When it comes to accounting, there are numerous mundane tasks that occupy an accountant’s time. These accountants often go to extreme lengths to manage financial transactions and avoid errors. This process is not only tedious for them, but also a waste of money and time for the business.
As a result, accountants are constantly seeking out new technology that can help them simplify these repetitive processes. Nowadays, accounting software such as Quickbooks, Quicken, Odoo, and many more have been adapted into the workplace. This software helps automate accounting processes and reduce bookkeeping mistakes. It is these simple procedures that enable a more efficient use of time and company resources.
We hope to break down the specific ways that software can have a positive transformation on your business and its operations!
Automation of Routine Tasks
Traditionally, all tasks including payment reminders, invoicing, statement, reporting, and budgeting had to be done manually by accountants. With the assistance of new software, all these processes can be automated. This reduces the sheer amount of work for accountants and their cost of labor for the company.
Management Account Automation
A management account can be defined as a set of summarized account data compiled periodically to provide financial information for management to make decisions. Modern software allows you to automate these management account processes.
Accountants are no longer subjected manually importing this financial information into excel spreadsheets which can result in errors. Instead, this financial data can be stored in a table which can be instantly converted into management accounts for any month.
New accounting software has improved upon the initial process used to create invoices and statements. The software uses data records to create invoices that are sent directly by email or fax to the customer. After all is done, software can also help schedule payment reminders and send unpaid invoices when payments are delayed. These emails will also include a click-to-pay button to allow immediate electronic payment methods. In conclusion, less time and effort is spent to simplify the processes for you as well as your customer.
Margin is often used as a measure of a business’ health which can be used to make decisions that prompt the growth of your business. Most accounting software prompts a simplified method of calculating your profit margin. On top of that, accounting Odoo tracks your progress with your target margin goals and the methods you can utilize to improve margins.
Automated Financial Reporting
This modern accounting software possesses the capability to automatically prepare financial reports utilizing data including the expenditures. After compiling these reports, they are then emailed to the intended recipients. Accountants are able minimize time spent on composing these reports and can dedicate their time towards other tasks.
Oftentimes, management account and budgeting data is organized into Excel spreadsheets. When this spreadsheet data is transferred into other software, the existing formatting is often disrupted which can lead to errors. As a result, modern accounting software possesses an import feature where all financial data can be uploaded with a single click. This reduces the possibility of errors which can save your time and money.
Credit control can be defined as keeping record and control of those who owe your company money. Accounting software allows accurate and quick access to information on overdue accounts. This credit control feature allows a more organized approach for accountants to seek out payments and maintain records.
Within accounting software, payment run is a useful feature that allows you to save time when making payments for invoices. You can make automatic payments while also use payment run in order to generate a report.
Within accounting software, there are dashboards provided that allow you to track your company’s financial records and budget. This customizable dashboard is a place where all your accounting and finance metrics can be found. You see a real-time view of revenue, expenses, accounts receivable and accounts payable, and much more.
One of the main benefits of this accounting software is the customization. You are able to customize any menus and screens, so that they are personalized to your liking. For example, you can always add in your own special functions or features that you utilize for your specific role. This will make you more comfortable and lead to more time efficiency for your tasks.
Modern accounting software continues to play an important role in changing the business landscape. The many features that it possesses continue to improve upon the traditional framework of accounting processes. As a result, this software has increased productivity within the accounting workplace while minimizing the number of errors. For more guidance on how you can integrate these accounting solutions into your business and increase efficiency, get in contact with us!
80% Grant on Your Accounting Software
Eligible SMEs can apply for grant up to 80% for IRAS-compliant accounting software.