Request for proposal
  • Facebook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Clutch
  • Github
  • Pangea
  • Behance
Request for proposal
  • Company
    • About Us
    • FAQ
  • Services
    • Discovery phase
    • Mobile Application Development
    • Web Development
    • Quality Assurance
    • UI/UX design
    • Data Science and Big Data Analytics Services
    • Artificial Intelligence and Machine Learning Services
    • Software Development Services for Startups
    • IT System & Software Integration Services
  • Industries
    • Healthcare
      • Custom Telemedicine Application Development Services
      • Custom mHealth Apps Development Services
      • Medical Device Software Development
    • Education
      • E-learning Software Development Services
      • LMS Development Services
      • School Management Software Development Company
    • Logistics
    • Fintech
      • Banking Software Development
      • Trading Software Development Services
    • Real Estate
      • HOA Management Software Development
      • MLS Software Development Services for Real Estate
      • IDX Software Development and Integration
      • Property Management Software Development
  • Technologies
    • Flutter
    • Python (Django)
    • .NET core
    • Node. JS
    • ReactJS
    • React Native
    • Custom iOS App Development Services
    • Custom Android Application Development Services
  • Success Stories
    • Reviews
    • Case studies
  • Work at Inoxoft
    • Vacancies
    • News & Events
    • Who we are
    • Career
    • AcademyX Courses
    • Benefits
  • Insights
    • Blog
    • White papers
  • Contacts
  • Facebook
  • Twitter
  • Youtube
  • Instagram
  • Linkedin
  • Clutch
  • Github
  • Pangea
  • Behance
  • Company
    • About Us
    • FAQ
  • Services
    • Discovery phase
    • Mobile Application Development
    • Web Development
    • Quality Assurance
    • UI/UX design
    • Data Science and Big Data Analytics Services
    • Artificial Intelligence and Machine Learning Services
    • Software Development Services for Startups
    • IT System & Software Integration Services
  • Industries
    • Healthcare
      • Custom Telemedicine Application Development Services
      • Custom mHealth Apps Development Services
      • Medical Device Software Development
    • Education
      • E-learning Software Development Services
      • LMS Development Services
      • School Management Software Development Company
    • Logistics
    • Fintech
      • Banking Software Development
      • Trading Software Development Services
    • Real Estate
      • HOA Management Software Development
      • MLS Software Development Services for Real Estate
      • IDX Software Development and Integration
      • Property Management Software Development
  • Technologies
    • Flutter
    • Python (Django)
    • .NET core
    • Node. JS
    • ReactJS
    • React Native
    • Custom iOS App Development Services
    • Custom Android Application Development Services
  • Success Stories
    • Reviews
    • Case studies
  • Work at Inoxoft
    • Vacancies
    • News & Events
    • Who we are
    • Career
    • AcademyX Courses
    • Benefits
  • Insights
    • Blog
    • White papers
  • Contacts
  1. Home
  2. Blog
  3. https://inoxoft.com/automation-of-financial-processes/Automation of financial processes

Request for proposal




    Please share with me NDA in advance.
    Please prove you are human by selecting the Plane.

    Automation of financial processes

    Automation of financial processes

    Pub: Apr 25, 2018•Upd: Jan 05, 2022
    Industry:
    • Fintech
    Services:
    • Web Development
    image
    Written by
    Nazar Kvartalnyi
    COO at Inoxoft, former .Net Software Engineer

    Have a project in mind?

    Let’s get in touch!
    Table of contents
    • Challenges Solved by Accounting Software
    • Types Of Accounting Software
    • Spreadsheets
    • Commercial software
    • Software for enterprises
    • Ready-made services
    • Custom software
    • Summing Up
    l

    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 the help of digital technologies, to manage the accounting properly.

    Challenges Solved by Accounting Software

    Looking for Dedicated Team?
    Request for proposal

    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 the 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 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 an 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.

    Automation of financial processes — Inoxoft blogCustom software development

    Learn more about payment gateways in the USA here!

    Summing Up

    Looking for Dedicated Team?
    Request for proposal

    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 the quality of business and daily life of employees!

