Do you spend a lot of time managing your finances? The day-to-day stuff of paying bills, and moving money between accounts can take hours and hours every week. It’s unnecessary. Cloud Financial Management can provide a solution, and helps organisations around the world to automate their financial processes so that business leaders can spend time on the business rather than in it.
Using automated data validation
You can automatically validate data such as purchase orders, stock codes and supplier details when invoices come in, and other paperwork is submitted. It can be complicated and time-consuming to do this by hand, but automated systems can perform the checks and validations without needing a human to look at the forms.
Payroll is hard work. Adding employees to systems, collecting paperwork, remembering all the deadlines and filing taxes can be really stressful. There are lots of automated payroll systems, like gusto, which can put your payroll into the hands of algorithms and artificial intelligence and make payroll simple every month.
Tracking company expenditure can be frustrating and time-consuming, but automated software can now do everything for you. There are of course also apps where you can take pictures of receipts so that you can sort out reporting for expenses as well with the click of a button on a smartphone.
Consider bringing on a fractional CFO that not only helps you automate your finances, but can do all of the financial work for you. Spending less time managing finances means more time to focus on important things, like running your business.
Reporting and debt payments
It can be difficult to know which payments to pay first when you have lots of them, and it can be tough staying on top of everything. By using an experienced bookkeeper and accountant, you can make sure that you pay debts off efficiently and that your monthly budgets remain healthy.
After getting the plan in place, you can schedule payments automatically through banking systems online to take all of the stress out of the process. Then review with your accounting professionals periodically to make sure everything is still set up correctly.
Utilise data feeds with suppliers and accounts
Rather than using manual data entry systems for all transactions you can automate feeds and link things into spreadsheets, QuickBooks or other accounting software. Reconciling automatically can save hours of tedious manual transactions, allowing you to spend time in your business.
Save the financial reports
When you have a strong automated system, you can have financial reports generated for you on a periodic basis based on the metrics you put in. This can provide you with an easy snapshot of where your business is in terms of incomings, outgoings, specific expenses and tax liabilities. Using financial reporting is key to knowing where you are.
Pick the Right Technology Partners
Pick technology partners that can help make your life easier and can integrate into your business. As you scale your business, you want your technology to be able to scale with you, so make sure you pick companies that can deliver as your business grows.
Automating financial processes can benefit you immediately by providing you with peace of mind and a stronger financial bedrock, but there are also many long-term benefits you will see as automation becomes a part of the way you operate.