How can Automating 90% of your Bookkeeping Improve Productivity
According to a Bloomberg report, manual data entry incurs tax and accounting mistakes in 27.5% of companies. Automate operations to embrace precision and improve productivity. Take for example bank reconciliation, which is a dull and an extremely long process when done manually. Automating the task saves time and effort. Like bank reconciliation you can use an accounting software to automate the bulk of your tasks.
Here’s a list.
Bank Feeds Import
Let your accounting software automate the allocation of all or selected invoices. All you need to do is import your bank feeds to your accounting software. You save yourself a significant amount of time gone in recording payments and invoices separately. Just load your bank statements and assign customer/supplier, product names and account codes using data lookup feature against transactions and get the work done.
Automate with Cloud
Unlike an on-premise accounting software, accountants can especially benefit from a cloud-based accounting software, as client data can be seamlessly integrated online with just the log in access. This means unlimited access without having to enter data separately into the system.
Bank Reconciliation
Why reconcile your bank accounts with your internal books manually when you can automate the task with Surf Accounts? Integrate your bank(s) with Surf Accounts, run reconciliation within specific dates and find discrepancies, if any.
Auto-calculations
By getting a cloud-based GST-compliant accounting solution you can get access to updated GST rates as they are added to the system. Auto-calculate net and gross values on customer and supplier invoices with tax rates. Automate a considerable portion of your task by getting instant calculations of
Recurring Invoices and Payments
The purpose of an accounting solution is to eliminate repetitive tasks such as setting up invoices and payments for customers and suppliers who are billed and reimbursed on regular intervals. You can generate several copies of these payments and invoices on specified dates with a one-time set up by choosing the recurring option. In a similar manner you can auto-recur a rule specific to a transaction associated to an account code by loading your bank statements to your system.
Auto-identification
Unique numbers must be assigned to accounting records such as invoices, sales orders and quotes, stocks for the purpose of identification. By automating the sequencing of these codes, you can increase accuracy. Use an accounting software that comes with a customer/supplier and product lookup feature with which you can auto-populate the associated details on customer invoices, supplier receipts and many more documents.