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Cloud accounting and bookkeeping can transform your real estate and construction operations

July 22, 2021

Cloud accounting and bookkeeping can transform your real estate and construction operations

Synopsis
4 Minute Read

Priorities are changing after the long hours that came with navigating COVID-19. Here’s how you can free up time to focus on what really matters.

Partner and Business Advisor

In today’s environment, business is moving faster than ever. Real estate and construction business are looking for innovative ways to stay ahead. Many business owners focus their attention on improving their operations on the job site itself, but have you taken a critical look at how you manage the back office responsibilities?

Accounting and bookkeeping are accepted as inefficient but unchangeable processes. It’s time-intensive, requiring you to sift through paperwork, input data, chase down invoices, and finish payrolls — and people think there’s nothing they can do about it.

Tech has changed the conversation. By taking advantage of cloud accounting and bookkeeping solutions provided by MNP, you can tackle the common challenges that come with managing finances and gain a better insight into your organization. And if you want to take all of the financial management off your plate, you can do that too. New tech makes it easy for external accountants to take care of the finances while still giving you the ability to see where your business stands.

Brad Dodds is the owner of Dodds Building and Contracting in Manitoba. He adopted cloud accounting and bookkeeping tools and saw a range of benefits.

Immediate, measurable time savings

Dodds used to spend at least 10 hours a week on accounting software. With new platforms incorporated into MNP’s service offering, like Xero accounting software, he says he’s now spending only 10 hours a month.

The time saving comes from built-in automation software that can generate invoices quickly, makes it easy to find documents, and sends follow-up reminders. Instead of spending hours creating the invoices, the accounting platforms do the work for him.

He also saves time by working from anywhere. Modern accounting platforms store their data in the cloud, meaning you can access what you need from any device, wherever you have an internet connection.

Using data to build a better business

New accounting and bookkeeping platforms can help you identify opportunities for improvement. By using the insights delivered by the platforms, you can plan your cash flow better.

For example, Dodds says he uses data to see how long it takes for receivables to be paid by certain customers. This allows him to get a better understanding of what cash flow might look like and gives him confidence about where the business is heading — all with a few clicks.

You can also compare yourself against industry averages to determine where you’re strong and where you can look to improve. Right now, many business owners don’t know if they’re high-performing or not because they do not have a frame of reference. Now, you can see how you stack up.

Simple by design

You don’t need to be an accountant to use this tech. The platforms are designed with business owners in mind, focusing on simplifying the user experience so you can do what you need to do quickly.

Dodds says the platform is straight-forward and more intuitive than previous experiences. Finding old transactions used to feel impossible, but now he says it’s easy.

Taking advantage of cloud accounting

These new opportunities can help you run your business more effectively and save you time. To learn more, visit mnp.ca/ease or contact:

Contact

Shayne Dueck, CPA, CA
National Leader, Client Accounting and Bookkeeping Services
[email protected]
306.664.8315

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