By Kate Edginton, Hazlewoods 

In today's fast-paced business environment, leveraging the right tools can make a significant difference in efficiency and decision-making.

The Hazlewoods Business Solutions Team explores the benefits of three powerful applications: Dext, Xero and Fathom. Together, they form our preferred app stack for managing finances, streamlining operations and gaining valuable insights.

Dext: Streamlining data capture and processing

Dext is a leading tool for automating bookkeeping tasks, making it a favourite among accountants and bookkeepers. Here are some of its key benefits:

• Accurate data extraction: Dext boasts an industry-leading accuracy rate of over 99% for data extraction from receipts, invoices and bank statements. This reduces errors and ensures reliable financial data.

• Time saving: By automating data capture and processing, Dext saves significant time, meaning small business owners can focus on running their business and Hazlewoods Business Solutions Team can use more of their time to provide advisory services.

• Multiple submission methods: Dext offers nine ways to submit documents, including mobile app, email, and drag and drop. This flexibility makes it easy for clients to keep their records up to date.

• Seamless integration: Dext integrates smoothly with popular accounting software like Xero, ensuring a streamlined workflow.

Xero: Comprehensive cloud accounting

Xero is a robust cloud-based accounting software designed to simplify financial management for businesses of all sizes. Here are some of its standout features:

• Real-time financial reporting: Xero provides real-time access to financial data, enabling businesses to make informed decisions quickly.

• Automated bank feeds: Xero connects with over 21,000 financial institutions, automating bank feeds and reconciliation. This reduces manual data entry and ensures accuracy.

• Invoicing and payments: Xero's invoicing features allow businesses to create, send and automate invoice reminders, improving cash flow management.

We have a number of videos on our Cloud Accounting page, where you can learn more about how Xero could help your business. Click here to access. 

Fathom: Advanced financial analysis and reporting

Fathom is a powerful tool for financial analysis, management reporting and forecasting. It helps businesses understand their financial health and make data-driven decisions. Here are its key benefits:

• Performance metrics and KPIs: Fathom offers customisable KPI tracking and performance metrics, allowing businesses to monitor their progress against goals.

• Visual reporting: Fathom's visual reports make it easy to interpret complex financial data, facilitating better decision-making.

• Integration with accounting software: Fathom integrates seamlessly with Xero, ensuring businesses can leverage their financial data for deeper insights.

Combining Dext, Xero and Fathom creates a powerful app stack which enhances efficiency, accuracy and insight in financial management.

Dext streamlines data capture, Xero simplifies accounting and Fathom provides advanced analysis and reporting. Together, with a little added help from the Hazlewoods Business Solutions Team, they empower businesses to operate more effectively and make informed decisions.

Are you considering implementing any of these tools in your business? Get in touch to find out how.

To find out more about our full-service accountancy and business advisory offering, visit hazlewoods.co.uk or call 01242 680000.