In the fast-paced world of accounting, workloads only seem to grow while clients get more and more demanding. Firms must continually find new ways to improve efficiency in order to stay competitive.
Sure, traditional efficiency strategies like redefining your workflow, delegating low-grade tasks or improving staff focus can help. But they can also be inconsistent and take considerable time and money to implement. For this reason, many forward-thinking firms are turning to a simpler and more comprehensive solution: using accounting automation software to automate processes and tasks.
Say goodbye to implementing and keeping track of a million different systems and initiatives. Catch-all accounting automation tools actually simplify your entire firm’s working structure for you, so you can:
- spend less time on repetitive and unnecessary tasks
- provide an improved customer experience
- conduct more accurate engagements and get a reputation boost
Read on to learn how you can boost productivity with automated accounting.
Strategies for boosting efficiency with automation software
Automated accounting processes can transform the way you work in multiple areas.
Improve cash flow monitoring and forecasting
Automating financial processes, such as manual data entry, reduces the risk of human error in recording financial activity like invoicing and expense tracking. Additionally, many accounting software solutions offer robust reporting and analysis tools that allow for better insights into past trends and future projections. Clients will thank you come tax season.
Manage accounts receivable
With real-time access to financial information, firms can easily monitor and forecast incoming cash flow due to bank accounts and bank statements. Instead of manually updating financial data, you can have peace of mind that it is up-to-date and accurate.
Manage accounts payable
Simplify outgoing payment tracking and expense management with ease. Firms can identify potential cash flow issues in advance, take proactive measures and help businesses optimize their financial strategies.
Generate financial reports
Creating financial reports and trawling and organizing endless amounts of financial data, from cash flow statements to loss statements, can take a lot of time. Reports are often too data-heavy for clients to really even decipher. The automated generation of financial reports is a game-changer, saving professionals hours of time.
Automated accounting systems for financial reporting help with:
- sourcing data
- analyzing information
- filling out ledgers
- generating financial statements
- meeting compliance regulations
Moreover, software can easily create visual aids to make reports more dynamic and readable.
Automate data entry and repetitive tasks
Combining automation and accounting can take tedious and manual tasks off your plate and actually help you and your staff enjoy their work. No more spending hours chasing clients, searching long email chains and gathering physical documents. Now you can streamline communication in one central location, enjoying real-time editing and a single repository for documents.
Software also automates data entry, which not only saves time but boosts accuracy. Once the information has been entered for the first time, automated software can pre-fill data wherever needed inside engagements. Professionals can be more efficient with their resources, avoiding unnecessarily repetitive work.
Implement automated data validation
Automated data validation is a critical aspect of accounting software that ensures financial information is reliable and accurate. Software can validate data as it enters the system. It does this by flagging any common errors, from missing data and number discrepancies to formatting.
Firms that are not yet leveraging automated data validation are missing out on one of the biggest ways to improve efficiency. Automating data validation can cut down this process to a fraction of the time. It also raises accuracy standards across the board, eliminating the risk of human errors.
Set up system monitoring
System monitoring keeps your whole firm in the know. Accounting software solutions like Caseware track all kinds of changes in the system, such as file uploads, security changes and user activities.
In many firms, professionals are so busy getting results for clients that accounting operations systems get overlooked. Leveraging software gives everyone peace of mind. Professionals can breathe easy about maintaining audit trails, as everything is tracked automatically in one place.
Automate journal entry processes
It is vital to input precise and comprehensive data into journals to ensure all financial reports derived from them are correct. This can be repetitive and time-consuming, but still necessary to ensure accuracy.
With today’s accounting software, you can now use automatic templates for recurring journal entries. Automatically track entries (e.g., debits, credits, expense tracking) that affect multiple accounts. Save time, create more consistent processes and reduce the chance of mistakes.
As most financial reporting is based on data from journal entries, embracing automation in this area is key to helping business owners track their financial health and make informed financial decisions.
How to choose the right accounting automation software
The right finance automation software for you will likely depend on how your firm operates and its specific needs. If you struggle with slow communication, version control and keeping clients up-to-date, look for cloud-based accounting software. The multiple benefits of cloud-based software include real-time communication, compliance, access from anywhere and automatic updates for you and your clients.
If you are looking to save costs and optimize resources, choose a tool with accounting workflow automation capabilities. The automation of tedious tasks like checklists, templates and data entry can save accounting professionals hours of frustration.
Or does system tracking and monitoring bore you to tears? Some software automatically monitors your systems and continues improving efficiency over time.
Improve accounting workflows with the right software
The rise in accounting software technologies has introduced us to a new era of running accounting workflows. Automated accounting products like those from Caseware not only help you provide more accurate engagements, but also save you and your accounting team hours of unnecessary work.
The right automated accounting software can revolutionize the way finance teams work, collaborate and communicate. It doesn’t matter if you have remote teams or clients in other countries or time zones. Now you can collaborate in real time, streamline communications, automate repetitive tasks and deliver more accurate results for your clients.
If you are looking for a simple, easy and cost-effective way to increase efficiency while providing better results for your clients, contact Caseware today.