Are you still managing the cash flow with manual bookkeeping?🤨
Considering how the world is utilizing advanced technology in every sphere, accounting processes are being revolutionized as well.
According to research by Oxford Academics, the accounting industry has more jobs at risk, like 54%.
This means that all the manual clerical work will totally depend on automation softwares. There are many ways to automate your accounting process, but let’s start with what you are looking for in this blog!
_You can improve cash flow from negative to positive with the help of technology! How?_🤔
We are talking about Accounting Automation!
You already know how important it is to maintain control of cash flow, Right? Keeping track of spending and funds is crucial but also challenging!
More than 80% of small businesses collapsed because of cash flow problems. (Reports)
As a business owner or as an accountant, you always want to maintain a positive cash flow, so you never run out of cash!
Well, accounting automation is here to help!🥳 Let’s see how it can help you and your business.
How to Improve Cash Flow with Accounting Automation?
After speaking to some business owners, accountants and CAs, We have analysed some ways to improve cash flow using accounting automation. Read through the blog to see us spilling our secrets!🤭
1. Automate Accounts Payable
It is a process which is responsible for managing debts and invoices of companies or clients. Unfortunately, the AP team often faces multiple challenges in the course of their daily work.😐
What are the challenges for AP team in manual accounting?
- Slow Process
- More Errors
- Manual Follow-ups
- Misplacement of documents
How will accounting automation overcome these challenges?
- Go paperless🤖 with accounting automation. Keep track of all your data in one safe place using cloud-based accounting software.
- Make the AP process faster by having everything in one place, which does not need to be jumped from table to table.
- Get benefits of early payment discounts!🥳 Use the accounting automation tool to complete your tasks before the deadline.
Key Takeaway: You can automate the accounts payable process, pay all your bills, and invoices on time, get discounts, and reduce errors- this all sums up to eliminating extra costs and more money!
Read More: How to automate accounts payable with accounting automation in 2022?
2. Automate Accounts Receivable
Getting paid on time is very important to save your business from negative cash flow.🤓 Accounts receivable automation is simply a process to automate all the tedious and repetitive tasks of your accounts receivable team.
What are the challenges for AR team in manual accounting?
- Errors on bills and invoices
- Ledger disorganizations
- Allocation of payment
- Missed follow-ups on overdue invoices
How will accounting automation overcome these challenges?
It is very important to keep your data organized to know how much money you’ve owed, by who and when they are expected to pay. With the help of accounting automation software, you can keep track of all this data.
- Go Error-free! This accounting automation software uses high-end technology to capture the data. You just need to upload a photo of invoices and with the help of Machine-learning and artificial intelligence, it captures all the data with 100% accuracy.
- Communicate better with your customers! Update them on a regular basis, send them invoices as soon as they are ready, and remind them about the due dates with accounting automation software. This will help you to receive payments on time!🤑
- To improve the ledger management, it is best to have all the data in one place, which can be accessed from anywhere and automation is the answer to that!
Key Takeaway: Get paid on time and reduce the risk of ghosting! Build better communication with clients with the help of accounting automation software and no need to worry about late payments. So that is how you can never run out of cash.
3. Watch The Numbers👀
Not literally!😅 What we mean to say is analyse all the activities done by your company or your business. Analyzed reports give you a clear picture of where your business is doing well, in which areas you need to improve!
How will accounting automation help you analyse?
Keep track of all your activities with an automation tool which provides a CRM integration within. It will help you analyze
- Gross profit
- Activities done within a specific time period
- Total Payable
- Total Receivable
- Revenue Generated
- Total Transactions made
Key Takeaway: The clearer picture of your business/your data will help you plan better! Which will improve cash flow for your business.
We really hope that you find this blog insightful.🙂
If you are looking for accounting automation software, then no need to go further! We got the best solution for you.🤩
Suvit is a solution that you need to implement in your manual accounting process.
It is automated accounting software which eliminates all your clerical work so that you can focus on more important tasks!💯
How can Suvit help you improve your cash flow?
- Suvit provides 100% error-free data capture. You can upload your invoices and it will extract data from them with full accuracy.
- It provides client in-built modules so that clients can stay updated about all the work and that will result in better communication.
- You can also send notices/updates to the clients about bills, invoices and other things.
- It also facilitates a dashboard which will help you to keep watch on the numbers.
- As it is cloud-based software, you can store all your data in one place and access it from anywhere.
Suvit offers a free trial of 7-days. Signup here!
Avail all the benefits! No credit card required!
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