Automation of Financial Processes

25 Apr 2018  /  Blog, Business  / 

Money begets money. Every kind of business should take proper control over the income and expenses, in order to be aware of the current financial situation. Even though the modern world does not allow to rely on the human brain only, that is why businesses require a help of digital technologies, to manage the accounting properly.

Challenges Solved by Accounting Software

Of course, that is impossible to do any kind of business without proper accounting. Web-based accounting software helps to track all incomes and expenditures, and data received by accounting department make it possible to determine how business is good(or not so good). So, to perform those activities – you have to hire a team of accountants, and what do you need a software for?

An accounting software is ought to help in few cases:

  • Saving time – make them flowing continuously without special human interferences.
  • Fast data processing – it is very important that data is processed fast, remaining high quality. Software for accounting allows users to access an important information in the shortest terms.
  • Users mistake prevention – people make mistakes, it is the nature of human being. The right software will decrease to a minimum the number of mistakes and increase the efficiency of services.
  • Efficiency – accounting software stores a large amount of data, it memorizes all changes easily and allows accountants to operate with all necessary information.
  • Automation of reports – all accountants create monthly, quarterly and annual reports (the number depends on business area) to send them to tax service. Accounting software is the best decision for medium or a large business, allows specialists to automate processes and make it much faster.
  • Integration – specialized software for accounting usually is compatible with online banking services and electronic filing systems. It also simplifies the workflow of accountants.

Types Of Accounting Software

Once you have decided to automatize the financial processes, you should decide which kind of software is the best for business specific needs. There are few variations of accounting software:

  • Spreadsheets – the following type is considered as the simplest one. A good example is the Excel or Google Spreadsheets, programmed in a special way. It makes the data calculation, listing and putting everything in order – a way easier. This method is good for small and mid-sized companies.
  • Commercial software – companies, which benefit the most from this type of software, are mostly not large sized. This kind of software offers a set of the most widespread and customized features. With this software, users can prepare and send the reports, follow changes in the law and auditing processes.
  • Software for enterprises – this is the way for large companies to do the business efficiently. The customized accounting software for enterprises serves as ERP solution since it offers planting features, workflow optimization, integration with other required financial systems.
  • Ready-made services – this type will be perfect for those, who intend to develop accounting software. It has a set of common features that can be customized accordingly to specific needs. Even though, it has many limitations, since there can be a range of features some people don’t need, and third-party systems are rather difficult to deal with due to a complex system.
  • Custom software – if you don’t want to puzzle out the third party work, then create a software according to specific business needs. A custom accounting application will help users to get a better experience from work with financial documentation. Custom software is easy to use, it has high performance and may be competitive with existing applications on the market.

Summing Up

There are many reasons for automatization of an accounting process, which will lead to the success of your business. The decision on the type of software, that will meet specific needs is only up to you. If you have an idea on the improvement of financial processes – contact us! The Inoxoft team of software developers will implement your thoughts into reality, improve quality of business and daily life of employees!