The coronavirus outbreak has affected workers all across the globe, forcing organizations to shift to a remote or hybrid business model. This shift completely changed the workforce and the way business is conducted, and will have a long lasting impact beyond the pandemic. For some organizations, the workforce transition was simple because they already had the necessary tools like cloud accounting software in place that enabled their employees to continue working remotely. Other organizations who were not prepared to support remote work and had to scramble to put a plan in place quickly.
During these times, technology solutions like cloud hosting, cloud-based accounting software, and IT security solutions are helping businesses stay productive while increasing connectivity between employees. In particular, cloud accounting solutions like Sage Intacct provide automations that not only save time, but also deliver greater value by allowing employees to work remotely from anywhere.
Here are the Top 5 Ways to Automate Your Business Using Cloud Accounting Software-
With cloud accounting software, your organization can add PO with workflow approvals to control spending and fast-track their purchasing process. POs can be routed via email for approvals to department managers, finance, and/or based on spending thresholds to manage spend before invoices arrive. Additionally, your organization can import budgets into your accounting system and set up spend management alerts. Alerts are a great way to warn users entering POs that the amount will exceed budget.
2. Accounts Payable (AP)
By implementing an AP automation solution, your organization can add OCR capture to emailed vendor bills to reduce manual data entry and potential for human error. In addition, you can automate employee expenses and control spending with OCR receipt capture via smartphone. In a recent study, companies with no or little automation in place spent $10 or more per invoice processed. When compared to those with automation tools, they typically spend $2.07 per invoice or less. With AP automation, you can also improve your productivity without having to sort through the mail, match invoices to purchase orders, key the invoice into the accounting software, and print and mail the check.
3. Accounts Receivable (AR)
The current crisis has accelerated the need to cut the paper. By using a cloud accounting solution, your organization can set up bills, statements, and dunning notices. These notices will automatically email customers to get paid faster and reduce Days Sales Outstanding (DSO). Additionally, you can automate time capture to flow into invoice preparation, allowing you to invoice customers faster. Lastly, your organization can easily automate your customer invoice process, allowing you to save time and money. Employees can effectively manage the process remotely with no need to go into the office to pick up mail.
4. Cash Management
Your cash management process plays a large role in your organization’s success, and having a positive cash flow is essential. A U.S. Bank study found that 82% of businesses fail due to cash flow mismanagement. Your organization can choose a cloud accounting system that links to your bank and will automatically pull in transactions with an auto-matching feature to streamline reconciliations. Furthermore, by automating your business’s cash management process, you can better manage day-to-day transactions, cash balances, and fund transfers.
5. GL Updates
Cloud accounting software automatically updates the sub ledgers and GL in real-time. This gives you visibility into financial and operational performance. This automation provides visibility into your account balances, revenue, and profit all within customizable dashboards. Additionally, setting up this automation can reduce the posting of repetitive journal entries and allow employees to focus on responsibilities that add more value to the business.
Automating your accounting process is fundamental to your organization’s success. The automations available in cloud-based accounting software help organizations to eliminate manual processes, increase productivity, and ultimately reduce costs. Most importantly, this software enables your employees to work remotely as the workforce continues to evolve during these uncertain times.
To learn more about the ways to automate your business and financial processes, reach out to our team of experts.