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Simplifying the Joys of Accounting

No company can function without accounting. Without it there'd be no business as finances and bookkeeping would likely be all over the place, putting your profitability in a bit of a mess. What can you do to streamline accounting?
Unfortunately many businesses can get tied down by this necessary chore. Accuracy is vital and being snowed under can ultimately lead to mistakes and headaches. Simply giving up or not working on books is never a good idea and there are a few steps you can take to help streamline processes and get the most for your business.

Check for Unsettled Payments

Money coming in and money going out isn’t always recorded immediately. This means that it can sometimes cause a bit of a stress somewhere down the line.

Invoice payments and fixed bills with a grace period in which to pay may not always be due, but can always be factored into your calculations. If your monthly accounts seem a little off and you aren’t sure why, it may be worth checking for outstanding payments. If you find that there’s something due to come in or go out, it could end up balancing your books as expected and stop you from panicking for the next couple of weeks. Visit Coupa.com for tech solutions in this field.

You’ll also be able to compare unsettled outgoing and incomings and roughly gauge exactly what to expect come the end of the month.
Simplifying the Joys of Accounting
Get Rid of Laborious Data Entry

One of the main reasons that accounting can sometimes seem like torture is the sheer amount of paperwork and files that have to be manually input into systems as part of the accounts payable process. With a vast array of documents from utility bills and payroll information to statements and expenses claims, it all soon adds up to a mountainous workload.

Manual data entry can be extensively time-consuming and something of a tedious task, especially when your staff could be performing tasks and activities that make your business money.

Outsourcing data input can not only free up this time, but also offer instant benefits. Many of the leading bureaus can reduce the workload of finance and AP teams in a number of ways including mailroom, scanning and document management services.

Your mail can be rerouted to an offsite mailroom where it is opened, sorted and scanned using state of the art technology. This technology is usually capable of extracting information from invoices and index it and inform the relevant people within your teams for approvals and rejections. Verification is simple and easy and as the technology used is of the highest standard - accuracy levels are nearly perfect. There’s even the opportunity to have your data stored securely in the cloud, accessible from a web browser for added convenience.

Automation Software

You may also be able to find joy using online accounting software. Many providers of such services will be able to offer an open application program interface (API) that can integrate with other systems.

Having your data online means that it can all flow together from most sources and should see you having to spend much less time dealing with data entry, allowing you to concentrate on more pressing business matters.

Get in a Professional Accountant

If data entry isn’t the problem dragging you down, then a professional accountant may be the way to go. Even if you fully understand every aspect of the process, a qualified and experienced individual is still going to presumably be much better equipped to really assess your situation.

An accountant can relieve you of the burdens you’ve been facing and whether it’s a freelance, temporary or permanent member of staff, efficiency should witness an immediate boost. They could find hidden expenses or even previously unidentified opportunities to make or save money. Take Back Control

Getting your company’s finances in order doesn’t have to be as tricky as some people make out. Taking these simple steps can allow you to alleviate the stress of accounting and once again concentrate on helping your business thrive.

Whether you’re enlisting the help of accountants or data input specialists, or simply keeping an eye on financial transfers, take control of your accountancy and let your business go further.

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 2nd September 2016.
Andy Morley
Andy Morley is a contributing writer at Inspiration Unlimited eMagazine.

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