Working with businesses throughout the pandemic has shone a light on the necessity for real time information and the value of AutoEntry. Jamie Treacy, Assistant Manager in the Business Services Department, looks at the trends and five key benefits.
One thing that has become very apparent from 2020, is that more businesses than ever are requiring accurate information on their accounts and finances in a real time basis. The days of setting aside one day a week to enter invoices into the system are long gone. Manually posting bank transactions are quickly becoming a thing of the past, as information any older than a day becomes outdated.
Using auto bank feeds, banking transactions are imported directly from your online banking to accounting software on a daily basis without the need for manual entry.
The need for more real time information, together with the drive to find more efficiencies in office practices and processes, has seen a real rise in the appreciation of data processing software like AutoEntry. The ability to have sales and purchase invoices automatically taken from email, straight to accounting software, not only reduces processing time, but also allows staff to redirect their focus to more valuable areas such as revenue generation or debt recovery. In the current climate anything that can increase efficiency and provide more accurate information can’t be overlooked. From working with clients using Auto Entry the key benefits we’ve found are:
1. Time Efficiency
Automation reduces tasks, not jobs. Those who had previously been sifting through and filing receipts and invoices can use their time more efficiently. The consolidation of information to the cloud and to one easily usable and searchable software package also reduces research and admin time.
2. In-depth accounts analysis
We know that the reason most businesses fail is cashflow. Automation can offer insights that could bring long-term savings. With information consolidated in one place you can identify trends, where too much money is slowly eking out, or where opportunities lie.
3. Expenses can be tracked more quickly and accurately
Incidental expenses are a part of doing business and they add up. Instead of clogging up wallets with receipts and drawers with invoices, a business should be photographing and documenting these items. They’re more likely to be kept, less likely to get lost and they reduce clutter. Making something easier to do means that people are more likely to do it. Then, once digitized, you will have a clear picture of expenses and the potential for human error is reduced.
4. Automation is a remote working tool
Remote working is now reality for all businesses and automation is ideally suited to this with access to information available any place, any time.
5. Record Keeping
Maintaining records digitally can reduce storage costs and makes record keeping simpler.
If you are interested in AutoEntry for your business or want to derive more benefit from the system you currently have please contact Jamie by email email@example.com or the Business Services Team on 028 9032 3466.