As a business, there are a wide range of benefits which can be found through the introduction of effective accounting software. In addition to ensuring accuracy across the business, this type of software can also go a long way towards saving a significant amount of time for employees, enabling their time to be used as efficiently as possible.
We picked the brains of accountancy software specialist Sage Exchange to pinpoint ways in which accounting software can save your business heaps of time, in addition to guaranteeing accuracy in everything you do.
Automate repetitive tasks
Accounting software can increase productivity and improve your bottom line by automating tasks which are frequently repeated. Processes such as statements, invoices, payment runs, reporting and invoicing can all be programmed to run automatically, freeing up your schedule to focus on areas of your business which require more of your time.
Many accounting systems include credit control options. The ability to quickly identify any overdue accounts is crucial to ensuring your accounts’ staff time is being used as efficiently as possible. Credit Control enables these workers to easily identify who should be contacted to chase payments, whilst also ensuring that a record of each interaction is kept.
Paying your debts
Instead of trawling through your suppliers invoices to see who requires payment, accounting software can be used to generate a payment run highlighting any accounts with an outstanding debt. The software then automatically makes a mark against the account, and can even be used to generate an electronic report for your bank.
Electronic spreadsheet data transfer
For most companies, spreadsheets play a vital role in numerous financial and budgeting processes. However, data is often transferred from spreadsheets to the required accounting software manually; a process which can often be slow and inaccurate. To save time and reduce errors, use the import functionality available in most accounting packages to upload financial data from spreadsheets.
Find relevant information quicker
Accounting software can help to save a significant amount of time when it comes to making management decisions. This is done by ensuring that high level staff are provided with instant access to relevant information. By having an accounts system which is fully integrated, management will always be able to make quick and correct decisions when it matters.
Management account preparation
A large number of businesses prepare their accounts in Excel, which can be slow and inaccurate. You can save a lot of time by preparing your accounts in an accounts system which automates many of the processes you may have previously spent days on.
Every business knows that managing margins is absolutely vital if they are going to be successful. Effective accounting software should provide you with margin management which is both instant and highly accurate, allowing employees to quickly and easily achieve the margin goals set by the company.
Automatic report distribution
For many forms of accounting software, an added benefit is the ability to routinely produce reports at scheduled intervals. These reports can then automatically be emailed to a list of recipients pre-defined by the company.
Reduce customer issues
For any business which provides physical goods, accurate and up-to-date stock taking is absolutely essential. The accounting software chosen by a company is key to stock management, and can help to avoid potentially damaging issues arising. By ensuring that a business constantly knows their stock levels, time consuming processes such as issuing credit notes, dealing with customer queries and re-stocking should be avoided.
Tailored End-User Screens/Menus
Accounting software can often be programmed to allow users priority access to the functions that are most commonly used at the business. This allows processes to be streamlined within the business, in addition to providing users with screens or menus which are relevant to their individual role. Ultimately, effective accounting software should increase productivity across the business, ease of use of the software and allow any issues to be raised swiftly with the relevant senior member of staff.