Oct 23, 20205 Ways Every CEO Can Use Automation to Streamline Accounting Processes
In recent years, the question of automation has shifted from, “What can I automate?” to “What can’t be automated?” Although we’re far from having flying cars, no one is complaining about keyless entry or a self-adjusting thermostat (shoutout to all the dads out there). At this point, life on autopilot is pretty smooth sailing. Sure, automation has its black eyes, but the sore spots don’t overrule the immense benefits of automation in our personal and professional lives. Thanks to our marketing saturated world, automation in our personal lives is easy to spot. However, automation in the workplace is much more nuanced. Rather than turn a blind eye to the thousands of accounting automation options available to business owners, let’s take a minute to digest 5 ways that every CEO can use automation to streamline business processes.
Do you regularly issue invoices to customers only to turn around and record the same transaction a dozen times? Copy and paste. Instead, set up your bookkeeping software to know intuitively the types of purchases you’re making, and then sit back and let the AI do the rest. Whether you’re a garage-level startup or a well-established ten million dollar company, you have to track expenses. Call it a necessary evil or the solution to sanity, but it has to be done. Since paper receipts are becoming obsolete and Excel spreadsheets can be a nightmare to continuously update, take the time-saving and stress-relieving option of outsourcing. When March rolls around, there will be fewer cries of frustration and many more hallelujah choruses.
As soon as a business hires its first employee, it will handle payroll month in and month out. The complexities of payroll processing require a significant amount of time—time that is often already stretched thin. Whether it’s calculating payroll amounts, adding employees to the payroll, or simply distributing and signing paychecks, the demands on your time can be costly. To reduce these time burdens placed on you as a company leader, Nimbl partners with Gusto, a leader in the HR space, to simplify the payroll process. Depending on the level of service you choose, Gusto offers payroll services, employee onboarding, W-2s and 1099’s, employee retirement plans, and more.
#3. Bill Pay
If bookkeeping and payroll outsourcing weren’t enough to keep you on the line, bill pay might be. Let’s put it this way, if you are pushing the same buttons on the first of every month to pay regular bills, it’s time to outsource. Bill.com is an exceptional auto-payment service that combines a knowledge of your recurring bills into an intuitive platform that makes paying your bills as easy as setting up the system.
#4. Employee expenses
If your employee expense process looks something like, “Here’s my card. Bring me the receipt when you’re done,” then you may be a good candidate for a Divvy card. Nimbl clients have the option of using Divvy company cards that automatically track expenses in your accounting books. At each payment, you can get a notification and breakdown of the payment. Instead of spending hours (and lots of “Wait, what did I buy three months ago?” questions), tracking employee expenses can be shaved down to a few minutes.
#5. Financial Projections
If you’ve ever had the experience of being surprised by your yearly taxes come tax season, you are not alone. Maintaining an accurate projection of income and expenses is critical to success in the short and long term, even though such projections are often put on the bottom of the to-do list. Nimbl partners with Reach Reporting to give you a clear view of your cash flows and upcoming obligations so that surprises are limited.
Whether or not you’ve embraced the shift to accounting automation software, there’s no question that these industry advancements can be utilized to provide financial insight, organize data, and prevent costly accounting mistakes. One process that won’t be automated? Our interaction with our clients. Call us or set up an appointment for a consultation today!