions and business contacts, to employee details not to mention regulatory require-ments.

With such a wide scope of data and detail to house, and the pressure that comes with using such information effectively, there can be too much to keep track of without the right systems. But with Microsoft Office 365 connected to Sage 200 Business Cloud, your sales team can work with your service and financial teams back in the office.

Access to customer account information straight from Outlook, gives your business the insight and power to grow and expand, working anytime, anywhere and ultimately enhancing your efficiency.

• Retaining Talented Employees

A common challenge for many growing businesses is the ability to retain skilled staff. But becoming an employer of choice is based upon many different factors, from company values to flexible working hours, and benefits packages to remuneration reviews.

No-one said retaining the best employees was easy but with Microsoft Office 365 connected to Sage 200 Business Cloud, you can provide better levels of flexibility amongst your workforce by allowing employees to work from anywhere, at any time.

Each one of your employees has a different set of criteria, so what pleases one may not satisfy an-other, for instance what a 35-year-old female HR manager wants is going to vary greatly to the needs of a 22-year-old male sales executive.

This is where providing choice becomes important. Understanding what’s important to your em-ployees and providing a remuneration package tailored towards their individual needs can assist greatly in retaining each one of them.

• Compliance Control

Despite the government’s clampdown on so-called “disguised employment” and confusion over the IR35, new and existing companies continue to blossom. Keeping up with the latest legislation can prove to be an on-going challenge for many, but thanks to new software, it needn’t be.

Keeping one step ahead of global and local compliance is now easier than ever before. With Sage 200 Business Cloud, you can create a single global policy for your company, whilst remaining com-pliant with local in-country regulations at the same time.

How M2M Can Help…

Sage 200 Business Cloud will help you take care of your numbers, accounts and so much more. If you’re looking to grow your business faster, M2M can help you implement your chosen Sage soft-ware. We are always on hand to provide advice and support to our customers and happy to help as and when your business needs change.

Sage Software: 4 Futuristic Features that Will Keep you Ahead of your Competitors

EditorM2M

 

These days, we are all under increasing amounts of pressure to undertake tasks more quickly, more thoroughly and more easily while using faster, less complex resources.

These same considerations become particularly apparent when considering your future business processes and how you intend to stay ahead of your competitors.

Thankfully, for well over a quarter of a century, Sage have been supporting businesses with world-class business software.

In this time, they’ve not only built up a deep understanding of the needs of all sizes and types of businesses, they have also forecasted future potential problems and how these can best be addressed using their innovative software solutions.

Here we discuss the futuristic qualities of Sage’s software solutions in more detail…

• The Power of Business Intelligence

Until recently, expense and complexity put business intelligence applications beyond the reach of many organisations. Now Sage Business Intelligence solutions help organisations in all sectors to build a significant competitive advantage.

Their business intelligence solutions enable you to extract real intelligence about the behaviors of your customers, markets, operations, suppliers, business performance and much more from data accumulated every day in the normal course of operations.

Sage can help you gain greater control over business intelligence processes by enabling you to extract meaningful, timely intelligence from your data, identify trends and pinpoint areas of inefficiency, as well as see a 360 view of your business, from sales and marketing figures, to stock and suppliers.

Draycir’s Spindle Document Capture

We’ve touched upon Draycir’s Spindle Document Capture in a previous post. So, why is it worth mentioning again?

Well, Spindle Document Capture integrates with your software (i.e. Sage 200) to handle various types of incoming documents throughout your organisation. It works by electronically storing your documents, as an alternative to having vast volumes of paper using up valuable office space.

With the help of Document Capture solutions, you can gain a competitive advantage over other businesses, i.e. it allows you to capture, store, manage, view and deliver various types of content while also automating and extracting data, whether from digital or paper sources, providing a fast and efficient way to keep digital documents organised and safe.

• Sophisticated Sage Add-ons

In recent years, there has been a distinct focus on developing products for Sage 200. Add-on software solutions have been built to help businesses run more effectively, save time, boost productivity and provide a fully integrated solution.

From Sicon to Draycir and EQUE2 to Codeless Platforms, at M2M Technology, we have carefully selected our business partners to ensure we are able to offer add-on software solutions that can enhance your business.

From Sicon’s Audit Log and Cashflow Manager to Codeless Platform’s Report and Document Automation, such add-ons provide incredibly innovative capabilities with an aptitude to solve future problems before they have a chance to disrupt your business processes.

Sage 200 Business Cloud

There are a number of Sage software suites to choose from, but Sage 200 Business Cloud provides a variety of functionalities that other Sage suites do not.

SAGE 200 provides complete visibility of information across your business via a full Enterprise Resource Planning (ERP) solution.

It provides exclusive functionalities including; integrated business intelligence, integrated CRM, user definable workspaces, and advanced currency processes such as spot and period exchange rates, exchange rate history, support for euro triangulation, plus many other functionalities.

Leap into the Future with Sage

With over 6.1 million Sage customers worldwide, the network of people relying on Sage systems, particularly in the UK, is growing.

Sage software provides an array of essential tools with key features for businesses which can be leveraged to support the growth and success of businesses both now and in years to come.

From each of the revolutionary features listed above, it’s apparent that Sage software can be used as a tool to help you achieve your goals.

For more information on how you can implement these features, please contact our friendly team today.