By this point, you have probably had more than a few meetings surrounding the workflow and efficiency of your accounting practises. The structure works but isn’t quite perfect. Starting to feel like Deja Vu? So, how do you stay accountable with your accounting and get yourself in the best possible position?
It starts with utilising advanced software that will sharpen your compliance practises while relieving the pressures felt by you and your finance department. Here’s what you can expect.
Reduce human error
Human error is just that, human. And while almost all business practises can take the hit or two that comes with a simple error, your finance function has greater consequences. Accounting software will eliminate the opportunity for human error, and guarantee that the numbers being accounted to your business are exact. This should be one of your biggest priorities. With so many business areas demanding your attention, and each as important as the last, it’s so vital that you feel reassured your payroll is in good hands.
Modern payroll software that can be accessed remotely, from all corners of the world? This should be sounding good. For a business owner, this freedom can make way for opportunities that may change the face of your business and allow for greater results. In 2019, one should not have to be in the physical workplace to access reports, statements and payment approvals. Make those meetings, attend those conferences, and explore every idea without feeling shackled to your desk.
Reconfigure your team
It’s important to always be optimising your workflow and reviewing how your team function works within the workplace. Failure to do so will result in wasted time and opportunities. Adopting a payroll software solution will give you greater control of your finances, and could even put you in a position to reconfigure your team or reduce the number of employees in that finance function. Imagine the innovative ideas you can implement in your workplace with a more agile team that is working with a well-divided split of tasks.
For too many businesses reporting is an unwelcome reality. One report, two reports, endless reports! How many hours has your business lost pulling, entering, reviewing and presenting reports? If that’s an answer you’re not willing to face, then payroll software could be an option worth exploring. Have access to all your standard reports, and many more, which are presented professionally and accurately. It may even be possible that you are not aware of reports that could be giving you an edge or shining a light on an area that will be commercially advantageous. Rather than administering manual reports, enjoy the benefits of automation.
There are many types of leaders, but each share one value in common. Efficiency. Business owners and financial controllers require a thorough understanding of business operations, but cannot be bogged down deep in the detail. Payroll software provides access to as little or much detail as you require, allowing for informed decisions and greater insight. Don’t operate in the dark, but rather poke you head into your payroll software as you require, to be across all that you need to be. Without this capability, you could lose an edge to your competitors.
Only you and your team are accountable to the accounting function of your business, and an audit of all options will be required to arrive at the best solution for your unique business operation. Discuss with your greater team what they believe the shortfalls are in your payroll function, and weigh up which alternative will assist with your business goals.