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.