The need to make things simpler, more logical and more efficient is driving the search for smart digital services and software solutions. This enables the automation of routines and time-consuming activities and create a clear financial picture for all parties, which then facilitates meaningful management decisions.

It makes sense to automate business processes as much as possible and create synergies between all processes, which become evident in high-quality financial reporting. Replacing the kind of accounting software that doesn’t meet the business needs of the company will certainly provide the greatest efficiency. In this way, the efficiency of accounting processes increases exponentially, and the financial and business processes of the company can be seamlessly integrated.

Understandably, the implementation of software collaboration rounds and automated accounting requires thorough preparation, a good knowledge of the company’s software and the activation of all useful functions.

Enhancing the sales process

The sales process has the most to gain from using different software for both business and financial management. The right software makes it easy to create quotes and automatically send invoices to customers, and most importantly, all the information goes straight to accounting.

When a sale is made, there’s an immediate link to the accounting system, as the information related to the sale is automatically transferred. A real-time overview of receipts, payments and debtors is also created. Software such as Stripe, ChartMogul, Scoro, Bidrento and Waybiller can be used in the sales process.

Enhancing purchasing and money processes

Digitising purchase invoices and expense receipts and making them accessible to all employees who need this information in the company are key to improving the efficiency of the purchasing process. This is where purchase invoice digitisation software, such as Envoice that’s used by our company, comes in handy. It’s a purchase invoice and expense management environment that puts an end to paper invoices for good. It’s a big time-saver from the customer’s and accounting point of view, as it eliminates the routine manual work of entering invoices.

The invoices and expense receipts coded in the software will move to the right people themselves, and the mobile app makes managing expense receipts quick and easy.

Envoice also allows you to use a system of approval rounds, so that expenses are quickly transferred to the correct person in the company. In order to enhance the cash flow process, it’s important that the banks where your company has accounts are also connected to your company’s accounting software. This way, automatic approvals between bank transfers and the source documents are generated, which allows you to save working hours and quickly get an overview of the company’s cash flow. Stripe and Montonio, for example, as well as direct interfaces with banks, help enhance the money process.

Employee-related processes and tax accounting

The efficiency of these processes can be improved by automating expense and travel reports. Accounting software should be configured so that payslips can also be sent out with a single click. Envoice, SmartAccounts and Merit Pay, for example, help make employee-related processes more efficient.

In the case of tax accounting, it’s important that your company’s accounting software is interfaced with the e-Tax Board.

Automation ensures that your company’s taxes are correctly declared and recognised in accounting. You can send a tax return, approved or otherwise, to the e-environment of the Tax and Customs Board with the click of a button. This reduces the time needed to submit tax returns and also reduces the risk of
human error.

Asset and stock accounting processes

You can make asset accounting more efficient by enabling automatic depreciation entries in your accounting software. The entry will then be automatically generated and you no longer need to click manually.

In order to improve stock accounting, you need to interface your warehouse software with the accounting software, or solve it by having a warehouse module directly inside the software. This way, stock entries move directly to accounting. For example, we use Directo software to manage warehouse processes.

Using the right business software gives you a clear and detailed overview of your company’s business 24/7, so you no longer have to wait for reports. This, however, enables you to make better and faster business decisions. In addition, it’s also a huge time-saving gain, as both accountants and business managers will no longer have to deal with routine and time-consuming data entry. Automation also significantly reduces human error.

References:

• Introduction of Klaar.me services – LINK
• Read how cooperation of Klaar.me and Envoice is smooth, efficient and paperfree – LINK