5 Ways to Automate Your Accounting Process
Although the accounting department is one of the most important areas of a firm, it can also be the most confusing. The process of measuring and analyzing business finances can be time-consuming and very expensive. In fact, accounting is one of the most hated tasks among business owners. So, are you feeling stuck with the accounting system you are currently using? Do you need to employ more people to make your accounting department more effective? Thankfully, with some of the tools found in your online accounting software, it’s now easy to automate your accounting process.
1. Link credit cards, business accounts, and supplier accounts.
Instead of using manual data entry for your business transactions, try to enable bank feeds. When you link your credit cards and bank accounts using bank feeds, you will not only save a lot of time but also make reconciliation easier. Luckily, there are several accounting software such as QuickBooks that can help you do this.
Once you’ve entered your purchases and invoices, you don’t have to worry about transactions such as bank charges. You will also have a more accurate and complete information. You can also use Zoho Books to easily control the money flowing in and out of your business.
2. Use intelligent data validation and verification.
Since most businesses need to verify their invoice details against the stock codes, purchase orders, and supplier details, entering a new invoice can be a bit complicated. As a business owner, you might find that this work requires a lot of time. It’s, therefore, important to use an automated data validation and verification software such as LucaNet. Once you’ve automatically verified and captured the data, the software can easily verify, validate, and match the data in the invoice. After doing this, the image and the data will be uploaded automatically without any manual data entry.
3. Track your invoices online.
By using online invoicing, you can receive payments faster. This is one of the most powerful tools that will allow you to always track your invoices. Unlike before when you had to open several windows on your laptop to track down all the invoices, now you can simply automate them to make work easier.
Additionally, you can use an online payment solution tool that will allow your customers to act on the invoices using their MasterCard or visa. An online software such as MineralTree online will help you update your online accounting software transactions thereby allowing the money to be deposited into your account faster.
4. Automate the approval process.
Invoice approval processing is perhaps one of the biggest headaches when it comes to invoicing. This is because most businesses are always handling lost documents by employees and slow approval times. Due to this, running the business can be expensive.
If you are looking to automate your accounting process, you should start by looking at how you will be able to automate your invoice approval process. By using the task management solution and automated workflow, you can easily establish automated rules that will ensure that digital invoices are sent to the right people in a timely manner.
5. Always upload PDF documents.
Instead of using paper trails, you need to upload all of your supplier bills into your accounting software. This will not only cost less, but will also save you a lot of time. Some software comes with tools that you can use to identify key information to speed up your data entry. You can use Scan2Invoice to either upload the PDF or simply email it to a dedicated address that you want to use.
The good thing about this is that you will never have to search for paperwork as it will have already been attached. With a good online accounting software, you will also avoid asking your suppliers to get you more copies.
Wrap up
Most business owners and finance managers understand the value of an effective and efficient accounting process. By using these five ways to automate accounting, you will be on the road towards greater financial success. You will also free yourself so that you can invest more of your time in building your business.
