Businesses are most efficient when colleagues and technology work perfectly in sync. And the ability to easily access relevant financial data by all stakeholders plays a key role. It allows them to feel empowered and better able to do their respective work.
Here we will talk about five ways by which you can ensure that your business finance data works for the benefit of everybody.
You can allow colleagues and customers to enter their information into the system and cut down on a lot of time that you spend doing the same manually. All the data input, invoices, receipts and expense reports can be added into the system by remote staff at the client or customer premises.
That does not mean you lose control of your finances or allow unwanted people to access your information. Instead, it means using the right accounting software to enable specific individuals to upload, download and edit the data at any time, without access to bring any other changes.
That can reduce the effort for the same work and free up a lot of your valuable time for other financial tasks that add value to your business.
If you use a cloud-based accounting solution, your data does not remain confined to a server in your office. You can access it from everywhere and pull the data from different systems together on one central dashboard.
All you have to do is allow access to the dashboard. Once you do that, whoever gets entry can see all the necessary data and quickly access whatever they need. The format in which the information gets presented is also easy to understand and analyse.
Cloud-based accounting solutions also help in getting analytical reports and reduce the time spent passing on information. You can focus more on conducting an in-depth analysis that assists you to drive the business forward.
As your team grows, you can also use cloud accounting to collaborate with others in the business, no matter where they are. Overall, it is a convenient and flexible alternative to the traditional system of accounting and finance management.
Spreadsheets may be useful for a couple of business functions but not for everything. Sophisticated accounting software can provide you with much more data protection and ease of use.
Accounting software gets created with modern working techniques in mind and ticks all the compliances boxes as well. They also allow you to import data from spreadsheets without any manual re-keying.
Keeping the company compliant and up-to-date with all the constantly evolving regulations and rules is mandatory for all bookkeepers. And this is a very time-consuming process in itself. However, accounting software can simplify the process as it comes with built-in compliance measures. It also performs many of the checks required to ensure that your business always remains compliant.
Manually reconciling your bank transactions with your accounting lines is another labour intensive and time-consuming process. Automated systems eliminate this trouble and reduce the delay between transactions occurring and showing up in your accounting software.
You can save hours of manual reconciliation by connecting your accounting software directly to your business bank account. It can allow yourbank transactions to flow securely and automatically into your accounts. All you have to do is confirm what you want to get posted.
You can also set bank rules to distinguish between your income and expenses or match bank transactions with invoices without spending hours going through all the banking data.
If a potential error comes up, your accounting software can highlight that too. For example, if the amount paid does not match that mentioned on your invoices, your accounting software will highlight this transaction. You can then identify the problem quickly and fix it faster than ever.
It is crucial to keep an open philosophy within your company so that the right data can get shared among the correct people. It is one of the best ways to accelerate the growth and progress of your business.
It is also true that technology plays a significant role in the success of your business. If you use the best tools, most of which are not necessarily expensive, you can improve your business by leaps and bounds.
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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.