What is accounting automation?
Accounting automation tools, such as Soldo, allow for the easier handling of data and processes, freeing up business owners or finance teams in larger organisations to concentrate on other high-value tasks. So, what is accounting automation exactly?
Strategic financial management
Even the best finance teams can get bogged down with laborious manual activities, but our prepaid business cards, mobile app and web console can automate finance admin tasks and drastically reduce the time required to manage expenses, both for finance teams and employees.
Our mobile app allows employee reports to be automated and the data can be exported with the use of our web console in just a few clicks.
Finance team members will be able to focus on strategic issues rather than being caught up in mundane tasks such as verifying expenses. Since the system works continuously in real time, the chances of there being any nasty financial surprises at month end are drastically reduced.
Our solution allows rules and limits to be set, further pre-empting any financial shocks which can so readily occur in traditional expense management over the course of a month.
Accounting insight through data
Leadership teams require financial data to manage the business but assimilating and formatting it can be a time-consuming process.
Finance automation can assist with this, however, with today’s online finance tools making accessing and managing financial data a quick and efficient process.
Soldo’s financial solution, for example, allows finance teams, company owners and management teams to see the big picture in terms of spending.
It allows for the easy identification of trends and patterns, and our web console enables the isolation of data by expense type or by an individual. This data can also be exported to offer relevant insights which can actively improve business operations and performance.
Simplifying financial management
Everything can become easier with the help of time-saving business tools and this is a significant part of the automation appeal. Our prepaid business cards, for example, make managing spending and employee expenses as quick and straightforward as possible. This is achieved in the following ways:
Our prepaid cards can be topped up with appropriate funds using the web console. The cards can then be used to withdraw cash or make purchases. This is similar to traditional debit and credit cards but with the added benefit of allowing limits and rules to be set to help manage spending.
Our dashboard also makes tracking transactions as easy as possible.
Soldo’s accounting automation tools offer added control for finance teams without requiring additional staff time.
In fact, our prepaid cards give extra control by preventing overspending or unauthorised spending through the use of rules and limits, while ensuring that financial management is as efficient and fast as possible.
Our web console provides exclusive view to administrators, who can see real-time transactional information, as well as setting limits and rules, topping up individual cards, filtering and extrapolating informative data.
In the interests of fully exploiting the benefits of accounting automation, the web console works with all of the major accounting software solutions including Sage, Quickbooks and Xero.
No number crunching required
Accounting automation can allow financial team members to move beyond number crunching.
Our prepaid business cards and associated web console and mobile app, for example, can take the strain of tedious accounting and bookkeeping tasks, freeing up team members to focus on other tasks such as improving cash flow, budgeting for growth or developing KPIs.
Our financial spending solution also ensures that other staff are not unduly tied up with managing their expenses or spending.
Using our mobile app, employees can photograph receipts and send it via the platform. This type of automated reporting removes the need for individuals to spend time manually filling in spreadsheets and submitting loose receipts.
Click here for more information on how Soldo can bring the benefits of accounting automation to your business.