Accounting is one area where business owners can’t afford to cut corners, and with the right accounting technology entrepreneurs are able to spend more time planning and implementing growth strategies. That’s where accounting technology excels.
Statistics show that the average business owner spends only 32% of their time working on the business itself, and the rest of their time managing details. By harnessing the power of a best-in-class accounting solution, entrepreneurs can take advantage of more free time to focus on honing and executing on the vision and direction of their company.
Here are the top five benefits of using the right accounting technology for your business.
1- Tedious Task Automation
A number of accounting tasks can be automated using accounting software. What this means is that many steps of a manual accounting process can run on autopilot, such as data input, running reports, billing and collections, and more. With effective automated systems in place, entrepreneurs will have more time to devote to complex or growth-oriented tasks that improve their business and take it to the next level.
2- Accessible Financial Data with Cloud Computing
Cloud-based accounting software allows for real-time collaboration, and makes it more convenient for business owners and staff to access financial data from any location. Cloud-based accounting is especially beneficial for sharing up-to-date financial information with a team via one central location and source of truth. We recommend QuickBooks online and Sage Intacct for Cloud Based accounting software.
3- Insights & Information with Advanced Analytics
Out-of-date processes and technology can not only slow down a business, but become a hindrance to success with costly errors and oversights. On the other hand, advanced analytics tools allow accountants to process and analyze large bodies of data to uncover insights and make more informed decisions.
Best of breed accounting technology has dashboard functionality to allow for important KPIs to be set up and calculated automatically. By using a best-of-breed accounting solution, accounting teams and entrepreneurs alike are able to understand performance without the manual data manipulation of days past.
4- Time Savings with Artificial Intelligence
Artificial intelligence (AI) can examine historical data and extrapolate possible future trends to pick out non-natural transactions and expenses. AI options can simplify the process by gathering, organizing, analyzing, and interpreting large amounts of financial data, freeing up time for business owners and accounting teams by optimizing bookkeeping allowing for attention to be paid to higher value and more complex areas of the business.
5- Digital Communication
The digital communication that sophisticated accounting technology offers—whether via email, video conferencing, or built-in messaging features—greatly streamlines and accelerates communication with clients, and among team members. This acceleration ensures that accounting teams have what they need to carry out essential tasks, with the clarity that is required to perform these tasks well. Centralized communication through a strong accounting software solution may also reduce the number of in-person meetings, allowing more time to be allocated to pressing business matters.
Are you ready to explore how the right accounting technology can take your business to the next level? Contact us to learn more about automating your accounting processes.
