Five Finance Problems Automated Software Will Fix
There are a number of financial issues a small business owner has to contend with, from making sure invoices are correct, payments arrive on time, and people and businesses who owe money are regularly reminded that they have a past due amount that needs to be paid.
These concerns on top of all the other issues a small business person faces can make keeping track of everything very challenging. One way to address some of the financial issues between you and your customers is to employ automated financial software such as from a Bacs approved bureau.
Here are five ways automated financial software can help you with your business’ finance problems
1. Eliminate Manual Process
The manual process is highly susceptible to human error for a variety of reasons. Paperwork is usually one of the last things a business owner does after the day has come to a close. The problem is that fatigue can set in as you try to keep up on the necessary paperwork you need to get done to keep the business operating. A lot of errors can happen as fatigue sets in. You may find that data on an invoice is incorrect, an invoice number has been accidently transposed, or you’ve misplaced the ordering paperwork so you can’t even generate an invoice. The end result is that the problems could prevent you from getting paid on time and that can hurt your cash flow.
Automated software can eliminate this problem from happening. Automated software can track the entire order process from the initial order to when payment has been made or when it has become past due.
2. Prevents Data Loss
One of the worst experiences a small business owner can face is when the hard drive on their computer crashes and all the data on the computer is lost. Unless the small business owner backed up the information onto a memory stick all the time, they’ll have to sort through invoices, bank statements, and other records to piece back together the financial relationships the business has had with its customers.
With automated software program from a Bacs bureau, you don’t have to worry about this happening anymore. The information inputted into the software program is sent to a cloud computing site for safe-keeping. Cloud computing sites store your information on protected computer systems that you will have access to over the Internet from any location.
3. Validates Deposit Information
As with the invoices, deposit slips can be filled out incorrectly when doing them manually and the money you are depositing can be placed into the wrong accounts. An automated finance service will make sure the deposit information is correct before you submit the information to the bank. The software will also make the process go a lot quicker than if you had to check and verify all the information yourself.
4. Integrates with Accounting Programs
You need to make sure the automated software is compatible with the other software programs you use in your business. All your finances are usually tied in together and you need to make sure you are keeping all your receipts and payments in order so you can meet all your financial responsibilities and you can tell how your cash runs through the business.
Software that does your banking, billings and collections should be able to share the information with software you use for budgets and payroll to make sure you always have a clear picture of the businesses finances at the touch of a button. This keeps all your financial information in one place so you don’t have to look for it.
5. Consolidate Information for Billing and Collections
Automated financial software programs can also keep track of your billings and payments for collection purposes. Late payments have been a problem for the majority of small and medium-sized businesses and this can greatly affect your daily cash flow. A poor cash flow can cause you to miss payments to your suppliers, not have enough money for the payroll, and it hurts your ability to invest in inventory and equipment to help your business grow and be productive.
Having automated software means that you can monitor your late payer’s activities and you will be updated whenever a payment gets made. The programs can also generate a call list so you can call your customers to gently remind them payment is due in order to keep your cash flow healthy.