The accounting industry has rapidly changed due to technological advancements, with 50% of accounting tasks capable of being automated with modern software. What does this mean for business owners?
The accounting environment is rapidly changing and powerful cutting-edge tools are easier to attain and more affordable than ever, helping you optimize your business. With technology making us more efficient and connecting us with information at the touch of a button, it is important to have up to date information about the financial health of your business.
Accounting software is essential to any business, with 64.4 percent of business owners using accounting software. There are many different products available depending on business size, but one of the most important features to a business is the ability to integrate with other platforms.
Accounting Software Integration
When deciding what accounting software to implement at your business, it is very important that you consider the long term growth of your business. Switching accounting platforms can be complicated and messy.
One of the most important features one should consider when choosing accounting software is the ability for your accounting software to integrate with other platforms.
If your accounting software does not integrate with other platforms, you will unfortunately spend a lot of time transferring your financial information over to another platform. This not only costs you more money and time, but can result in data errors.
Benefits of Accounting Software Integration
Duplicate entries. This is a terrifying situation to have if you’re attempting to file your taxes, which will scare any accountant. Unfortunately, this is a common problem that can occur with traditional bookkeeping. Accounting software alleviates that issue with electronic entry.
Instead of requiring a person to input information, accounting technology can integrate with payment systems to synchronize automatically with your transactions. Compared to traditional accounting processes where financial data must be manually inputted in different modules, accounting integration significantly reduces human error.
When you have a team working with your financial information, it is important for everyone to have quick access to information from a centralized location. Accounting software solutions allow you to automatically send and transmit data to one location, which is crucial in understanding the full picture of your finances, such as expenses and profits. This permits you to make timely business decisions rapidly.
If someone calls your business and asks for clarification on an invoice, accounting software allows you to easily type in the customer’s information and quickly resolve their inquiry, versus having to deal with clunky documents or files. In this way, the added efficiency also directly improves the customer experience you provide.
Another benefit to accounting software is the amount of time you save on administrative work. 60% of business owners feel they are not knowledgeable about accounting and finance, creating a time drain. Integrated accounting solutions reduce the time spent on busy work, with some of the best platforms able to automate your invoicing process.
Affordable & Scalable
Accounting software such as e-invoicing solutions are surprisingly affordable. The more powerful solutions even come with automation tech, that actually saves you money on invoice processing via electronic processing.
As well as saving on costs, when it comes time to switching over to a more powerful accounting platform, it is important that your accounting software is scalable. This means that the accounting platform you use can provide enhanced features for when you need to process more data or more traffic.
This is beneficial because you won’t have to spend time learning a new platform, nor having to scour the market for a new product. These powerful integration features could extend to synchronizing with other programs such as cloud based software systems. This is significant considering some of these systems can directly integrate with a central system like a CRM, where you have customer information. Instead of having to track data in multiple locations, you can connect programs – improving your operation overall.
At the rate technology is going, it is important to equip your business with the latest solutions that can improve your operations. Of the wide variety of choices, choosing an accounting software that has integration functionality can make all the difference for optimizing and growing your business. With benefits like reducing errors, reducing costs, scalability and increased efficiency, accounting software integration has quickly become a necessary feature of the best accounting solutions.
Overdue invoices negatively affect cash flow. 82% of businesses fail due to cash flow issues. Biller Genie is a cloud-based solution that automates accounts receivable from bill presentment, to follow up, and collection – without changing your current process. The Genie does all the heavy lifting for you with no new software to learn, it easily integrates with your accounting system, and you get to keep your existing payment processor. As a result, our average subscriber sees a reduction in outstanding balances by 40% and gets paid up to 15 days faster. We wish to take away the headaches involved in accounts receivable. Click here to learn more.