Remote working and the hybrid working culture had already begun to gain popularity before COVID-19 was announced to the public.
Many contemporary digital businesses have come to the realisation that they don’t need a physical office to operate.
The business would save a great deal of time travelling to offices and money spent on space rentals if communication and operations could be carried out smoothly over the internet.
This culture also permeated professional fields like accounting.
Many firms now have a terrific option for managing their money remotely: digital accounting.
With the help of new technology on the market, businesses have discovered ways to increase accounting operations’ efficiency and cut expenses.
How has accounting been changed by remote working?
Accounting and finance teams now expect to be able to work remotely as a routine part of their jobs as more businesses adopt a work-from-home attitude.
Whatever financial information needs to be collected can be simply conveyed or recorded digitally thanks to modern technology to enable digital accounting.
This essentially eliminates the requirement that accountants be present in the workplace with other colleagues.
Remote accounting has three advantages:
- It saves money and time
You save time and money in both scenarios, whether your company employs an internal employee to manage accounts and finances or you contract out financial management to a CPA firm.
Because they are no longer needed to commute to work, in-house accountants can work more efficiently from home without the usual office distractions.
You, as the company’s owner, spend less money on office space for all of your employees.
- More readily available
With the help of modern video conferencing solutions like Zoom, Google Meet, Teams, etc., you may communicate with your employees and service providers whenever it is convenient for all parties, from wherever you are. Additionally, this offers a high degree of versatility.
- Data security in accounting
All of your accounting will be done digitally, so all of your data will be kept on the cloud and available whenever you need it.
Your data is protected by industry-standard encryption and security procedures when using cloud services.
Using automation software, improve remote accounting
Cost management in the cloud
Utilising an expenditure management programme like Volopay allows you to digitally record all of your financial transactions.
This eliminates the requirement for finance teams to keep stacks of paper containing ledgers that they must turn in to the accounting division.
Because the data is saved in the cloud, you may access it from any location at any time and have a direct record of every transaction you make.
You also safeguard the data from being lost, damaged, or stolen from a real office place because it is all saved online rather than locally on your PC, on paper or even your own server.
You will have the option to backup your data independently in addition to storing it on the cloud to increase security.
Additionally, all cloud storage services employ strong infrastructure to prevent unauthorised access to your financial data.
Lighten the financial load
Nobody likes having to gather and securely store all of their receipts for expenses, fill out an expense report, and submit everything at once at the end of the month. The time needed to process reimbursements should be added.
You can easily utilise a receipt scanner to prevent this and lighten the workload for everyone engaged in the procedure.
The fact that all transactions are logged in real-time when using an online accounting system makes online accounting systems a really strongest feature. This eliminates the requirement for a financial expert or accountant to sit down and get data regarding spending from employees each week.
Whether paying for costs using corporate credit cards or sending money, every transaction is tracked in its own ledger and accessible to admins at all times to provide complete transparency.
Using accounting automation software has several advantages, one of which is the straightforward and helpful 3-way invoice sourcing function.
In essence, this enables you to post vendor invoices directly to the platform or automatically source them from your accounting tool and email.
With the help of this function, you can be certain that you never forget to pay a vendor’s invoice and avoid paying late fees.
Accounting triggers is a feature that reduces time spent on a digital accounting process that is already effective.
The admin must manually enter the accounting fields for each expense when they are created and need to be synchronised to your accounting software in order for them to appear in the appropriate ledgers.
Accounting triggers enable you to automatically fill in particular accounting fields for an expense made using a card, from a particular user, vendor, or departmental budget, saving you from having to do so each time the same kind of expense is made.
Simply create a trigger, and the accounting fields of a cost for that specific user, card, vendor, or budget will be filled out and prepared for syncing with your accounting system the next time.
OCR is short for optical character recognition. This feature enables the system to scan submitted invoices automatically and convert them into bills.
Additionally, it can be used to automatically match receipts with expenses and confirm their validity.
OCR is a type of machine learning technology that improves with time and provides higher accuracy.
Work smart with your team
Real-time synchronised tech-systems have been available for for more than ten years now. There is no reason for organisations not to embrace digitisation and new technology that make it possible to carry out crucial business operations more effectively.
One such option that should be on every business owner’s radar to maximise business efficiency is digital accounting.
Financial tools like Sage’s Intacct, allow you to save money and gain operational information, which is far more valuable than some options available on the market.
Educate your staff
While having accountants or other financial professionals with expertise and skill on your team is fantastic, you should always work to upskill your workforce with newer approaches to keep up with the fast-paced business world.
Giving them access to instructional resources and accounting automation technologies will help them expand their knowledge base.
We know that if you do this, your accounting and finance departments will be more productive.
If you would like to see how Itas Solutions can help you and your organisation reap the benefits of technology in your accounting and the latest cloud solutions for your business accounting needs with powerful cloud accounting software such as Sage’s Intacct, we will only be too happy to show you the benefits and how we can help.
Who we are
Itas Solutions began in 1995 with just one client and today serves over 200 businesses around the UK and we are always on call to help our clients.
Itas is a company trusted by our clients for more than 20 years, and we have grown through customer and IT professional recommendations who appreciate the knowledgeable yet individualised service we provide.
You can reach out to us at firstname.lastname@example.org, give us a call at +44 (0) 1824 780 000, or send an email to learn more about how Itas can assist your company with finance automation, Sage implementation, and improved purchasing control.