The ability to record transactions automatically allows you to check your figures without manually going through every transaction each month. With bookkeeping automation, you can spend more time running your business and less time tracking your finances. Keep reading for 6 tips for using bookkeeping automation in your small business.

Set up automated accounting as soon as possible

If you’ve been keeping track of your finances manually, you’ve probably noticed how much time it takes. When you have to transcribe each entry into your accounting software, you lose time that you could use for running your business. The more time you lose, the less time you have for new initiatives. The sooner you can set up automated accounting, the more time you’ll have to invest in your business.

Automated accounting doesn’t mean moving all your books online, but it does mean recording certain information about your business. You can track inventory, payroll, and revenue, for example. In addition, you can set up recurring expenses, like utility bills and insurance premiums. When you set up automated accounting, you stop wasting time recording basic information. You can spend your time creating new marketing strategies and enhancing your product lines.

Track all your transactions online

One of the biggest advantages of using bookkeeping automation is that you can track your finances online. You can track your revenue and revenue revenue with ease using software. Alternatively, you can track expenses, inventory, and customer information. You can also track cash flow using software as well as determine your profitability.

If you keep track of your finances manually, you’ve probably forgotten details about your business. If you track your finances online, you can’t forget. You can also keep tabs on your employees, see how they’re performing, and monitor their salary increases. You can also set up online invoicing so that you never misplace an invoice. If you track your finances online, you can’t miss a thing.

Companies benefit immensely by having automated accounting wherein they can manage all their finances and tax compliances in an automated fashion. It saves countless hours, repetitive work and improves coordination with accounting teams.

Automate recurring accounting tasks

Automated accounting tasks don’t have to be financial in nature. You can set up software to track your inventory, find salespeople, and export data to sales, marketing, and customer CRM systems. You can set up software to send out sales invoices or track expenses. Similarly, you can set up a CRM to see how your salespeople are performing and identify sales opportunities.

If you use a CRM, you can also keep track of customer data like their contact information, product preferences, and more. Automated recurring accounting tasks save you time. You don’t have to spend time tracking these activities manually. Automated recurring accounting tasks don’t have to be financial in nature. You can set up software to track your inventory, find salespeople, and export data to sales, marketing, and customer CRM systems.

You can set up software to send out sales invoices or track expenses. Similarly, you can set up a CRM to see how your salespeople are performing and identify sales opportunities. If you use a CRM, you can also keep track of customer data like their contact information, product preferences, and more. Automated recurring accounting tasks save you time. You don’t have to spend time tracking these activities manually.

Don’t forget the basics of bookkeeping automation

When you’re starting to use bookkeeping automation in your small business, make sure you focus on the basics. For example, you need to keep accurate records of your financial transactions. That includes your expenses and revenue, as well as how much cash you have in the bank. If you don’t keep good records, you’re bound to make mistakes.

You need to keep track of where your money is going, as well as what you’ve spent it on. You need to keep accurate records to ensure that your taxes are paid on time, as well as to ensure your books are accurate. If you forget to keep track of these basic things, you’ll have a hard time maintaining complete automation in your bookkeeping. You need to keep track of your expenses and revenue, as well as the amount of cash you have on hand.

If you don’t keep good records, you’re bound to make mistakes. You need to keep track of where your money is going, as well as what you’ve spent it on. If you forget to do any of these things, you’ll have a hard time maintaining complete automation in your bookkeeping.

Estimate future transactions

If you’ve been manually tracking your finances, you’ve probably forgotten to add up your revenue and expenses. You need to keep track of these two items to estimate future transactions. If you forget to estimate future transactions, you won’t have accurate figures for your expenses.

In addition, you won’t have a precise figure for your revenue. If you forget to estimate future transactions, you won’t have accurate figures for your expenses. In addition, you won’t have a precise figure for your revenue. Estimating future transactions is a vital part of maintaining bookkeeping automation. If you forget to do this, you won’t have accurate figures for your expenses. In addition, you won’t have precise figures for your revenue.

Using automation helps your business to come up with fairly accurate projections for revenues. It helps to  stay on top of your tax liabilities and payables too.

Wrap up with a checkup

When you’re starting to use bookkeeping automation, it’s important that you don’t slack off. Make sure you don’t forget to keep track of your basics, like revenue and expenses. Make sure you don’t forget to estimate future transactions, and make sure you don’t forget to check up on your automation.

You need to keep track of these basic items if you want to maintain complete automation in your bookkeeping. If you slack off, you’ll lose the benefit of bookkeeping automation. You can’t lose time tracking your finances if you don’t break a sweat doing it. If you keep track of your finances manually, you’ll have to spend time transcribing your data. With bookkeeping automation, you can spend more time running your business and less time tracking your finances.

Kreyon Systems offers bookkeeping services & accounting automation for companies using SaaS. The solutions are aimed at improving reliability of accounting reports and regulatory compliance. If you need any assistance, please get in touch.

The post Bookkeeping Automation: 6 Tips for Keeping Track of Your Business with Bookkeeping Automation appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.