    How useful was this post?

    Average rating 4.8 / 5. Vote count: 6

    No votes so far! Be the first to rate this post.

    Share it with your friends!
    ShareShareShare

    Subscribe to blog

    Related casestudies
    Chatbot Development
    Chatbot Development
    Trading Automatization Platform
    Trading Automatization Platform
    1C + Custom Business Software: Aggregated Reports
    1C + Custom Business Software: Aggregated Reports
    Integrating Online Payment Services with CBS
    Integrating Online Payment Services with CBS
    Deviceful Music Synchronizer
    Deviceful Music Synchronizer
    Top 5 posts
    What is Mobile Banking? Advantages and Disadvantages of Mobile Banking
    What is Mobile Banking? Advantages and Disadvantages of Mobile Banking
    7 Software Development Models Comparison: How to Choose the Right One?
    7 Software Development Models Comparison: How to Choose the Right One?
    Gradient Boosting Classifier – Inoxoft
    Gradient Boosting Classifier – Inoxoft
    Reasons Why to Use Predictive Analytics in Retail and eCommerce
    Reasons Why to Use Predictive Analytics in Retail and eCommerce
    How to Design a Web Application Architecture: Components, Models and Types
    How to Design a Web Application Architecture: Components, Models and Types
    You may also like
    What is the Difference Between Data Science and Data Analytics: Complete Comparison
    What is the Difference Between Data Science and Data Analytics: Complete Comparison
    Dec 16, 2021
    Best Practices on User Profile Design with Examples
    Best Practices on User Profile Design with Examples
    Dec 13, 2021
    Advantages And Disadvantages Of Flutter App Development
    Advantages And Disadvantages Of Flutter App Development
    Dec 06, 2021
    How to find and hire an offshore software development team
    How to find and hire an offshore software development team
    Dec 03, 2021
    Top 7 Features of Property Management Software
    Top 7 Features of Property Management Software
    Nov 23, 2021

      CONTACT US

      If you have any questions, feel free to contact us.

      image
      Viktoriya Khomyn
      Head of Engagement




      Please prove you are human by selecting the Cup.
      Attach a file

      Top-rated software development company

      180+Experts

      7+Years on the market

      150+Happy clients

      200+Happy Projects

      70%Startups

      30%Existing businesses

      What happens next?
      • Our representative gets in touch with you within 24 hours.
      • We delve into your business needs and our expert team drafts the optimal solution for your project.
      • You receive a proposal with estimated effort, project timeline and recommended team structure.

      Microsoft

      Clutch

      Istob

      image
      • Kulparkivska St, 59, Lviv, Ukraine, 79015
      • 1601 Market Street, 19th Floor, Philadelphia, USA, PA 19103
      • 3 Hanehoshet St, Building B, 7th floor, Tel Aviv, Israel, 6971068
      • contact@inoxoft.com
      Menu
      • About Us
      • Case studies
      • Reviews
      • Vacancies
      • News & Events
      • Who we are
      • Career
      • Benefits
      • Blog
      • Knowledge Base
      • Scholarship
      Services
      • Discovery phase
      • Mobile Application Development
      • Web Development
      • Quality Assurance
      • UI/UX design
      • Data Science and Big Data Analytics Services
      • Artificial Intelligence and Machine Learning Services
      • Software Development Services for Startups
      • IT System & Software Integration Services
      Industries
      • Healthcare
      • Real Estate
      • Education
      • Logistics
      • Fintech
      Technologies
      • Flutter
      • Python (Django)
      • .NET core
      • Node. JS
      • ReactJS
      • React Native
      • Custom iOS App Development Services
      • Custom Android Application Development Services
      • Terms Of Use
      • Privacy policy
      • Sitemap
      • Facebook
      • Twitter
      • Youtube
      • Instagram
      • Linkedin
      • Clutch
      • Github
      • Pangea
      • Behance
      © 2022 Inoxoft, All rights reserved

      Contact us

        Have a project? Feel free to call, send us an email or complete the enquiry form.




        Please share with me NDA in advance.
        Please prove you are human by selecting the House.