Running a small or medium-sized business has rarely been more demanding. Rising costs, tighter margins and constant regulatory change keep the pressure on owners to stay on top of their finances. The good news is that technology is making that easier — and faster.
Cloud accounting software and artificial intelligence (AI) tools are key terms being thrown around at the moment. Cutting out the noise, these are no longer just for large corporates.
They are increasingly accessible, affordable and genuinely useful for SMEs. The challenge is knowing which to choose and how to get real value from them — and that is where the right financial expertise and knowledge makes the difference.
A decade ago, most small businesses ran on spreadsheets, desktop accounting packages or even paper records. Today, platforms such as Xero and Sage are cloud-based: your accounts update in real time, are accessible from anywhere, and are increasingly powered by automation and AI.
These tools now handle many of the routine tasks that once consumed hours of management time — bank reconciliation, invoice processing, VAT returns and payroll. With AI layered on top, the software is getting better at flagging anomalies and even recommending actions.
Not all platforms offer the same tools, and the right choice depends on your size, sector and ambitions. The key factors to weigh up:
We recently worked with a growing client that was still printing every supplier invoice and physically passing paper around the building for sign-off — a process that was slow, easily disrupted, and prone to documents going missing.
We moved them to a fully paperless process using a piece of software they already had a subscription for. Invoices are now captured digitally, and approvals are routed electronically to the right people, each with their own secure login.
The impact was immediate — several hours saved every week, a faster and more reliable approval process, and no more invoices being lost or mislaid. Just as importantly, the whole process is now clearer and more transparent, with a complete digital trail of who approved what and when. It required no expensive new system, just the right tool set up properly with the right people given access. That is often where the quickest gains for SMEs are found.
When it comes to AI, no one has all the answers — the more time I spend working with it, the more questions it raises. So if you have an idea of what you’d like AI to do, ask. What sounds far-fetched is often more workable than you’d think.
At Kirk Newsholme, we work with a wide range of SMEs at every stage of their journey. We regularly help clients review and upgrade their accounting systems, get more from the technology they already have, and access the strategic financial input that supports confident growth.
Whether you are moving to cloud accounting for the first time or want to understand what AI could realistically offer your business, we would be happy to have that conversation.
To find out more, please contact Adam Reidy-Thompson at adam.reidy-thompson@kirknewsholme.co.uk or on 0113 531 7362.
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