The social and technological changes of recent years have ushered in a new era for businesses and their accounting processes. In the modern world, customers are now more connected than ever before, meaning that brands are under increased scrutiny like never before.

As a result, financial reporting has become an essential part of any organization’s operations – whether it’s an NGO, non-profit organization, government office or for-profit business. In this article we look at how your organization can improve its financial reporting processes to meet today’s challenges.

Establish a Single Financial Reporting Process

Accounting and financial reporting processes should always begin with a business case. Why does your organization need to report financial information? What is the purpose behind your reporting? These questions are essential to ask before starting any work on financial reporting.

Reporting processes should be tailored to your organization’s needs, and not the other way around. Key considerations when designing your financial reporting processes include: – What is the purpose of your financial reporting? – What are your goals and objectives for reporting? – What is the reporting landscape like in your organization’s sector? – What business processes are currently being used?

Make the Most of Digital Tools
If your organization is making the most of digital tools and technologies, there are many ways to improve your financial reporting processes. From automating manual tasks to integrating your data to streamline the process, there are many benefits of digital tools and technologies. Financial data, a connected enterprise and realtime availability of information are the lifeblood of a modern organization.

Whether it’s data from the sales team or data from procurement, how you manage and connect your data can have a huge impact on the way you report. With data now more accessible than ever, it is important to maintain a single source of truth.

A single source of truth ensures that all data is accurate and consistent, as well as enabling organizations to use data as a source of competitive advantage. – Automation: Data and process automation can help organizations to save time and money, while also improving accuracy and consistency.

When it comes to financial reporting, automation can be used in a wide range of processes – from data extraction to modelling and visualization.

Bring Accuracy and Timeliness to Reporting

In addition to accuracy and consistency, financial reporting should also be timely. As we’ve mentioned, customers are now more connected than ever before, and are expecting brands to respond in real-time. When it comes to financial reporting, this means making sure that your timeliness matches the needs of your customers.

How can you do this? Data preparation is key. Not only is this where you apply your business rules and logic, but it is also where you prepare the data for consumption. Ensuring that your data is prepared correctly and consistently is essential for financial reporting.

When preparing data for financial reporting, there are many key considerations that will impact timeliness. These include data governance, data quality, and the use of data accelerators (i.e. tools used for extracting and processing data).

Eliminate Time Wasters

What takes up maximum time for your business accounting? Are your client invoices, payables, receivables and cash payments reconciled on time?

Identify the elements that take up time and use technology to eliminate repetitive tasks for your team. Many times duplication of information, omission of information, missing records and improper documentation can lead to account qualification.

Here are a few examples that could be eliminated using technology:

Manual or excel based accounting processes
Duplication of information in various departments
Using multiple spreadsheets
Reconciliation of bank accounts, credit cards and transactions
Financial reports reflecting old data

Determine the steps that can be automated to reflect accurate financial data. It will eliminate the need for manual reconciliations and present up to date information that is audit ready.

Look for Automation Opportunities

As we’ve seen, there are many ways to improve your financial reporting processes. At the same time, organizations can also reduce costs by automating reporting tasks. Reporting is a very static process that requires human intervention to pull data from a variety of sources and then merge it back together.

This is an enormous amount of effort and presents an opportunity for automation. Organizations can reduce costs by automating financial reporting processes by eliminating time consuming tasks. This includes automating the gathering of data as well as the process to merge it together and deliver the report.

Bottom line

Accounting and financial reporting processes are essential for organizations of all types and sizes. By investing in your financial reporting processes, you will be able to help your organization to thrive in the modern digital world.

There are many ways to improve your financial reporting processes, from establishing a single process to making the most of digital tools. Additionally, you can also bring accuracy and timeliness to reporting, as well as look for automation opportunities. By improving your financial reporting processes, you will be able to thrive in the modern digital world.

Kreyon Systems is a leading software company with high end expertise in delivering financial and accounting software for businesses & government organisations. We provide end to end solutions for Finance, Accounts, HR, Payroll, & Controller Services to clients. If you need assistance or have queries, please get in touch with us

The post Financial Reporting: How to Improve Financial Reporting for Your Organization appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.

The PWC finance Effectiveness report found that upto 40% of the time in finance functions can be reduced with automation. Finance & accounting automation can bring about radical changes in a business by creating centralised processes, evaluating tax structuring and smoother regulatory reporting.

A digital mindset to finance and accounting helps companies keep a tab on business driving metrics. Financial automation creates a balance between people and their performance goals in line with organisational core objectives. It is estimated that 75% of the time in top finance functions is devoted to data and analysis. Automation can effectively handle these tasks and improve financial reporting with data driven insights for business.

The key element of finance and accounting automation is driven by core business needs. Businesses can focus more time & resources on solving problems for their customers by saving time with financial automation. Here’s a look at some of the key aspects of finance and accounting that can create a competitive advantage, value efficiency and growth for businesses:

1. Management & Financial Reporting

Management reporting has the highest automational potential as per PWC report. Businesses can create Profit & Loss, Balance Sheet, Trial Balance, Inventory & Cash flow reports etc using automation.

