The Future Of Finance – A Guide To Accounting Software
In 2019, one would have to be living under a rock to not know the innovations that have developed in accounting software. Both commercial and organizational, there are many benefits that can assist businesses across all industries.
Although it could be a lack of information and confidence that appears to have stalled those last remaining adopters, unsure whether this is the right initiative to take the plunge. From integration to invoicing, let’s look at what you can expect from your accounting and payroll software solution, and how it’s going to be your greatest investment this financial year.
Streamline your payroll
Anyone operating in the finance space will have trouble seeing the words ‘streamline’ and ‘payroll’ in the same sentence. It’s not that our payroll resources are doing a bad job necessarily, it’s simply a never-ending task that is best left in the hands of automation.
Accounting and payroll software effectively reduce the hours dedicated to these tasks, and oftentimes reduce your headcount altogether. It won’t matter if someone takes annual leave, trains a new payroll professional, or even has a set way they like to execute payroll. Payroll software creates a standard platform that streamlines all processes, with no room for intervention from other styles or opinions.
Mobility and agility is the new standard
Have you ever had a manager or owner call with a time-sensitive question, only for you to have to bring up a spreadsheet or papers, skimming through to find that piece of information or answer that question? Stressful, no? Not only does this consume the time of two individuals, but it’s also not necessary with accounting software.
You can now enjoy the benefits of mobile access, with stakeholders able to log-in from anywhere in the world to see what invoices have been paid, received and monthly earnings. In a world where remote workforces are the growing norm, mobile accounting functions significantly reduces bottlenecks while allowing your business to pace on with team members not chained to their desks.
Compliance is key
How did your business respond to the newly introduced Single Touch Payroll changes? If you’re anything like the masses of Australian businesses, there was likely some back-and-forth flustering before any real rhythm was established.
Accounting and payroll software is an automated solution that has no bias, doing and reporting exactly as it was designed to do. Compliance is then built into your systems, eliminating the chance of incorrect reporting, double-handling and an unwanted chat with the ATO. Reframe your thinking about these software platforms, rather than a simple program doing a simple task, treat it as your very own compliance manager that establishes and acts within the industry standard.
Back to business
We typically roll out new business ideas when all other functions of the operation are firing as they should be. If it’s been a while since you have brought some innovation to your business and tested your employees with championing change, then you haven’t got all facets working as they should. Bringing payroll and accounting software to your business is like sticking a huge DONE sticker over that department, freeing up your mental mind power into addressing other areas of the business. If that still sounds a way off due to other issues in your business, sorting your accounting and software will allow you to address those issues with the time-sensitivity they require.
As we have seen in this accounting and payroll software guide, there are many layers to the benefits on offer. Make this the financial year where you get serious about your operation, and start ticking off the goals that have lain dormant in the face of drama and business Groundhog Day.