How can technology save me time and money on accounting?

For any business, time is money. Getting on top of your accounting processes can help your business optimise both.

There’s no doubt that accounting has become more complex and time-consuming. An affordable business software solution has the power to deliver advanced accounting capabilities for any business. Emerging technologies, including cloud-based solutions and apps with powerful dashboards, allow greater freedom to work anywhere and can simplify almost all of your accounting processes. Using technology, integration across your business can be seamless, eliminating human errors that can prove costly. 

Here are ten ways in which accounting software can save your business time and money:

1. Automation

Automating repetitive tasks and report preparation is hands down the biggest time saver when it comes to accounting. Avoiding time-consuming manual processes also avoids errors. With technology, submitting and verifying employee expenses can become a fully automated process. With the right accounting software, any business owner can export crucial financial data in just a couple of clicks!

2. Analyse and Audit

With powerful accounting software, a business owner can understand the full picture of their business’s finances. With a comprehensive dashboard, you can isolate data by department, employee or expense type. Drill up, down and sideways into the data to derive relevant insights which can help your business grow.

3. Take Control

Cloud accounting systems put you in control of your data. Technology allows you to reconcile your accounts in just a few minutes each morning, rather than trusting a third party to do it for you. Regular follow-ups are time saving and put you in control of cash flow. This means no more end-of-month expense surprises for your team. Limits, rules and real-time tracking of expenses mean you’re never going to be caught out.

4. Easier Decision Making

Having up-to-date data at your fingertips takes the guesswork out of the decision making process. Using historical accounting data to inform your future forecasting lets you make the best business decisions fast. With some accounting software’s advanced reporting and filters, it’s easy to find the data you need.

5. Demystify Accounting

Productivity is vital to keeping your business alive and kicking. But when tasks become laboured, productivity grinds to a halt and stress levels rise. Preparing and checking accounts can be time-consuming for any business owner. Letting an automated accounting system take care of the numbers leaves you and your employees free time to get on with the important things.

6. Access from Anywhere

One of the real benefits of cloud-based accounting and mobile apps is the freedom to access your data wherever you are. This is a powerful way to save time by streamlining processes and enabling quick access to the information you need. For example, Soldo’s powerful and user-friendly dashboard gives users a straightforward way of managing employee expenses on the move. Employees can take a picture of a receipt, upload it, and then let the system unpack the information for when you need it

7. Manage Your Margins

Effectively managing your margins is vital in driving business growth and the bottom line. Efficient accounting software delivers the real-time insights your business needs to take control of margins throughout your organisation.

8. Take Control of Payment

When it comes to accounting, accuracy and speed are vital. But additional features such as payment run and company card controls put you in the driving seat. Pulling invoices, checking overdue account listings and automating payment can save your business time and money.

If you already have a business account, or are about to open up a business account, be sure to check what features the account can offer you in regards to controlling and automating payments. 

9. Access and Collaboration

Controlling access to your accounts is simple with a cloud-based accounting system. By setting custom roles and privileges for each user, you can assign specific tasks and modify permissions while keeping an overview. Streamline your accounting processes and encourage greater collaboration within your business and externally with clients, leading to improved efficiency and productivity.

10. Drive Down Costs

Depending on the accounting model you chose, you can save up to 70 per cent on your costs. Cloud-based software eliminates the need for servers and IT departments, dramatically reducing outgoings. As an example, an app-based expense management system allows you and your employees to work from anywhere without the need for on-premise IT infrastructure.

Soldo provides you with real-time visibility on employees expenses for ultimate control. Soldo’s integration with leading accounting packages, such as Xero, ensures an organisation-wide view and the ability to analyse data and use it to unearth insights, from which to drive strategic decision-making. 

Find out more about how Soldo can empower forward-thinking businesses to take control of employee spending here