Top 5 Time Saving accounting automation for your Business

Saving accounting

The most common question of whether or not humans can always replace accountants & bookkeepers is one that is still being actively discussed.

But there is a rising list of tasks & procedures which can be automated to save everybody the time & expense. Of course, you will probably all need authentic human professionals to evaluate and oversee many functions, but there is also a growing list of tasks & procedures that can be automated.

We have selected the top five of the most useful automation we come across regularly in the hopes of enlightening you to at least a few things that you may have never considered before but that you will now find yourself unable to do without. Tell us in the comments if you’re automating anything interesting that we haven’t already mentioned.

Imported Transactions in Banks

Now you don’t have to go for any manual bank transactions into Freshbooks. Now you have time saving a Balance Sheet Template for your business. They are going to track your records. Also you don’t have to be worried about your transactions. Because all cannot be managed by a person. However, as of right now, anybody may (and really ought to) import their bank transactions into Freshbooks automatically.

The Importance of Credit Card Statements

Imports made through a bank transaction? Hold on; there’s still more! Your transactions made with a credit card have the option to be imported automatically into Freshbooks. (Of course, other accounting platforms are available as well.) “To activate the online service for your credit card, you may be required to contact the credit card company in order to obtain login details; however, all the information you require should be readily available to you after making a simple phone call.” Source – https://ca.linkedin.com/company/freshbooks?

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Expense Report Submissions

The process of tracking down employees’ expense reports, validating information, and maintaining receipts is a nightmare if you have one worker with expenses or one hundred employees with expenses. Everyone’s time is being wasted by all of the frantic paper-pushing, which is time that could be spent better on the firm.

“Your staff members will never have to depend on a pen, paper, and time again if you use an expenditure management application, which can help you optimize all of this.” Source – wikipedia Your employees will be able to take photos of receipts in real-time, compile and submit expense reports from their mobile devices, and submit them.

Synchronization of expense reports with accounting software

Have we said that the software that manages expenses does not exist in a sterile environment? Integration with your accounting system should be possible, allowing your expenses to be imported straight into your income statement. They are able to manage your reimbursements regardless of whether they are processed through ACH, a live check, or payroll. The pinnacle of automated performance!

Tracking the Time Spent in the Field by Employees

There is nothing more frustrating than being required to gather and prepare time cards from field staff that are cluttered and difficult to read. They are busy, you are busy, and yes, there is still far too much paper. Both of you are busy. Instead, time and attendance applications that have mobile interfaces (like TSheets) enable field employees to clock in through the field using either a text message or a mobile application. This is made possible by time tracking software like TSheets. This allows for the recording of time in real-time and feeds data straight into the general ledger system that you use. There will be no more delays in the payroll due to missing timesheets.

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Conclusion

Nothing irritates us more than coming home to a mountain of unpaid bills that need to be checked over. It is just so… unnecessary, we guess. You could, as an alternative, automate the entire process, check invoices, study supporting documents, and authorize payments, all using the same interface.

You can build up several regular updates for different invoices or transactions; for instance, if a certain division wants to check the expenses well before the CEO can provide final approval, you may do all of this from any device as long as it has internet connectivity. How much more pleasant than heaps of paper!