6 Time-Consuming Tasks Accounting Software Can Automate
You’ll know that accounting responsibilities take up a lot of time – there’s just so many of them!
As such, you might be reluctant to invest more time into finding and getting to grips with software. But the right tools won’t add to your workload; in fact, they’ll quickly lessen the amount on your plate, especially when they automate certain tasks.
Here’s six time-consuming chores that can be eliminated from your to-do list with accounting software.
1. Bank reconciliations
Checking your bank statements against your accounts is not only laborious, but one wrong figure entered can result in confusion and concern. Accountancy software can connect with your bank account to import the transactions. It’ll suggest categorisations for these, and rules can be set up so they’re automatically matched in the future.
2. Data entry
Whilst this is an incredibly simple task to do, the boredom endured can cause anyone to take their eye off their ball and accidentally enter an incorrect figure. Accountancy software automates it all – extracting the necessary information not just from bank statements, but also from invoices, receipts, and expenses. You’ll save even more time when using software that can read paper documents too.
3. Invoice management
Invoicing clients correctly, remembering to send them the invoice and then ensuring the client has paid it on time is one of the worst parts of managing finances. Thankfully, the entire process can be automated in an instant, reducing the time lag between work completed and invoice paid. If the client is delaying paying, then rather than you wasting time chasing them, they’ll be sent automatic reminders.
Communicating everything accountancy-related to those who need to know it, whether via email, phone or in-person, is a constant source of bother. Accountancy software means you’ll never have to do this again – everything will be one single place, with figures updated in real-time. Senior decision-makers, your accountant and anyone else involved in finance will all be in the loop without the need for email tennis.
Digitalised VAT will become mandatory from April 1st 2019, but you won’t be able to use HMRC’s online portal to submit these returns. Thankfully cutting-edge accountancy software, like Liquid Enterprise, can automatically submit VAT for you. The Liquid VAT Filer keeps records in a digital format, uses them to create and send VAT returns to HMRC, and receives information from HMRC via the API platform.
6. Shift management
Managing payroll duties can be incredibly complicated when your workforce operates on shifts. Here, Liquid automates time-consuming tasks further. Our cloud-based time and attendance application Liquid Time allows you to schedule staff’s working hours and enter different pay rates. Staff can clock in and out using the software from their phones, saving time and helping the finance team to complete payroll and administration tasks more accurately.
To discover more about how our software could reduce the time you spend on accounting tasks, get in today with Liquid today on 0161 413 5050 or email@example.com.