How Cloud Can Streamline Accounting Processes
Managing the accounting processes of a business can be frustrating for small business owners as it is seen as an admin task that takes time away from the core tasks of the business.
Therefore, whilst the accounting processes of the business should be legally compliant and give the business a full picture of the company’s financial situation. They should also be designed to be as streamlined and simple as possible.
Keeping things simple allows you to manage your business effectively and keep up to date you’re your legal accounting responsibilities whilst minimising the amount of time spent inputting and managing the system.
A great way to do this is by embracing the wide range of cloud-based services that are available, here are just three ways that a small business can streamline their accounting processes.
Automating Routine Transactions and Accounting Processes
Cloud based accountancy software allows businesses to integrate their accounts with their banking, payroll, sales processes and creditors.
The automatic feed of information and bank accounts in real time meaning that less time is spend inputting information into spreadsheets or fiddly software.
This saves time and increases compliance by making things as simple as possible for everyone within the business.
Making Your Accounts Available In Real Time
Using cloud based accounting software (accessible via an app or the internet) allows for accounts to be updated from anywhere by anyone with the right access credentials. Data is fed into the accounts automatically, so sales and expenses can be tracked in real time.
This makes it easier to make decisions and keep on top of where your business finances really are.
Use Apps to track and approve expenses
Managing small cash expenses can be extremely time consuming, particularly when using a manual process.
There are now a number of smartphone apps that can streamline this process across all levels of decision making. The apps allow expenses to be logged in real time, taking pictures of receipts and creating the expense claim that can be submitted immediately.
This also allows employees to make expense claims, have them reviewed by their manager/accounts and paid without having to fill out a single form.