If you’re like many business owners, you might dread doing your company’s accounting. For a busy professional, it can be tedious and time-consuming, not to mention confusing if you’re not familiar with all the terminology. But what if there was a way to automate the process? Accounting automation software can do just that, saving you time and money while improving business efficiency and productivity.
What Is Accounting Automation Software?
In a nutshell, accounting automation software are programs that can help streamline many of the tasks associated with managing finances, the lifeblood of any organization. This can include everything from tracking income and expenses to creating financial reports. Many tasks that once had to be done manually can now be automated, which means business leaders spend less time crunching numbers and more time running their business.
How Does Accounting Automation Software Work?
Once the software is connected with your company’s financial activity and ledger, it can begin to take over many tasks. Here are some activities that can be automated:
- Data entry
- Formulas and calculations
- Invoicing and billing
- Financial reporting
- Financial tracking and analysis
Accounting automation software saves time while reducing opportunity for human error. It ensures that C-Level executives are focused on strategy, leadership, partnership and key decision making, rather than getting distracted by administrative necessities.
Top Accounting Automation Software Recommended By Our Fractional CFOs
Many CEOs choose to automate accounting because it saves them hours of time each week and provides the freedom to work on other core projects. Automation provides the opportunity for CEOs and their employees to focus on their strengths while continuing to receive consistent and accurate financial reports.
There are many different types of accounting automation software that can be used either on their own or in conjunction with other programs. Furthermore, many popular business technologies have been designed to work synergistically with one another. Since every business has different needs, some companies might prefer to use just one while others may sync two or more together to create broad automated workflows.
Here Are Some Of The Platforms Our Fractional CFOs Use On A Regular Basis:
QuickBooks: QuickBooks is an accounting software that automates many of the tasks associated with running a business. This includes activities like invoicing, tracking expenses, and managing inventory. QuickBooks can generate reports on where money is being spent to help CEOs make informed decisions about strategy and spending.
Expensify: Expensify is a software and mobile app that makes filing and paying employee expenses easy. Employees can easily upload receipts and bank statements to the platform via the mobile app. Expensify allows companies to track, pay and automate invoices and expenses. Its data can be seamlessly integrated with general ledger technologies like QuickBooks and Sage Intacct.
Sage Intacct: Sage Intacct is a cloud-based accounting software that automates many of the tasks associated with running a business. The program provides users with real-time visibility into their financial data, which Sage Intacct uses to make recommendations on how users can improve their financial health. It also offers users custom reports and dashboards, so CEOs can track their progress over time.
Bill.com: Bill.com is an accounting automation software that makes it easy to automatically send invoices and payments, track expenses, and manage cash flow. Through the automation of accounts receivable and accounts payable, businesses can avoid late fees and interest charges and make sure real-time changes to cash flow are immediately reflected in the general ledger.
The A Team Can Help Your Business Choose And Integrate The Correct Software
By adopting accounting automation software, companies can save significant time and money by making their accounting processes and employees more efficient. Automation can shave hours off mundane tasks and return productivity back to CEOs so they can focus on their strengths to effectively navigate their businesses. There’s a tremendous amount of value in using accounting software that facilitates automation.
The A Team’s experienced financial professionals can help companies migrate to accounting software and set up repeatable workflows and templates. Our team is well-versed in the automation of financial processes that once had to be conducted by hand. Our fractional accountants can be hired on an as-needed basis at any stage of your project. Contact us today for a free consultation to learn more about how accounting automation software can help your business scale.