Use of an integrated accounting system can help organisations create management reports which are generated realtime. It helps effectively track inventory, assets, cash flow and resources for an organisation. These reports can be sent to management at specified intervals as per their requirements.

2. Tax Accounting

Tax accounting as per the local regulatory authorities is an important aspect of business automation. Penalties, delays and improper tax accounting can be very costly for a business. Many times, the tax accounting needs to comply with local regulations and cater to multiple compliance authorities.

Automation can help businesses streamline their taxes & also optimise on business value. For e.g. tax accounting automation can help businesses with their cash flow needs. Tax structuring can be done with professional expertise and automation to meet cashflow needs of a business.

3. Credit Management

Credits for a customer or a vendor are part and parcel of a business. Sometimes, customers with long standing track records are given leeway for credits. However, automation helps a business automate policy decisions for customer and vendor credits.

When a customer or vendor reaches their credit limit, further business with them can be put on hold until payments are processed. The automation can create an automated credit management system for a business to minimise risk.

4. General Accounting

Accounting automation introduces elements which help an organisation to track its spending, revenue, assets, liabilities, cash reserves and retained earnings in real time. Finance and accounting automation helps an organisation keep track of the business metrics like revenue, cost of goods sold, profitability etc. without additional manual efforts.

Businesses with multiple locations and regions can create a structured system to operate these with automation. All accounting functions can be automated leading to increased transparency, efficiency and integrated system for business.

5. Billing 

Customer Invoicing and billing accounts for 19% of wasted time. It takes more time than any other finance function. All businesses need to have an integrated system for their revenue. They need to be able to set-up their inventory, goods or services, create invoices, send them to customers and receive payments. Accounting automation can create an integrated and efficient system for all these tasks.

You can stay on top of your customer invoices, send them reminders and even receive payments using automation. The online billing makes collecting payments easy and efficient.

6. Budget & Forecasting 

Automation can help companies create budgets with greater accuracy. The past data and the financial metrics are taken as a reference for forecasting the needs. The cashflow and capital needs are assessed based on the expenses for the previous years. The income, expense & cash flow reports are analysed to understand the capital needs for the organisation.

7. Business Analysis

Business analysis requires an integrated view of the data. An integrated system can collect data from all aspects of a business and analyse it with respect to organisational goals. Automation leads to an integrated view of information, centralised systems and data driven insights for business.

Organisations can assess the impact of automation by measuring average annual cost savings, workload of employees, sales revenue impact, cost of goods sold etc. In general, the business analysis should be able to zone into areas for improving the capital and operational efficiency for a business.

8. Accounts Payable

As per PWC report, almost 12% time is wasted on accounts payables. Billing for companies can be quite tedious, leading to wastage of man hours. Automation of accounts payables & vendor bills helps organisations know their spending in real time. They can assess their cash outflow and plan accordingly.

The automation of billing can be used for online payments settlements. By integrating payment gateways and digital wallets, organisations can settle payments with their online business management or accounting softwares. Vendor payments and all employee refunds can be done using these online payments.

9. Payroll

Payroll is complex and requires several statutory compliances. Many of the countries follow a separate state regulation & federal rules for reporting. Automation of payroll can save businesses a lot of time and money in the long run. 

Automation of payroll can help organisations deduct taxes automatically, file regulatory reports and maintain compliance with law of the land. An online software can create a globalised payroll system, cater to multiple locations and regulatory guidelines too.

10. Accounts Receivables

Accounts receivables is the process for following up on due customer invoice payments and following up on pending revenue receivables. Automation of accounts receivables can set-up tracking systems for sending notifications when invoices are due, send reminders and collect payments online. Using an online system helps you see your customers with highest receivables & follow-up with them.

The receivables automation leads to reduced delays in payments from customers. The receivables are also linked to customer credits. Customer receivables automation leads to improved cash flows, reduced bad debts & increased cash collections.

11. Finance Strategy & Planning

The financial strategy and planning helps an organisation measure and track its organisational objectives. By creating a centralised financial strategy, an organisation can analyse, automate & optimise some of these activities: 

Finances: 

Acquiring funds and sourcing capital
Developing financial statements and budgets
Allocation & usage of funds
Working Capital for Inventory, Fixed Assets, Employees & Taxes
Buying or leasing capital assets
Corporate tax planning

Business Operations
Process efficiencies in terms of man hours spent
Revenue Efficiencies in terms of revenue per employee
Time spent on compliance & regulatory reports
Quality efficiency in terms of customer complaints

Workforce
Number of employees for projects needed
Number of manual hours saved per person with automation
Employee payroll, labour laws and compliances
Succession planning for management

Kreyon Systems has in-depth expertise in automation of finance and accounting of organisations, which leads to improved employee productivity, financial reporting accuracy, compliance and reliability. If you need any assistance in implementation or have queries for us, please get in touch.

The post How Finance & Accounting Automation Can Empower Your Business appeared first on Kreyon Systems | Blog | Software Company | Software Development | Software Design.