How automating data entry can save you time and money
Take a few minutes to explore the value that simple accounting automations can bring to your business
Did my previous Founder to Founder insights give you some food for thought about all the potential benefits of implementing some simple automations within your accounting systems? I hope so.
When professionalising your finance function, the right solutions really can make a massive difference to your business…
I know you’re busy. But I’d suggest that making time for a 15-minute call to explore which automations would help you streamline your day-to-day accounting (to free up some of your overall time and effort) is definitely something that’s well worth investing in. Simply select a suitable time here for a call.
Of course, we’re also happy to help you get accounting system automations set up, if you’re looking at how to optimise your resources as you start to gear up your business.
When chosen carefully and implemented properly, automation applications will deliver some great efficiencies and cost-savings.
Even something simple, like automating the data entry of supplier invoices, can save you time and money – and that’s exactly what most businesses need right now!
How do you assess which one is right for your business, I hear you ask? Well, that depends on your specific requirements, as well as your ability to get it set up properly…
It’s so easy to make a costly mistake and not even realise it until the VAT man comes calling, or your accountant does your year-end accounts (if you’re lucky, because the year-end work your accountant does isn’t an audit; it’s simply taking what you’ve put into your accounting system and converting that data into a format that HMRC accepts).
We often hear business owners initially liking the idea, then quickly realising that they haven’t actually got time to implement these amazing tools – because they’re always too busy running the business. This usually results in mutterings along the lines of:
“Let’s not do it – it’s too difficult / risky / time consuming…”
“I don’t understand it / have the time – and the benefit is too small…”
Wait! Is it?
How much do you actually pay your bookkeeper or administrator to enter supplier invoices into your accounting system? How much time does that take each week or month? Take what you pay them per hour, and add at least 20% on top of that for employment costs, then multiply that by the time it takes… Our clients typically find they make a return on investment in month 2 – after that, the cost saving all goes to the bottom line. Result!
Take the time to review and implement one of these fantastically time-saving accounting automations and you won’t look back.
You’ll soon discover that it unlocks a whole host of benefits that come with professionalising your systems:
- Increases efficiency (cost savings)
- Improves profits and cashflow
- Reduces mistakes (and business risk)
- Saves people’s time around the business
- Makes your life easier, full stop!
Automations like this can often be used as a quick fix. But longer term, they also become valued business assets – because those businesses that have effective ways of doing business are worth more and make more money.