Modern accounting solutions are jam-packed with useful features and functions to help businesses streamline cash flow and expense management.
With cloud software to provide instant access to your books and advanced report generation abilities to keep you updated at all times, businesses stand to indefinitely benefit from automated expense software.
In this article, we’ll find out how expense software automates routine tasks and boosts internal efficiency in organizations.
1. Automates invoicing
An expense software helps you stay on top of invoices, easily identify overdue invoices, and even send your clients reminders requesting them to clear their dues.
If you run an eCommerce business, you can glean uninterrupted insight into your stock levels and user records. When you dispatch orders, your software will quickly create sales invoices for you as well.
With solutions like Dext, you can connect your expense software to your business bank account and get details of all your transactions in one place.
2. Automates updates and patch installations
With expense software, you don’t need a dedicated IT staff to purchase software licenses or install upgrades and patches; they are automatically deployed in real-time over the cloud. It also creates daily backups to ensure the safety of your data in the event of a disaster or cyber attack.
3. Automates manual bookkeeping
Automated expense software eliminates the need for manual data entry; your employees can import data from older spreadsheets and papers directly by capturing the receipts using smartphones.
These images can be uploaded to the expense software—where OCR technology extracts information and creates organized digital records.
Employees no longer have to hang on to receipts and spreadsheets.
The added advantage is that this helps reduce manual data entry errors when importing data from existing systems.
Even if errors do creep in, your finance team can easily weed them out by tracing them to their origin. Plus, since expense software can be integrated with bank accounts, reconciliation errors are unlikely to pose a problem.
4. Automates tax-filing
Filing expense claims manually can be tricky and time-consuming, especially if you don’t leverage expense software to track your invoices and payroll. It adds a huge burden on your finance team where they may have to chase employees to file reimbursements, match and validate them, and get them approved.
That’s a lot of manual work, and regardless of how efficient you are, it can prove to be a significantly expensive and resource-intensive process.
An expense software automates all of the above tasks when ensuring you remain compliant with government tax regulations.
This way, you can remain stress-free around the tax season and have your accounting teams concentrate on other business-critical activities.
5. Automates report generation
Expense software provides real-time management reports and insights to ensure your accounting team is on the same page. A single dashboard provides visibility into stock levels, orders, returns, overdue payments, and so on.
This data can be instrumental in managing cash flow, analyzing profit and loss, and reviewing budget performance. Tracking profit margins is also key to acquiring profitable customers and achieving sales goals.
In this manner, accountants who would otherwise spend days and weeks generating management and budgeting reports can instantly access real-time, up-to-date insights and save significant time.
An expense software takes over basic bookkeeping tasks and frees up resources to direct their efforts towards more important activities.
An automated accounting solution also eliminates manual expense tracking duties and ensures you are prepared for the tax season.
Track your expenses the right way with advanced expense software like Dext, and watch your business scale to new heights of success!
Sign up for a free trial now!