These days, may organisations have discovered the potentials and promises of having automated bookkeeping system because aside from a streamlined process, tasks that used to take hours can be significantly reduced to minutes. Eliminating repetitive tasks is also an additional advantage of an automated bookkeeping system. If you are still dealing with traditional bookkeeping system, you should consider automating these four processes.
A failure to submit expense reports can be considered a violation of company policy. These variables can cost you money and can become a bookkeeping headache in the end. When you decide to automate your expense reporting, you are not only ensuring that you prepare the necessary reports but you will also enjoy the ability to take picture of receipts especially when for business-related travels where receipts must be secured. Automation enables you to integrate reports with your travel bookkeeping and make sure that the travel expenses are compliant with your company policy. You can also be sure that the details you enter are error-free. One of the factors that can contribute to the delay of generating expense report is when your reports have errors.
Your payroll taxes can be your biggest burden if you are still spending 10 hours per month or a total of 120 hours per year just for managing payroll. When you automate your payroll system, the number of hours you spend for payroll management can be significantly reduced. You are not only cutting down your bookkeeping load but you are also calculating taxes and creating paycheck easily.
As a business owner, you need to keep track of the individuals you paid and the ones you haven’t. However, there are some instances when you lose track of these tasks when you focus on other areas of your business. Your bookkeeping software will help you generate invoices and prevent oversights, which can happen all the time when you do not have a streamlined process to keep track of your invoices. Your bookkeeping software automates your system while you are waiting for the payment. You can also work in conjunction with your bookkeeping software so you will be able to select outstanding invoice or request funds on a specific period.
More often than not, taking inventory may take days, but the amount of time you spend can be reduced when you automate inventory management. You can save time when you integrate your inventory management with your bookkeeping software. This enables you to automatically reduce inventory errors, pack list, create sales report, speed up reorder process and generate invoices.