Businesses often have to deal with a huge amount of administration to keep on top of their finances. Keeping track of all incoming and outgoing transactions and consolidating this information with the sales and purchase ledger can be difficult and time-consuming. Spreadsheets can work well but take a lot of staff time to build and input data. Furthermore, basic spreadsheets don’t provide appropriate mechanisms for financial auditing. Accounting can be made simple with automated bespoke software, but what should you be looking for when choosing software for your business finances? Here’s a few things to consider.
Simplified data managementFinancial software in its easiest form should be presented in a database format where you are able to input data easily. Editing may be restricted and errors highlighted, so that reconciliation reports can be produced and monthly management accounts produced. It must be updated on a regular basis and allow data to be extracted to be used to analysed.
In addition, this initial data should automatically feed into pre-generated invoices, statements and reports, once the data has been entered into the master system. All formulas are present already and saved along with links between interacting data. This prevents errors and inconsistencies as the data only needs to be entered once.
Data can be analysed through detailed reportingA good bespoke software package will allow you to analyse and manipulate data to make predictions and forecast future income, expenditure and cash flow as well as manager’s budgets. Just as data will automatically feed into reports, the data should have the ability to automatically show trends and therefore forecasts for future financial activity. This can help you to make predictions into the profit of your company, and give you insight into the resources you will need in the future; such as taking on more members of staff. This can help you to create realistic budgets and save time and money as the whole process is fully automated.
Auto-run management accounts, profit and loss, and balance sheetsThe financial software solution that you choose should give you access to your whole accounting system and many applications have the capability to match up transactions through a bank reconciliation which would otherwise have to be matched manually in a time-consuming process. There should be the chance to look back over past accounts and goals to see whether these have been reached, not reached or exceeded. Automated finance systems will include the ability to export reports at the touch of a button. This ensures accounts and VAT returns can be managed efficiently.
Working towards better customer interactionAutomatically generated invoices sent to customers will give a more consistent and professional impression, compared to individually created invoices. There will be less room for error, and it will be presented in a clear and coherent way to give a full understanding of the invoice. This helps overall communication with clients, preventing issues where invoices are incorrect and do not correlate across your system, whilst giving them a clear idea of what to expect when invoiced.
Acting as an extension to ERPAs well as working towards building better communication with customers, automated financial software for your business could also improve communication in general in-house. Using the software application, the budget and forecast can be transformed into accurate predictions for the future, since they are based on real data. Integrating your finance package into a company-wide ERP solution will provide3 many additional benefits including seamless integration with other departments across territories and currencies.
Why not just use spreadsheets?As helpful as spreadsheets are, the truth is that they are limited in what they can do. Bespoke financial software can go beyond simple calculations that spreadsheets can do, and automates processes to avoid trying to replicate formulas and templates as time passes. The ability to use data to forecast trends for the future is unique to automation software and can bring huge benefits to your business.
To find out more about bespoke software to automate your financial systems, speak to one of the Geeks team today. Merry Christmas from all of us!
About Geeks Ltd
Our passion is business efficiency enhancement for our clients via smart application of automation techniques.We are winners of international awards for our innovations in business productivity.
We have attained Gold Certified Microsoft Partnership level which represents our highest level of competence and expertise with Microsoft technologies as well as our close working relationship with Microsoft.At this level we have been granted access to exclusive Microsoft resources and support, access to the Partner Knowledge Base, and many other advantages which contribute to our capacity to meet our clients needs.