No matter if you run a small local office or a major corporation, the financial strategizing and accounting that goes into running a business involves a wealth of different, often very complicated processes.
The crew that handles your finance department consists of people who know their way around numbers, helping you manage and protect your cash flow, getting everyone’s paycheck in time, and keeping your business afloat.
Then again, what about all those software solutions that simplify the entire chaos of numbers behind your accounting team?
Thankfully, tech innovators have come up with a number of brilliant systems that easily integrate into all kinds of business operations, including your finances. They serve to simplify and streamline all the complexities in order to save time and resources for your team, so that they can focus on more hands-on tasks that actually require manual work.
Automate Your Company’s Financial Processes
Here are a few financial processes you should consider automating to help your business be more productive and efficient.
Streamline your invoices
Remember the days when every single invoice was created manually, with all the details filled out by your finance gurus, sent out by mail, and then documented within your own business?
Some businesses still opt for the traditional invoice-sending practices, which can be rather time-consuming, and open the gates to human error. For a complex organization, you’ll also find that this single document requires an entire team to assemble, from your account executive who sealed the deal with a new client, all the way to your actual accountant who will send out the invoice.
Today, there are certain software solutions that can easily be integrated into your existing payment platforms and various banking software. These are designed to help turn a tedious invoicing practice into a matter of several clicks, with templates that are adjusted according to each client, but without any manual work. This helps save time, money, and prevents many mistakes from messing up the entire process.
Simplify your payroll
Your employees are the lifeblood of your business. One of your greatest priorities is to keep them happy and engaged, and no matter how much they love their jobs, it boils down to how well you treat them as a part of your brand. That, of course, includes the paycheck. Timely payments are key in retaining the trust of your employees, and finding the simplest way to handle their salaries is a struggle many modern companies still have to deal with.
Enter: automated payment systems. From start to finish, the entire process can be infinitely simpler by using personalized employee income cards that are integrated with your payment system, cut down on wait time and eliminate unnecessary fees. Without having to deal with paper checks and long delays, you can rest assured your payroll process will be far simpler and your employees all the happier for it.
Keep your expenses under control
One of the most important, but also the most time-consuming and nerve-racking processes includes tracking, monitoring, and adjusting your company expenses. Anyone in charge of this particular strategy and supervision knows just how complex it can be, even for the smallest of organizations out there. Every single employee needs to keep their receipts, managers need to fill out expense reports, and of course, someone needs to review all the data, approve the report, or ask for more information.
Tools that streamline this particular process are useful for growing businesses that have a tight budget and strict taxation rules they need to follow. Automation can be very useful especially when it comes to those recurring expenses. It can cut the time and effort necessary to process all your company expense data and to strategize more effectively for the future of your business.
Automate your tax obligations
While we’re on the subject of rules and regulations that ensure your business pays the necessary taxes, in addition to handling expense reports, this is by far the most complex and demanding task any finance department dreads. Why? The laws can change, there are different, varying rules for every industry and business type, and so much depends on the behavior of all of your employees, and not just simply filing a single document on a regular basis.
Luckily for most businesses, you can now look into various accounting tools that can help you calculate your tax obligations depending on the type of transaction your business performs. Plus, certain digital tools serve to help businesses get a better grasp of their taxing duties and responsibilities depending on their industry and location.
Manage your essential bookkeeping
Finally, as a business owner, you typically don’t have any previous knowledge or experience when it comes to handling or processing your most vital bookkeeping issues. Why? Because you are an expert in your field, and not a jack of all trades, making it a necessity to have a dedicated team of professionals handling your bookkeeping needs.
However, with bookkeeping software at your disposal, sometimes even owners can take greater control of their business accounts or at the very least cut the processes shorter and make them simpler for their bookkeepers.
Final thoughts on financial process automation
Even though the manpower behind running a business remains the key driving force of success, automation, especially in sensitive segments such as finances, can infinitely simplify your operations and increase business efficiency.
Make sure to use automation tools in this department too, and you’ll give your business an edge to succeed and focus on developing your brand.
Raul Harman is editor-in-chief at Technivorz blog. He has a lot to say about innovations in all aspects of digital technology and online marketing. You can reach him on Twitter, @Raul_Harman.