How Accounting Technology Can Help Streamline Your Business Bookkeeping

For small and medium businesses, bookkeeping has always been an essential but time-consuming task that needs the focus of a full-time or part-time bookkeeper. Evolving accounting technology is rapidly changing the way businesses operate by streamlining processes like bookkeeping. The result is liberated employees who are free to focus on core business processes.

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Move beyond Excel

Businesses no longer need to rely on an employee to track their financial information. Not only was this method inefficient, but it also had a wide margin of error as it relied on a person imputing the data correctly. Modern accounting technology has changed this with cloud-based computing, which allows data to be integrated in real-time, allowing businesses to aggregate, search, and create financial reports whenever necessary. Cloud-based platforms like Xero’s accounting software, used by Easier Accounting, enables bookkeepers to download transactions directly from a client’s bank and credit card accounts to compose accurate statements and invoices.

Consider subscription-based services

Owning and running your own bookkeeping software is expensive – especially if you have multiple workstations using the software and require more than one license. One of the major advantages of cloud-based bookkeeping is that your business can stay ahead with real-time information. It’s now possible to reconcile daily, and the books can be closed within a day or two after month’s end.

Real-time services also reduce paperwork by extracting critical data from receipts that are scanned monthly, automatically placing bills and statements in a secure hub. Cloud-based bookkeeping software also allows for the integration of document scanning, which enables invoices to be scanned and automatically distributed throughout the accounting system, thereby reducing the cost of processing.

Cloud-based accounting solutions are available via subscription; you can generally purchase multiple licenses once you have a base subscription. Subscription-based services are always up-to-date with the latest version of bookkeeping software with provider taking care of all backups and updates.

Improved document management

Bookkeeping can involve reams of hard-copy files and plenty of storage space. Modern accounting technology removes the mountains of paper, allowing you to store everything securely in the cloud. This way, your employees can access a document or ledger anytime, anywhere, and simply search through your archives using a keyword. You can also encourage document collaboration throughout your business, or restrict access if the information is sensitive. Cloud-based bookkeeping leaves no trace of financial data on your computers, and access in the cloud is always encrypted and password protected for enhanced security. Cloud providers normally also have backup servers in more than one location, so should a server go down, your business will still have access to all its financial data.

Go mobile for extra flexibility

Web-based bookkeeping solutions can be accessed from any mobile device, which is a significant advantage considering more and more business are operating remotely. If your employees are on the road or at a client, they can quickly access the financial information they need in real time.

Improve efficiency with integration

Bookkeeping is no longer a silo function. For businesses to run efficiently, they need to integrate all aspects of their financial processes, from banking and payroll to billing and reporting. Modern accounting technology makes this possible. Once integrated, all you need is a single point of entry and you can check bank statements, update your books, pay a creditor, or generate an invoice.

With so many advanced accounting solutions and software options available, bookkeepers needn’t be stuck with a one-size-fits-all solution. Instead, they can find the technology that works specifically for their business.

Companies like Easier Accounting already harness the power of accounting technology to offer flexible online accounting services that help businesses improve productivity, boost efficiency, and save costs.

For more information on the top trends affecting the business and finance world in 2017, download our guide:



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