Data Collection Systems – Streamlining Your Financial Information

By November 16th, 2018 No Comments

In order for you to make the key financial decisions in your business, you must first be able to access reliable and up to date information. Our job is to work with raw transactional data from your bank, sales and purchases and to record it accurately in your accounting system so you can run the reports that you need.

We use industry-leading technology and work with you to implement and continually improve systems and processes in order to make your record-keeping as seamless and automated as possible. Your financial processes will be scalable so this area of your agency does not become a bottleneck as your agency grows.

To Get The Most Out Of Us 

Our systems for data collection relies deeply on excellent communication, in order to get the most from your bookkeeper. At the beginning of our relationship, we will get clear on the preferred methods of communication so we can contact you at the most convenient times and using the most suitable media.

Data Collection System

We ensure that all of the financial data flowing through your agency is collated with the most efficient processes that have the least drain on your time – all centred around your Xero accounting package. This is at the core of your agency’s finance function and consists of:

Bank Reconciliation Service

This is the core element of Data Collection. We have developed a 4 step weekly bank reconciliation process that will ensure that we get your Xero account up to date and accurate every week so that you are right on top of your cash flow.

Purchase Ledger Management

Any invoices or receipts that you upload or send to Receipt Bank will be processed by us; checked for accuracy, edited where necessary and published to Xero. We will make sure that only genuine business purchases make it into Xero and that no statements, remittances or duplicate transactions skew your purchase ledge.

Sometimes suppliers don’t send you invoices via email and they require you to log in to their portal and download it manually. This can be time-consuming and an unnecessary distrction. We can get your logins for the portals, retrieve the files ourselves, and send to Receipt Bank for processing.

Credit Control

We have created a proven process for achieving prompt payments which consist of:

  • Automated email reminders
  • Personalised manual emails, including sending regular statements.
  • Phoning the client and agreeing on a payment date, or identifying any issues.
  • If it comes to it, charging interest and penalties and pursuing legal action.

All of these methods are planned carefully and we work with you to map out personalised and effective processes.

Supplier Payments

Every week we will work on your Accounts Payable list and make sure that everything is accurate in Xero – suppliers, balances owing and due dates. We will share this report with you and ask you to agree with the due payments. Once you have approved these payments, we access your online banking account to set up the payment runs.

Paying Staff Salaries

As well as running your payroll, MAP can go one step further and make payment of the staffs net salaries and the PAYE due to HMRC, taking away the burden of having to set up those payments yourself.

Raising & Sending Sales Invoices

MAP can work with you and your systems to create accurate sales invoices promptly and immediately send them out to your clients. We will create the sales invoices in a draft and await your approval (if required) before it is finalised and sent to your client.

Costs Review

We will provide a quarterly report of all costs and recommendations for making savings so that you can take action. The small savings all add up and mean you don’t have to endure such constant pressure on bringing so many sales in.

Xero Support & Systems Audit

The MAP team are going to understand your business finances better than anyone outside of your business. We therefore have the holistic view of how everything interacts and we can consider the impact of one action on everything else. We will provide a personal helpline for any queries that you have on using Xero. Our fees are fixed, so you will not be charged for every time you send a query.

If you believe you have a highly effective in-house finance resource to manage your record keeping, you may not have a need for the outsourced Data Collection service above. However, your team might benefit from being introduced to our methods, the technology that we use and our systems for making everything work consistently.

You can find out more about how we can best serve your agency by booking your discovery call here.

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