Better efficiency. Streamlined processes. Saved time and money… There are endless benefits to digitalisation. The impact on your bottom line can be extremely positive, especially if you opt to automate one of the most time-consuming and laborious aspects of your business: accounting.
Here, we talk you through the top five processes that we recommend automating.
First there’s the filing. Then there’s the sending. And – perhaps most frustratingly of all – there’s the chasing up. All these steps to invoicing mean the task quickly becomes a burden. Obviously, you need and want to get paid, but the process often turns into an expense in itself.
Automation here will not only save time, but limit errors. Chasing clients automatically through software after a set number of days takes the awkwardness out of the process too. But best of all, it makes it easier for them – tools like KashFlow enable you to add a ‘pay online’ button to your invoices and accept card payments or recurring direct debits. That means your customers can quickly approve and settle up using secure payment gateways.
2. Expense reports
Being able to claim on expenses loses its appeal when you consider the amount of admin involved. From processing the claim, to verifying an expense each time it comes through, to submitting the reports, there’s a significant amount of effort involved. And the more work there is, the higher the likelihood of delays.
This can also be automated. That’s right – no more waiting around for approval, and no more endless reports to fill in. Some software, like Xero, allows you to take a picture of receipts. It then scans the information and automatically fills in a claim. You can even set up alerts to receive a notification when an employee submits a new expense.
It’s crucial to employee retention and morale that all team members are paid the right amount – and on time. And when your headcount scales up, it only becomes more of a challenge. Automate your payroll, and the software will do all the sums for you – even including the likes of overtime pay, commissions, bonuses and holidays.
What’s more, taking out much of the manual processes will ensure you don’t miss submission deadlines for any relevant documents, such as the yearly P60.
4. Purchase orders
With purchase order automation, a request will automatically be sent to the relevant team member for their review and approval. From this, a purchase order is then generated. There’s therefore no requirement for additional data entry, which consequently reduces the potential for any human errors.
On top of this, it creates a process for purchase orders – which means you can ensure all the correct steps are followed. In turn, this leads to better efficiency, accountability and compliance.
5. Financial reports
Accounting software unlocks a substantial amount of data – more than you would be able to access had you stuck with doing things manually. And automation will make it much easier to analyse this and produce financial reports.
Plus, you can set tools up to schedule reports at specific intervals, and send them to the relevant people in your organisation. So whether it’s month-end or ad-hoc reporting, you’ll be able to keep an eye on the likes of cash flow, growth and other KPIs.
Automate your accounting with Nabarro Poole
As you can see, automating these accounting processes is incredibly beneficial – and you don’t have to look any further for digital support than Nabarro Poole. We use cloud accounting software to streamline your processes, and assist you as you modernise your finances.
What’s more, if you need a little help with other parts of your business – like budgeting or tax planning – then you can rely on our bespoke services. Speak to us on 0161 998 4276 or email firstname.lastname@example.org to get started.