Top 5 Enhancements That Will Take Your Accounting to the Next Level
As a small business, it’s not uncommon to feel like you’ve hit a ceiling. Your company isn’t moving forward, your sales are stagnant, and things have gotten…well…boring. Finding the right next step for your business to break through to the next level can prove to be difficult.
For small businesses, there are several factors holding you back. Whether it’s not having enough time to focus on your company needs, not enough insight, or not enough security, there’s a lot weighing you down. That’s why investing in technology can ease your workload and free up enough time for you to focus on growing your company.
Let’s see how these 5 software enhancements can take your business to the next level.
Business Intelligence (BI)
Reporting is one of the most valuable tools in the information age. Your reports give you an overview of your organization’s health and guide your decision-making. With Business Intelligence, you don’t have to print multiple reports over and over again, the information is always up to date and in front of you.
BI consists of a dashboard that allows you to drill into your data. You can view your top selling customers, top selling products, where your sales are at, what trends to expect, and more. The best part is it’s completely affordable and can do the work of a team of analysts.
If you’re looking for ways to stop wasting time, then manually entering invoices should be at the top of the list. Expense management can be exhausting and eat up a lot of time that should be spent elsewhere. Using an app like Expensify cuts through all that.
With one snap, you can have your invoices uploaded and ready to go. If you’re out of the office and need to upload a receipt or invoice, just use your phone. You won’t have to wait to get back to the office where you’ll enter it, then double check for a duplicate entry, and finally have it processed. With Expensify, you can skip all that.
Nowadays, everyone has quick and easy access to just about everything in one touch through mobile apps. The same can’t be said of your company’s accounting, however. Most software is stored on one computer, putting a barrier between you and your financials.
Cloud accounting makes it so no matter where you are, you can stay up-to-date on your organization. You can upload a receipt, post a transaction, or track your performance while away from the office. With cloud accounting, your accounting needs are always taken care of so you never lose touch.
A lot of companies downplay how serious fraud, embezzlement, and data breaches are. Any one of those problems can severely set your company back, especially since a majority of the time it’s your own staff committing the crime. Putting precautions in place before it happens can deter that activity.
By using security features like an audit trail and individual user rights, you can protect your company from a major setback. An audit trail tracks all changes made in your General Ledger, and tells you who made the changes and when. Individual user rights are perfect for assigning permissions so not everyone has access to your financial data. It’s better to be safe than sorry!
Human Resources (HR) Software
Employee onboarding takes a lot more away from a company than you might think. According to Investopedia, the average cost of hiring a new employee is $1,886 and takes up about 47.6 hours each year for training. Those costs can put a serious strain on your budget.
To help ease the onboarding process as well as manage employee benefits, time off, sick days, and all the other employee needs, invest in Human Resource Software. With this software, your team will run more efficiently and you won’t be burdened with your staff’s everyday management. Plus, most HR software is compliant with government regulations so you can avoid issues like gender pay gaps that can hurt your company down the road.
Invest in Your Future
Use the technology available to take your business to the next level. With these products, you can save yourself time, gain more insight, and boost your security. Now that you have time to focus on your company’s future, you can break through that ceiling and continue to grow!