When running your own business, it makes sense to take advantage of systems and processes that could make your life easier.
Thankfully, automations can reduce the manual data entry you usually have to do when dealing with your accounts.
And, although the main benefit may be saving time, you can also fine-tune a lot of your internal operations.
Here’s how your business can benefit from automated accounting services.
What is an automated account service?
Accounting automations are processes where data is collected and analysed to create financial reports. This can be done online or through software rather than manually entering the same information on repeat.
Some of the most commonly automated processes are:
- bookkeeping
- invoicing
- categorising expenses
- reconciliations.
Smaller businesses can especially benefit from using automations. Here’s why.
Saves time and boosts productivity
As mentioned, automating certain processes can reduce the amount of time you spend manually inputting data across multiple spreadsheets. Although this was once an essential routine, now you can input the information and allow your automations to carry everything over for you.
This will give you more time to step back and focus on the more important parts of your business. Or if you had a team member who spent a lot of their time on bookkeeping, you can now use their skills elsewhere.
If that happens, you might find the staff member actually has increased job satisfaction, too – as they won’t have to continue doing the same tasks day in and day out, and can instead fully utilise their skills.
Improves accuracy
As your automated accountant services will be programmed to your data, there’s less likely to be common errors occurring, which could easily be done through human error.
Transactional processes such as invoices and payments can be done with a click of a button, removing the need to recheck the data constantly.
Better cashflow management
Your cashflow is the lifeblood of your business. As you’ll be able to automate processes such as your accounts receivable, it’ll be much easier to track the money going in and coming out of your business.
Because automations will update your financial data in real time, you’ll have a consistent picture of your cashflow and will be able to make important decisions and improvements should you need to.
Cloud storage
Having your work saved in a secure online space will make it much easier for you to access your data from anywhere, providing you have an internet connection.
As you’ve entered all of your information via automation into your cloud-based accounting software, it’ll be kept secure behind firewalls and passwords.
This is a much safer alternative than having an office full of books and ledgers.
Faster data access
Thanks to automated accounting, accessing your data is almost instant. You’ll have quick access to your cashflow statements, profit and loss and any other financial reporting you need.
This will be especially useful should you have to undergo an audit. Rather than having a team come in and dig around your books, your auditor will be able to extract the data they need a lot faster, in turn cutting down the duration of the actual audit.
Talk to us
Rather than weighing yourself down with the simple yet repetitive accounting work you have to do for your business, consider automating your processes. Not only will it make your life much easier, but it will give you back the time you need to focus on the bigger picture.
Contact our team to discuss automated accounting services.
