Accounting software is now widely used in small, medium, and big businesses. In any company, the finance and accounting department will always have a major influence on the business finances.
So, any mistakes made by the department could lead to various problems which result in losses to the company. As a business owner, you have to make sure that your accounting department is stable and also aligned with the organizational goals.
The least you can do is to make it more efficient. To do that, you need the best accounting system that can help you manage your company’s cash flow. This accounting software will record data such as purchase orders, sales, salary payments, reports, and other financial data.
Accounting software manages the recording of business transactions. Corporate accountants use this tool to manage transaction data more conveniently. You can download accounting software pricing scheme calculations here for descriptions before using the system for your company.
Then, we’ve put together six proven ways that help you improve your finance and accounting department efficiency by using the ERP software for accounting.
Key Takeaways
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Table of Content:
Table of Content
1. Upskill Your Finance Team
Ensuring the people in charge of your accounts are proficient is very crucial. So, they have to be able to keep up with both internal procedures and any accounting software that has been implemented by your company.
Therefore, conducting training to optimize your finance team performance is highly recommended. To optimize your company’s finances, you can use the best financial system from HashMicro. Thus, it helps you to automate daily business operations and optimize client requirements fulfillment in a real-time platform.
There are various types of training you can provide, such as in-house seminars, external conferences, or one-on-one training. So, cross-training will be very helpful to enable another employee to temporarily handle the financial tasks while your accountant is on leave.
2. Ensure Compliance with Policies and Procedures
Indiscipline in the financial department is one of the biggest money wasters for companies. Thus, your company needs to create policies and procedures to ensure financial operations are conducted under your company’s regulations and standards. Then, ask your finance staff to process all the payments, including salaries and contracts promptly.
Pay attention to your accounts receivable. Ask your staff to send reminders to your customers or clients before their invoices become past due. So it will be easier for your staff to manage your business cash flow and ensure the accuracy of the financial reports at all times.
3. Integrate Your Accounting Department with Other Departments
Your finance and accounting department doesn’t work in isolation and they often rely on other departments for their financial data. So, requesting data from each department manually is a tedious task.
To improve efficiency, we recommend that you also allow all departments in your company to use a shared system. Cloud-based ERP software can help your company integrate all the departments, thus allowing your finance department to get complete data from each department in a matter of seconds.
4. Take Advantage of Batch Processing
Processing every single invoice or receipt that comes one at a time is very inefficient. So, to save time and effort, make sure your finance staff combines all the invoices and processes them simultaneously.
Therefore, it’s best to ask all your staff to submit their invoices or claims for reimbursement at a designed time so that the finance staff can process it all at the same time.
5. Reduce Manual Processes
Manual processes are consuming a lot of time and energy. For your finance department to be able to work more efficiently as well as provide an accounting system that serves to automate all the complex tasks.
Therefore, the system allows your finance staff to generate reports, calculate profits and losses, create invoices, record and save transaction details, manage taxes, and many more in just a few clicks. By automating a lot of manual work, your finance staff can focus more on other important jobs.
6. Improve Team Communication
Communicating the expectations of your accounting department upfront will give your finance team clarity on what they should do. Furthermore, explain the established policies and procedures so that they will always comply with them.
Then listen to their advice as well as opinions, as they may have some good ideas for eliminating unnecessary work, getting activities completed faster, and finding new ways of collaborating with other teams.
Conclusion
Get a full-fledged Accounting System from Hashmicro with robust features to manage your finances. Therefore, we provide an integrated system that can help you present any form of the accounting department. Improve your bookkeeping accuracy, with multi-company and multi-currency support.
We have become a solution for hundreds of enterprises in Indonesia and Singapore. Companies like Baskin Robbins, The Coffee Bean, TransCorp, Bank of China, and others, have turned to HashMicro. Schedule a free demo now to experience the transformational power it brings to your operations. To check out more, click here.
