As a pioneer in digital accounting in France, we detail here which tasks you absolutely must automate to save time and efficiency on a daily basis.
Gain Efficiency: The Ideal Accounting Tasks for Automation
In the digital age, keeping your accounts on Excel or on paper is more than absurd... Today there are many tools and software that allow you to digitalize your finance process and automate time-consuming and non-value-added accounting tasks. Opting for these tools is the guarantee of optimizing your operational efficiency.
So more time to focus on developing your business.
But then which accounting tasks should be automated? When are these apps and software really appropriate?
Here are some tips to guide you in automating your accounting:
1. Data Entry
Manual entry of transactions, invoices and quotes is generally very time-consuming. And who says manual entry, says entry errors....
Many apps and most current accounting software allow you to automatically scan and extract information from your invoices, quotes, etc.
By connecting these apps to your accounting software, it will automatically generate the corresponding accounting entries.
All you have to do is check that the automated entry was done correctly.
2. Bank Reconciliations
Automated tools can quickly reconcile bank statements with accounting records.
Indeed, neo-banks like Qonto allow you to connect your bank account directly to your accounting software such as Pennylane, Odoo, Netsuite (or even QuickBooks if you are an Anglo-Saxon company aiming to expand in France).
Here too, the banking application will automatically feed your accounting to allow bank reconciliation.
This approach avoids discrepancies and guarantees a precise vision of the financial situation of the company at any given time.
3. Management of Recurring Invoices
For businesses that regularly issue identical invoices, automation can automatically generate and send these documents.
This is particularly interesting for companies that offer subscription-based products or services, such as SaaS (Software as a Service), online content platforms, streaming services, etc.
The Chargebee application for example will be able to manage these recurring invoices and automatically feed your accounting software, to centralize everything in the same place.
Another step that will save you precious time on a daily basis.
4. Expense Tracking and Expense Report Management
Many digital tools today make it possible to automatically collect and process receipts and expense invoices.
These solutions generally include a mobile application allowing you to scan invoices and expense reports.
This will automatically populate your accounting software connected to the application and record the expense in the appropriate accounts.
You no longer have to manage small pieces of paper and you keep control over your expenses and those of your teams.
5. VAT calculation and declaration
Automating the finance process also makes it possible to anticipate VAT calculations and the preparation of tax returns.
This ensures compliance and avoids costly errors in this highly regulated area.
Obviously, your accountant will systematically check that everything has been calculated correctly, that the latest regulations and declaration dates are respected.
6. Management of Payments and Collections
Automated systems can manage recurring payments (see above), direct debits and also collections.
By automating the payment of your invoices, you are sure to respect your commitments and payment deadlines.
Nowadays, most accounting software integrates features to manage and track your collections and payments and thus have ideally real-time visibility of your cash flow.
Here too, your accountant can help you see things more clearly and anticipate your deadlines.
7. Budget Forecasts and Financial Reports
By automating the collection of your financial data, you can generate accurate and up-to-date reports in real time.
Accounting tools generally give you access to numerous reports and KPIs.
By analyzing and monitoring the evolution of these KPIs, you will improve your decision-making based on reliable information.
To know which KPIs to follow , your accountant will be able to help you again and provide you with all their know-how.
In conclusion
In conclusion, accounting automation is a considerable asset for gaining efficiency. By identifying the tasks that benefit most from this transformation, you can free up time and resources to focus on growing and developing your business.
It is therefore essential to choose the appropriate accounting applications. Thus, Pennylane , Odoo or Netsuite offer you a complete range of features to simplify and accelerate your accounting processes.
On the other hand, as you will have understood, automating your finance process cannot be done without the support of your accountant . As a pioneer of digital accounting in France, the accounting firm Blendy is perfectly familiar with all the apps capable of optimizing your accounting.
Contact us to explore the available solutions and choose the ones that best suit your specific needs.
With Blendy , French digital accountant take advantage of all the advantages of digital accounting to accelerate your finance process and develop your business.
Pennylane Certified , Dext , QuickBooks et Stripe , we support the digital companies, e-Commerce, SaaS, IT services, in France and internationally .