The efficiency of your accountant affects your ability to effectively manage (or direct the management of) company finances. This undermanagement could seriously affect the profitability and success of your business or company. In today’s data-led world, there are various accounting software in the UK that can take care of most of the heavyweight tasks and allow you to improve the accountants’ efficiency.
Here are some ways in which you can level up accounting efficiency:
- Go the online, app way
Operations at all sorts of businesses are becoming increasingly online. The remote working environment that has become popular during the ongoing pandemic makes traditional accounting and physical form submission an inconvenient (and rather counterproductive) choice in today’s context.
Accounting software is the way to go for nearly all companies – accountants are able to streamline and simplify book-keeping and are also able to eliminate human error.
Choose accounting software that comes with a bundle of tools that can simplify accounting as well as accounting-related tasks for the whole team, including the boss! Look for an account management solution that offers live, on-the-go access.
- Ensure and enable timely submissions by the team
A great accounting software in the UK can help accountants manage the company’s books in a more timely fashion by enabling employees to submit their company expenses and company budget expenditure statements on time.
Company bosses and business owners often set deadlines for submissions of reimbursement requests and statements of how department-based budgets are being spent. However, delays are commonplace because team members are often far too busy with their core duties and KPIs to fill up forms and sheets detailing expenditure.
The outcome of this situation is that either the accountant ends up having to spend time chasing up for submissions, or worse, submissions come in late – this means that the books of accounts will not be up-to-date.
What if the employees did not have to cull hours out of their day for data entry? What if the data related to reimbursable expenses and budget expenditure could be captured within seconds. Well, some accounting software solutions, like Dext for example, come with the ability to capture all the figures and key accounting data from a smartphone photo of a receipt, bill, or invoice. The data is captured and presented in an online form. The user can even edit the entry in case of any errors. The original photo is also retained by the system.
In fact, your employees can use Dext Prepare to capture data from an email, a document saved on their device, or even some online source.
- Automate data entry and management
Because accounting software allows for this easy capture of data, accountants need not copy data line by line. Instead, they can easily capture data from one source, or several, to be used for accounting purposes.
Additionally, duplicates are identified and eliminated by the system. Anomalies and discrepancies are recognised and flagged up automatically.
The system also sorts and categorises data as per rules set up by its users.
A client dashboard also gives clients ready access and puts less pressure on the accountant – there are fewer instances of him or her having to scramble to service clients in case the client has misplaced a prior invoice, for example.
- Ensure and enable timely approvals
How often do delays occur not because of a tardy submission, but because of delayed approvals? That said, business owners, company bosses, and department heads often have their plates full, if not overflowing, when it comes to work-related tasks. A lot of times, they are putting out multiple fires within a single day – who can blame them for sweeping less pressing issues to the bottom of their task list? Especially when the less pressing issue is very time-consuming!
At-a-click approvals could certainly reduce the time required to complete these non-core tasks.
A good accounting software will allow you to approve at a click and also to appoint multiple expense approvers.
- Submit tax deductibles and streamline tax-based segregation
You and the team no longer have an excuse for not submitting tax deductibles. All those coffee, lunch and dinner meetings and transport tariff – be sure to simply take a picture of receipts and submit the entries that your software will create for you.
Your accounting software should also let you segregate suppliers based on tax.
- Reduce invoice generation burden
Most accounting software solutions let you generate standardised invoices within seconds. Relevant departments simply need to enter details on goods and services delivered to clients – the system will do the rest.
- Get insights and offer timely instructions
Accounting software in the UK can be accessed from your phone – you can use the at-a-glance insights offered up by the system to make decisions based on live data.
- Modernise follow-up process
The company’s accountant – or relevant department executives – can send direct in-app requests to clients for pending payments and paperwork.
Online, app-based account management solutions can add efficiency, convenience, and professionalism to the way that businesses approach accounting. They bring ease to accounting and accounting-related tasks. The best thing about accounting software for the business owner is their ability to offer up up-to-date, error-free data in a single click.
Should you need help in picking the industry-leading solution to boost efficiency for your accounting operations, here’s just the right direction for you: https://dext.com/uk.