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3 Tips For Streamlining Accounting Processes

Out-of-the-box solutions are so last century. If you’re still using the same accounting program you’ve used for years, you’re decreasing your productivity.

In order to streamline your business, you need to modernise how you handle core processes like payroll, inventory, and daily bookkeeping chores.

Scrap Old-Fashioned Accounting Solutions

Perhaps you feel that as long as your records are accurate and completed in a timely matter, you don’t need anything else.

Even if you keep your business closer to home, the complexity of managing inventory and payroll, compiling financial statements, and keeping all of your tax information and payables straight is a challenge.

Because many developers are transitioning to open source and software-as-a-service (SaaS), your old systems won’t be compatible with other programs you need to modernise your office.

If it’s too outdated, your accounting software may no longer support the latest operating system, work with other applications, or run properly on mobile devices.

The good news is, there are better ways to manage your company’s finances, and they won’t hurt your budget or disrupt your business a bit.

Outsource to a Dedicated Bookkeeping Service

If you’re one of those business owners who think you have to keep control of your financials, you may have some concerns about turning your books over to an outsider.

However, outsourcing your accounting services will free you and your staff to concentrate on more important matters, like bringing in new business or nurturing your customers.

Outsourcing to a dedicated accounting firm provides you with trained professionals whose only job is to keep on top of current tax and filing regulations, find ways to limit your liabilities, and alert you to possible troubles on the horizon.

Because an established firm will likely use the most current technology and security, you won’t have to worry about upgrades, maintenance, or missing deadlines.

Transition to Paperless Billing

One of the biggest hassles with business accounting is all of the papers that pile up. Even if your accounting systems are computerised, you still have invoices, receipts, and reports to contend with.

Going paperless will make your billing process smoother and more organised, eliminate the problem of missing files, and increase productivity.

Choose a Cloud Solution

Purchasing an accounting SaaS system will help you go paperless and provide some of the benefits of outsourcing.

You’ll also have the added benefit of real-time access, a centralised platform to manage and coordinate all of your financial data, and the ability to update everything from inventory to payables immediately, across all of your departments and devices.

You can even configure the application to permit access only to certain staff members or departments. Because the entire system resides in a cloud, updates and compatibility issues are largely a thing of the past.

Yet, there are some issues with such pre-made accounting software you don’t even realise might be holding you back. For example, many off-the-shelf products require a unique license for each user. If you have multiple offices, that can add up.

Non-customisable accounting systems won’t be a good fit for every business model or industry.

If your company conducts some of its business overseas, there may be problems with how taxes or payroll are calculated.

Compatibility issues with other software or your platform can also make your seamless accounting program more of a hassle than an effective solution.

In such cases, a bespoke accounting platform that’s made specifically for your business needs and is customisable and scalable to grow with you might be a better option, as you won’t have to pay for features you will never use.

Conclusion

Accounting can often take up much of valuable time, but new solutions make it possible to streamline all accounting processes. By hiring an accountant and using SaaS solutions and custom made accounting software, you can automate much of your accounting and have more time to run business.

Ashley Wilson is a content creator, writing about business and tech. She has been known to reference movies in casual conversation and enjoys baking homemade treats for her husband and their two felines, Lady and Gaga. You can get in touch with Ashley via Twitter.

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