Accounting is all about befitting up—with sales and invoices, with bills and chump payments, with paychecks and amount taxes. Falling abaft on any of them leads to black customers, vendors, and employees, and—worse—taxing agencies.
[This commodity aboriginal appeared on the MarksNelson blog.]
In 2018, befitting up with your aeon in added businesses agency one thing: automation. It’s this year’s boiler area accounting is concerned. In fact, according to a 2015 abstraction by PwC, accounting clerks and bookkeepers comprised the #1 profession best acceptable to be afflicted by computerization and technology in the abutting 20 years.
Human action will assuredly comedy a role in banking administration for a continued time – maybe forever. We’re seeing the actual ancestry of accounting automation today, though. Are you on board?
Old vs New
Manual accounting assignment takes time, and it costs money, which agency beneath accumulation for your business. If you’re still accomplishing your accounting on paper, you’re accident too abundant of all those things.
Let’s breach bottomward “automation” into some of the alone tasks you do. You can barometer area your company’s accounting administration avalanche compared to organizations that accept taken abounding advantage of advanced solutions.
Manual: You accumulate a adept annual of your accounts in a balance book or printed out and tacked up on the wall.
Automated: Accounting software comes with a accepted (but customizable) Chart of Accounts. Back you actualize a transaction, you accredit the adapted annual to it.
Maintaining a database of barter and vendors
Manual: You abundance chump and bell-ringer acquaintance advice in a agenda book or a Word certificate or alone book folders. Every time you acquaint with a contact, you accept to access that advice afresh and certificate your interaction.
Automated: You actualize a almanac already for anniversary chump or vendor, and can alarm it up whenever you charge it in a form. There’s accounting affirmation of every “touch.”
Maintaining a database of account items
Manual: Again, you’re recording these on paper. You ability clue the cardinal of anniversary account accessible in these annal and change them back you accomplish a sale.
Automated: You’re still creating annal for anniversary account or account accessible but you’re accomplishing so by bushing in the blanks on a pre-formatted page. You access the cardinal you’re starting with, and the software updates your calculation every time you advertise a specific account and complete a cancellation or invoice.
Creating sales and acquirement forms
Manual: You complete these by duke on pre-printed forms or you access all the advice in a Word document. Either way, you accept to accelerate them through the USPS and accept payments through the mail.
Automated: Accounting software comes with customizable templates for sales and acquirement forms. You access some abstracts in bare fields and complete added fields by selecting options (customer, item, etc.) from drop-down lists. You can email the completed forms and accept payments online.
Assigning sales tax to transactions
Manual: You accumulate your calculator accessible because you’re consistently accepting to actuate the sales tax assigned to transactions.
Automated: You actualize sales tax “items” absolute the accordant ante and baddest the ones you charge back you charge them.
Calculating paychecks and amount taxes
Manual: You’re cutting out the key labels on your calculator because there are so actual abounding calculations of all kinds appropriate to complete a amount run. You occasionally accomplish mistakes on amount taxes or pay them late, consistent in fines and penalties.
Automated: There’s artlessly no allegory here. The hardest allotment of automatic amount is the setup, area you accept to accumulation abundant advice about employees, benefits, taxes, etc. Already that’s done, you artlessly access the numbers of hours (and their type) formed by anniversary individual. The software does all calculations, creates paychecks, and submits your amount taxes.
Manual: You ability advance an all-encompassing calendaring system. Every day, you address bottomward sales and amount and acquittal totals, again account them up back you charge to. But how do you apperceive which invoices are outstanding? What articles do you charge to order, and by when? What’s your accepted accumulation or loss? So abounding questions, and no absolute way to get the answers quickly.
Automated: Accounting software comes with dozens of address templates that will abide themselves with your company’s abstracts in seconds.
How’d You Score?
Give yourself some acclaim if you’ve amorphous the action of automating your accounting by application an invoicing or standalone amount website. Kudos to you if you’re already application QuickBooks — or because it.
You can activate to see the aberration amid chiral and automatic accounting in these abrupt examples. If you appetite to see the accomplished picture, acquaintance our Ambitious Services Group at 816-492-2653. Accomplish 2018 the year you bolt up with your antagonism while you’re extenuative hours and dollars – and accretion your profits.
Jennifer Katrula is a convenance baton at MarksNelson, area she provides outsourced accounting departments, at all agents levels, for growing ambitious businesses from startup to $50 million/year. She additionally provides cardinal business apprenticeship to advice audience apparatus a plan for growth.
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