Apps, AI and Automation

The capturing and processing of data is changing rapidly for business operations, accounting and finance functions thanks to technology advances. It has become increasingly important and easy for businesses to utilise cloud software and basic apps to improve efficiencies.

The need to shift from manual processing, paper documents and use of Excel is more important than ever. The right software can reduce the stresses associated with your daily accounting tasks, such as invoicing, reconciling transactions and tracking expenses.

The process of digitalisation is ongoing with add-on applications becoming available on a regular basis helping to reduce the administrative burden for the user (and quite frankly, whilst they may appear daunting, the benefits outweigh the initial anxiety of implementation). We believe creating the correct AppStack* will help you, your business and your employees to effectively and efficiently process and use data for business decisions.

The table below provides an overview of the advantages and disadvantages of the software’s we are partnered with, and which are used by our clients.

Apps	Description	Advantages	Disadvantages
	Xero is our recommended cloud-based accounting software for small to medium-sized businesses which provides owners/finance heads with a digital finance dashboard to stay on top of records, data capture, invoices, bank reconciliations and expenditure snapshots.	You can access anytime, anywhere.  Incredibly user-friendly.  Automatic bank feeds providing real-time data.  Ability to implement tracking categories. Use of Xero Expenses. Xero Projects** is available depending on package subscription to enhance automation. Wide availability of add on apps	No more than 2,000 total invoices per month. Limitations for uses of specific chart of account codes (however there is almost always a work around).
	DEXT Prepare is described as a pre-accounting software. It uses AI to capture, process, and manage financial documents before the data is approved for entry into your accounting software.	Invoices can be uploaded via mobile app, email or directly from a computer.  Eliminates the need to manual process documents. Less risk of human error as data is being scanned virtually. Indicates potential duplication if an invoice which has already been processed. Auto-rules can be applied to ensure expenditure is being posted to the correct chart of account code helping consistency.	Integration limitations – the software is currently compatible with Xero, Sage One and Quickbooks Online.  Sometimes it can struggle to analyse hand-written documents.
	Pleo is the automation software designed to assist with processing employee expenses	Saves precious time for employees when submitting expense claims.  Optical Character Recognition (OCR) Scanning technology pre-populating expense details. Offers smart company cards to give employees a sense of control. Out-of-Pocket expenses for cash spending and mileage claims are also integrated. Reduces the need to run tedious expense reports.  Grants spending limits to streamline expenditure ensuring finances are being spent in the correct way.	Variable pricing model based on number of users – there are alternative app options available which also eliminate the need for expense reports. Limitations of multi-currency support.
	Fathom is a financial analysis tool which integrates with your accounting software to create detailed cashflow forecasts and scenario planning.	Integrates with various accounting software’s such as, Xero, Quickbooks Online and Sage 50 Cloud.  Option to link data to Excel should an accounting software not be set up.  Allows for consolidations for businesses with multiple subsidiaries.  Automatically reviews financial data and trends improving accuracy of cashflow based on what has historically occurred.  Option to set Key Performance Indicators to focus on your business needs.	Not user-friendly – it is important this tool is handled by a person with financial forecasting experience.  Data is live and cannot be published within the software, however you can export reports in PDF for easy comparison of monthly changes

*AppStack – an AppStack is quite literally what the name says. It’s the use of multiple apps and add-on applications being attached to your accounting software to meet your business’s needs. Like a workflow feed to data to be integrated.

**Xero Projects – is an add-on application to Xero, allowing you to plan, budget, quote, record time and track costs with projects.

How Crowe can help you

With our experience working with diverse softwares and clients across various industries, we can help you in choosing the best software for your company, guiding you through the setup process, and supporting you throughout your automation journey.

Our Business Solutions team offers organisations a flexible approach to compliance, accounting, and advisory services, supporting growth for both UK-based and international businesses. For more information contact Diviya Ramaiya or your usual Crowe contact.