Busy business owners need automation to focus their limited time to review the financial picture, not generating the data. Creating effective processes can generate efficiencies, streamline procedures, provide better reporting, and ultimately save you time.
Now is a good time to analyze your needs and develop a plan to spend less time on your accounting processes.
The obvious benefit of having automated financial systems is time savings. By automating your financial reporting processes, you can also benefit in these ways:
Before any changes can occur, you first need to assess your current processes and procedures.
Start by talking with your team members. Ask them what the positives and negatives are for each of the processes they are involved in. What are their wish list items?
Review what equipment is available for printing, scanning, and viewing. Things like merely moving or adding a printer can be a significant time-saver, avoiding the need for staff to walk to other offices or areas of the business to share equipment. Does your accounting team have dual monitors? If not, they are likely jotting down information and then going into another software to make an entry. Additional monitors are an inexpensive way to create a more accurate process of entering data.
Make a list of your current software, how you use each one, and how they interact with each other. This should include your accounting software, payroll systems, POS systems, and Excel worksheets. Detail how much you are working outside your accounting software to generate data and reports. Many companies use only 10% of their reporting software's functionality, so red flag anything you are currently doing outside of your systems for future review.
Evaluate the length of time it takes to generate your monthly statements and why it takes so long. Are there a lot of manual data entries or not enough support in your accounting department? Review the roles and abilities of your employees to align duties to the skill sets of your staff. Consider if outsourcing might be the right option to shore up your internal team.
And most importantly, consider if you are receiving timely, accurate information. What is your wish list of the information you would like and when do you want it? Work backward from that list to make those reporting goals happen.
If you have any questions about how SVA can assist your business, please contact us.
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