Cloud based accounting programs are the talk of the town at the moment amongst our business owner clients but many people have not yet grasped the huge time savings that can be achieved by using some of the programs available.
Below are my top 5 ways Poole Group Clients are using Cloud based accounting programs to create huge time savings:
1. Bank transactions fed directly to your accounting program
Through establishing a link directly to your bank accounts, your accounting program can monitor all transactions that occur in each bank account. Reconciliation can be a breeze with no more working through a paper statement and trying to match the transactions to your accounting program and searching around for that missing 20 cents.
2. Automatic Rules for Common Transactions
If you have common transactions occurring in your bank accounts (we all do), your accounting program can now be set to automatically suggest how to code them. This results in a tremendous time saving for those recurring bills like electricity, interest, phone and also for common income transactions such as Eftpos terminal payments or cash deposits.
3. Suggested invoice matching
What if when your clients paid an invoice your accounting program automatically suggested a match between the payment and the invoice? Well that is exactly what is achieved by using the new cloud based packages. If the program sees a receipt for $500 and has recently produced an invoice for $500, it will suggest that the two are related and reconciliation is a single click of a button.
4. Semi-Automatic Wage payments and Employee Portals
Paying employees is now as easy as entering the hours, approving a pay run and then in a few minutes all employees are paid and pay slips have been emailed to them directly. If employees need their last 3 pay slips or want to know their YTD balances, they now log onto the portal and check it for themselves... which makes one less job for your administration staff (or yourself)!
5. Automatic Superannuation Payments
How much time do you, or someone in your office spend processing super payments? Imagine if it could be done in 5 minutes. Well it can! Businesses are saving HOURS of time by using the automatic superannuation payment functionality now available.