Eric Tan, Managing Director of Signal & Comm, leads the company’s growth and innovation by leveraging Xero’s automation for bookkeeping and admin processes
Automating the time-consuming manual process of invoicing
Before working with W.L.P Group and implementing Xero, Signal & Comm faced numerous challenges in their bookkeeping and admin processes. One of the biggest issues was the time-consuming manual process of creating and tracking invoices and receipts, which often resulted in human errors and slowed down the accounting process.
To tackle this challenge, W.L.P Group helped Signal & Comm to move its business to Xero, a cloud-based accounting software.
This move enabled Signal & Comm to automate its invoicing process, generate invoices and easily share them with customers, and automatically populate customer information, such as billing and shipping addresses.
Overcoming Currency Conversion Challenges with Xero’s Multi-Currency Feature
Signal & Comm is a wholesaler of electrical equipment and solutions based in Singapore. The company imports and sells products from international manufacturers, including FHF, a German manufacturer of telephone equipment for safety-critical applications, and MEDC, a UK manufacturer of alarm, signal, and notification equipment. As a result, the company needs to manage currency exchange rates for transactions involving multiple currencies.
The management of currency exchange rates with international customers and suppliers proved to be difficult. Viewing financial reports for the month required an accountant to manually create a report, which was time-consuming and required advance notice.
With Xero’s multi-currency feature, Signal & Comm was able to generate currency exchange rates in invoices involving two or more currencies automatically, and update them if needed.
Financial Visibility with Xero’s Automated Reports & Dashboard
With Xero, Signal & Comm’s Managing Director, Eric Tan, gained visibility into the company’s financial performance.
The software’s automated reports and dashboard provided Eric with up-to-date information on the company’s paid and outstanding invoice amounts, as well as other financial data, all in one convenient location. Previously, such reports required an accountant to manually create them, which was a time-consuming and costly process.
By having access to real-time financial data and being able to view it on the Xero dashboard, Eric could make informed decisions about the company’s finances and operations.
The dashboard presented this data in graphs and charts that were easy to understand, even for non-financial experts. Eric could see at a glance how the company was performing financially and quickly identify areas that required attention. This enabled him to focus on growing the company’s sales and operations, rather than being bogged down by manual bookkeeping and admin tasks.
Growing with Xero
As Signal & Comm continues to expand its operations, the company is looking for ways to leverage the data available on Xero to improve efficiency and make more informed business decisions. With Xero’s powerful financial reporting tools, Signal & Comm can easily access up-to-date information on the Xero dashboard.
One of the ways that Signal & Comm plans to use Xero to support growth is by analyzing the financial data to identify patterns of loyal and prospective customers. By understanding which customers are the most profitable or loyal, Signal & Comm can focus on retaining those customers and offering them tailored products or services.
Similarly, by identifying potential customers, the company can create marketing campaigns that target specific demographics or interests. By using data to drive marketing and sales efforts, Signal & Comm hopes to increase sales and build a strong reputation as a leader in the electrical equipment and solutions industry.
Working with W.L.P Group
W.L.P Group played a vital role in helping Signal & Comm transition to Xero and implement automations. The company’s accounting advisors including Sze Ying Tan encouraged Eric to move the business to Xero and provided ongoing support during the transition. W.L.P Group assisted Signal & Comm with bookkeeping and accounting, and ensured that all financial data was transferred accurately to Xero.
By working with an experienced accounting advisor, Signal & Comm was able to focus on its core business operations, and leverage Xero’s powerful automation tools to improve efficiency and productivity.
W.L.P Group also provided training and resources to help Signal & Comm use Xero more effectively, and offered guidance on best practices for bookkeeping and admin processes. Thanks to W.L.P Group’s support and expertise, Signal & Comm was able to make the transition to automation smoothly and with minimal disruption to its business operations.