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More and more enterprises, both small and large, are trying to find the answer to the above question but there’s no specific answer to it. If you’re relying on too many manual accounting processes or if your accounting is getting messed up and full of errors then this is the right time to start with the automation process. Above all, automating your accounting enables you as an organization to become more efficient, control unnecessary expenditures and bring transparency in finances.
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Almost 70% of the accounting professionals admit that they are always looking for advanced tools and software in order to simplify their accounting tasks and align them with their organizational and overall business goals. The reason is simple; aligning your accounting with the business not only optimizes your cost control processes but also improves the financial structure of the organization.
Start by evaluating your existing accounting processes and asking your accounting department about the problems they face on a daily basis. If they are relying on too many manual accounting processes such as maintain a ledger register, check printing, creating invoices, sending payment reminders to the buyers, maintaining payables and receivables data in spread sheets, then as an organization you’re losing precious time and money because your employees have little time to be productive and add value to the organization that you expect from them.
In today’s dynamic business environment where accounting staff have to deal with far more complex data, multiple taxes, even more complex business processes and ensuring compliance at the same time, automation of accounting processes can make a real difference to the lives of your employees and overall health of your organization.
Bringing transformation by adopting the right Technology
Migrating manual tasks to the accounting software or a full-fledged ERP system simplifies data management, accounting procedures and processes. It not only streamlines other manual business processes that rely on accounting department such as Payroll and HR but also but also boosts the productivity of the employees. Technology eases the job; employees have more time for working towards strategic initiatives, reduce accounting errors, feel less stressed and bring transparency in operations.
Few examples of the accounting tasks that you can automate with the right software to boost productivity and improve health of your organization at the same time:
- Accounts Receivable and Payable. Modern accounting softwares are web-based for anytime, anywhere access. It allows automatic generation of the invoices that reflects in the customer’s account, automated reminders are sent for overdue payments and you can receive payments online. Allows submitting purchase requisitions to the concerned department, validation and approval updates based on the available budget. Integrated modules such as expense management and timesheets allow recording of transactions automatically.
- Powerful Dashboards and Reporting. Modern accounting softwares provide insightful information in the form of Financial Reports and enable you to dig deeper into your finances by comparing data for different quarters and financial years. Forecasting capabilities allows your accounting staff to keep a close eye on budget and expenses.
- Integrated to your bank’s account. Send invoices directly to the customers and receive payments into your bank account and receive payment updates into the software. No need to check with the bank manually. Easily match transactions between your ledger account and bank account to save precious time of your accounting professionals.
Accounting is now becoming more complex and time consuming process, modern softwares add unmatched value to the organization by not only automating general accounting procedures but also bring other business processes together such as Payroll, HR and CRM. Accounting automation enables an organization to save time, costs and achieve compliance.