The most overlooked resource by far is time. Businesses will often try to cut costs on various items without considering how it might then take more people to do a job, or how they might lose out on new business because employees were too tied up with tasks that could have been made less time-consuming. As a result, a lead went missed or unnoticed.
The other resource that is often not evaluated or counted in ROI discussions is IT capability – however, businesses are becoming more cognizant of how their servers affect costs and ROI (especially when they are down). As a result, many companies have moved their business to the cloud. Cloud computing allows them to completely eliminate the huge costs of purchasing, installing, and maintaining servers, not to mention staff to maintain and secure the servers.
In this article, we are going to discuss hacks to reduce wastage of time and money related to these two valuable resources – time and IT capabilities
Let’s start by looking at some ways in which cloud accounting software can help you and your team save time, which can then be devoted to your core functions, rather than accounting tasks
Save time with these simple tricks when you invest in cloud accounting software
- Cut down on time lost in data entry
Cloud accounting software like Dext uses automation for data entry and could potentially save hours. Data can be captured from smartphone images, email, bank statements, or even online sources. The data is error-free due to lack of human intervention and even if the system somehow manages to get something wrong, the captured data is editable. The system also clips a copy of the original document with the entry that is generated.
Data also flows automatically from your bank account to your accounting books. Accountants no longer need to spend a large part of their day painfully entering data from various sources into the company books.
- Spend minutes instead of hours on insights
Spreadsheets contain a wealth of data but going through them is both tedious and time-consuming. You’ll spend a few hours going through the sheets and noting down nuggets of insight and key information. You might dig up (or simply chance upon) anomalies or transactions that need to be flagged up for whatever reason.
Cloud accounting software can sift through the data for you and flag anomalies. You get regular insights that give you all the information you need, extracted from sheets and sheets of data.
- Cut downtime wasted on complicated approvals SOPs
Your employee fills a form, then brings in a printout, but you’re busy so they return later (maybe several times) and then you pile up a few approvals and sit going through them. Your mind keeps drifting off to more important things and you are interrupted several times by calls from clients and suppliers. When you’re finally through, you’re shocked at how the task to a whole half hour!
Eliminate that entire process with cloud accounting software. Employees can send in expense approvals via the software and you can approve at a click. You can even delegate the whole process by adding expense approvers.
- Create apps in the cloud
Apps are an increasing part of all businesses. They’ve also become integral to socialising, purchasing, paying, dating, and a whole lot more. A lot of the startup landscape is dominated by companies involved in app development. Moreover, companies of all denominations also tend to need apps as much as they need websites today.
There is an increasing consensus that apps are built and brought to market exponentially faster than they would be if they were created in traditional servers. Some app developers say that the app development-to-market process is 4 times faster on the cloud.
Improve cloud ROI with cloud accounting software
- Utilise all that space
If you have already invested in cloud space, you might as well make good use of it, and what better way to do that than to have your books of accounts uploaded to the cloud.
Now, not only is the cloud providing you with savings linked to no (or minimal) server requirement, but you also get live, on-the-go access to your books. Moreover, you get the most updated view of company finances not a spreadsheet from last week or last month.
- Project tracking
Your employees use the cloud to work on various projects rather than old school servers. That means that there is now a reliable means of tracking just how much time they are spending on various tasks for various clients.
The cloud is also able to track how much time is spent on various apps, software, or websites, and as such, you can better track productivity. The icing on the cake is being able to express – with hard proof – to your clients how much time is being devoted to various projects. This is especially useful when your clients throw in extras that are not part of a core agreement.
Accounting software can be a game-changer for your business by improving ROI from these two incredibly valuable resources. Are you looking to acquire the industry-leading cloud solution to meet your accounting needs? Check out Dext Cloud Accounting Software and discover the possibilities for streamlining your accounting need