Financial management is key to every business.
Integrating an accounting solution that makes processes easier and provides greater insight could turn an everyday task into asset that really adds value.
Quick and easy reporting
The right accounting solution should provide user-friendly reporting tools that enable quick production of management and statutory reports.
Reports can be a time consuming part of financial management and can often be filled with errors – an accounting solution should make this efficient, quick and mistake-free.
Automated data reconciliation
Automation is a burgeoning trend in the business world thanks to the efficiency this can introduce and the pressure it can take off resources. An accounting solution that can automate the reconciliation of key bank and inter-company accounts. It should also be possible to do the same with data imported from other business systems so that reconciliation is made much simpler and less time consuming.
Another area ripe for automation with an accounting solution is the handling of prepayments and accruals – if you’re looking to re-distribute financial data and transactions across specific periods then this should be simple to set up and maintain.
Tax calculations and tracking
Tax calculation and reporting can often be time consuming, however, your accounting solution should simplify everything, from performing tax calculations through to posting transactions to tax accounts. Complex tax situations – such as calculating partial VAT should also be able to be factored in.
Using an accounting solution can also make the management of assets in an accounting context much simpler. From budgets, to disposals and automating depreciation your chosen system should be able to simplify – and make more accurate – the way that fixed assets are dealt with.
Optimise your data
A vast amount of insight can be gained from the data behind the headline figures in your accounts but it’s not always that easy to make sense of. An accounting solution should have the functionality to drill down into the essential details so that you can get more perspective on the figures. Organising data into more digestible formats should be simple, for example creating sub-reports of a profit and loss broken out by cost centre, employee or project should be easy to generate on a monthly basis.
When it comes to reporting against budgets you should also look for a solution that can collect and store transactions at the level of detail you want to analyse by so that differences and deviations can be identified at the correct level e.g. project, cost centre, employee or other custom analysis level.
Avoid the chaos of year end
Your accounting solution should make year end easier to manage without any requirement to perform any period close function. All the usual year end tasks should be easy to manage, from year-end reporting through to transfers and adjustments, while continuing to allow you to post into the next period.
These are just some of the ways in which the right accounting solution can make a big difference to an organisation. If you’re looking to make your processes more efficient and easy to manage SunSystems could help to support your organisation to make better business decisions – ask us for a demo today.