Automate your finances and make the move to online accounting, so that you can concentrate on what matters - RUNNING YOUR BUSINESS.
Starting and managing a growing business can be challenging, especially when it comes to juggling day to day demands with long-term financial planning. Administration such as accounts and invoicing can take up valuable time and energy. Automating this aspect of your business and using a virtual accounting service makes sense, and saves time while improving the day to day efficiencies of running any business successfully.
What is finance automation?
Finance process automation is the use of specialised software or virtual accounting services in order to automate a number of finance-related tasks. This would normally fall under a junior administrator or accountant and include reconciling accounts, journal entries and preparing financial statements, to name a few. By automating these routine and recurring tasks, you allow yourself and your staff to concentrate more on strategic financial decisions, which will ensure the growth and financial health of your business in the long run.
How can automating your finance function help your business?
- Improved efficiency
Routine and boring activities such as managing payroll, sending and following up on invoices, can be automated. This will enable your finance staff to shift their focus away from administration and onto the areas that require specialised insight and intervention.
- Improved data integrity
Standardization of both input and output means that errors are automatically flagged and corrected, and data can be tracked from start to finish with confidence. Since financial and tax-related data has to be entered from a variety of data points within an operation, it is important to have a seamless, consolidated and integrated view of that data to ensure compliance.
- Better oversight into your finances
Standardized data allows you to analyze trends and use the resulting information effectively for financial planning and forecasting. Using shared documents and cloud access is one of the best ways to ensure this type of standarization.
- A reduced error rate
Automating day-to-day processes allows for greater consistency within teams, reducing the chances of errors and gaps. Staff also work on uniform documents and templates, which saves time as all outputs are standardized and data is easy to analyze.
- Better collaborative work
Remote & cloud access can greatly benefit everybody responsible for entering accounting data, as documents are shared and easy to access, and there is no need to administer multiple data sources. Teams can also collaborate remotely, and managers can track entries in real time without being in the same office, city or country. Setting up cloud access also allows you to easily make use of virtual accounting services, should you choose to.
Paper ledgers are yesterday’s news, as are daily manual entries of all your accounts. In our newly online world, fast data sharing and real-time access to reliable information is absolutely necessary for any business that hopes to move forward. Finance automation software can assist with making the necessary transition. Click here to read more about our cloud accounting services and let Outsourced CFO help you automate your tax and financial services.