Our experience shows that many accounting and administrative activities of small and medium-sized companies are either unnecessary or too time-consuming. These inefficiencies costs can be significantly reduced through optimization of the use of workflows, automation and the cloud.
8 Optimizations for a more efficient accounting
The following optimization measures serve as a guide to determining how you can optimize your system:
Optimization 1: Cross-Process Accounting Software. If you use different software for offers, invoices and bookkeeping, the potential to increase your efficiency is very high.
Optimization 2: Reduction of duplication. For example, do you enter vendors in the accounting program and also manually enter the payment in e-banking and then another time in your personal contacts? This is a sign of unnecessary work steps and time can be saved.
Optimization 3: Automated booking of receipts and bank transactions. Meanwhile, even small businesses can benefit from automatic bookings based on standards such as MT940 / CAMT.053 / .054 and PDF document recognition. If you still book manually, you should consider this optimization.
Optimization 4: Use of cloud-based software. Unnecessary exchange of data with your CPA is eliminated if modern cloud accounting software is used. If this also allows to attach the underlying documents to the bookings, the time required for the accounting control and the annual accounts can be significantly reduced.
Optimization 5: Use of accounts receivable, accounts payable and payroll accounting. Many small businesses who book themselves (booking on receipt of payment) must contact their CPA to get a meaningful picture of their financial situation. With the right software, you can manage accounts receivable and payable as well as payroll accounting efficiently and largely automated. This eliminates accruals and you can assess your performance independently and up-to-date.
Optimization 6: Clever document storage. Anyone who knows the legislation and practice interpretations of tax administrations and social insurance companies knows how much dead weight you can throw off. With a clever “hybrid solution” for your document archiving, you can size down your filing and create more space for your business.
Optimization 7: Optimized approval processes. In today’s mobile working environment, it is no longer appropriate and inefficient to put invoices on the desk for work colleagues to approve. With a smart, sophisticated filing system in the cloud, you have the documents you need to share, such as invoices and expense reports, available anytime, anywhere.
Optimization 8: Automated Workflows. Thanks to innovative web apps such as Zapier or Microsoft Flow, upstream and downstream processes are integrated in the accounting software, thereby automating processes.
Take advantage of these optimizations and spend more time doing what you do best: using your entrepreneurial freedom to inspire your customers with an unique customer experience.
We are happy to support you.