Floware for Accountants
Accounting often boils down to performing a series of manual, time-consuming tasks which are often inefficient, prone to error, and quite painful.
The result is that Accountants and finance professionals are regularly buried under heaps of receipts, forms, and documents.
Wouldn't it be great if you could hand over the more repetitive, low-value work to an automated system—instead of having your workers tied up and frustrated with endless manual tasks?
Now you can. Floware is a Business Automation tool specifically geared towards professionals in the Accounting industry.
Perfect for large and small companies, Floware is the smart way to do business.
With Floware, you get an all-round business tool that will improve your process efficiency—making your clients happier while boosting productivity company-wide.
So if you're looking to take your Accounting business to the next level, rean on and find out how Floware can optimize your resources, improve your market position—and improve the profitability of your company.
Challenges of traditional accounting practices
Here are some of the challenges of doing accounting in the old, manual fashion:
1. Subject to errors: Manual accounting systems use books, papers, and physical records where accountants manually enter the data by hand. The probability of mistakes during manual data entry is high, and their corrections could cost a fortune.
2. Loss of physical copies: Books and physical records are prone to loss, theft, and even fire/water damage. Having adequate backups would mean a painstaking copying process which can be time-consuming.
3. Takes up time: Expecting your accountants and finance teams to waste time on low-impact tasks like printing and creating backups can become a way of wrongly utilizing their most fruitful hours at work.
4. Poor cash flow management: Tracking every accounting document, from bills to bank statements, can be daunting if you still follow a manual process.
If you resonate with some or all of the points mentioned above, now is the time you consider shifting to an automated accounting system.
Why Business Automation is the answer
Accounting automation is the process of using software to complete manual, mundane, error-prone, and repetitive accounting tasks.
With these software, accountants no longer need to create and maintain ledger files and manually enter countless rows of data. Instead, with all the fundamental formulas built-in, they can easily create reports in just a few clicks.
Today, business automation software has eliminated the most redundant aspects of accounting – giving accountants and finance teams more time to focus on financial planning and analysis.
Now they have more time to work on high-impact business tasks such as budgets and strategies, assisting the CFO in making critical financial decisions, and significantly increasing overall business profits.
Regardless of the size of your accounting function, rest assured that accounting automation will significantly improve the efficiency of your finance and accounting departments.
Business functions that can effectively be automated
Today, accounting automation uses technology to, in many instances, completely remove the manual parts of an accountant’s work.
This means no more:
- Manual data entry into a computer
- Manually reconciling bank statements
- Paying suppliers one-by-one
- Producing financial reports in a spreadsheet
- Chasing after documents from your client
In short, there are numerous benefits associated with finance process automation, which include the following:
1. Automate paperwork processing
Business automation allows you to automate the processing of your expense and accounts payable paperwork.
Relevant accounting information can be extracted from digital copies or photos of receipts in real-time, thus eliminating manual accounting data entry and human error.
This allows you to eliminate all manual data entry associated with entering expenses into an accounting system when delivering client accounting services.
2. Automate your payroll processes
With automated accounts via payroll automation, payroll can run with taxes deducted and properly submitted along with all corresponding forms in just a matter of minutes.
3. Automate your month-end reviews
Before the books are closed, it’s typical for senior accountants to review the books to spot any accounting errors or potential issues.
It's now possible to automate the month-end review process to spot errors before it even gets to the manager’s desk.
Software can automatically scan the ledger for the period in question and point out warnings for things such as duplicates, unreconciled items, problems with bank reconciliations, multi-coded contacts, and a whole lot more.
4. Automate your working paper schedules & adjusting journal entries
As part of the month-end or year-end procedures, accounting professionals often create a variety of schedules for deferred revenues, fixed assets, loans, prepaid, etc. to prepare their financial statements.
It's possible to automate the creation of certain schedules and have your adjusting journal entries posted directly to your accounting system.
5. Automate your accounts receivable
Most firms help their small business clients with different finance and accounting operations like their books, bill pay, payroll, accounts payable, and so forth. With business automation tools, they will also be able to offer automated accounts receivable services.
Firms can also use the same technology to automate collection of their billings after they’ve put a contract in place with their client.
6. Automate the paying of bills
Automation makes it unnecessary to cut checks or send once-off wires to pay suppliers. in your accounts payable department?
Financial professionals, it’s time to move to something far more streamlined when it comes to automated accounts payable. These tools can be controlled with various automated accounts payable approval rules.
7. Automate your Expense Reports
Compiling employee expenses reports can be exceptionally manual and error-prone if you’re handling these accounting processes the old school way with spreadsheets.
These processes can now be automated, giving you the tools to track all your business expenses from within one platform. Additionally, the software makes it easier for accounting departments to close their books on time, giving them access to real-time spend data.
8. Automate the gathering of bank statements and data
Bank and credit card transaction data can now be automatically pulled from bank feeds and specify which data gets pushed into your automated accounting system.
This makes your automated accounting process faster and easier, and eliminates the need to go through mountains of paper records.
9. Automate the reconciling of uncategorized transactions
Gathering input from your clients when it comes to missing information on uncategorized transactions has long been an inefficient process for accountants. These repetitive tasks can be automated in a time-efficient and direct manner.
10. Automate cash flow forecasting
Cash flow forecasts have typically been manually produced in an Excel spreadsheet by firms or an accounting department. It's now possible to produce cash flow forecasts with financial automation tools.
11. Automate your accounting advisory
Providing advice to clients via advisory services was typically reserved for partners and more senior-level staff, which therefore made them hard to scale.
But with automated tools, advisory services can be performed by accountants and finance departments at almost any level at scale.
12. Automate your Financial Modeling
Through business automation, it becomes possible for even small businesses to leverage sophisticated integrations to assemble financial models for financial planning and analytics. This provides efficiency in the reporting and finance processes.
13. Automate your Financial Risk Management
Business automation can be used to improve operational efficiency and reduce mundane accounting tasks. These tools can also be used to help companies spot errors and risks in the books as well.
14. Automate your Tax Planning
Automation can be used with tax planning and implement advanced, proven tax structuring strategies in any business.
Benefits of Automation in the Accounting industry
Let’s now briefly outline the main benefits of automated accounting:
1. Reduces errors
If you set up your automation properly, you can effectively eliminate human error arriving from manual accounting data input transcription. This is incredibly important in an industry like the accounting industry that relies on accurate, real-time financial data.
2. Secure centralized storage of information
A major burden on organizations is that they often need to store paper records for around ten years (depending on local regulations.) But of late, government tax offices have slowly started to get on board with e-receipts instead of paper records.
3. Saves time
This is an obvious benefit of accounting process automation. Accounting automation can save you time by automatically entering information, checking your calculations, keeping your receipts organized, calculating your taxes, and much more.
4. Improved cash flow management
Automation tools enable you to forecast cash flow easily. By giving you real-time data analytics, and reporting, you can access accurate cash flow metrics in just a click.
5. It Improves Margins
If automated accounting cuts down the time you spend to perform certain accounting tasks, then it’s only natural to expect that you’ll be incurring cost savings on the work of those automated accounts.
6. Faster Turnaround Time
Because automation runs with the click of a button compared to someone having to key in financial information entry manually, you can speed up the turnaround time of your deliverables and financial reporting.
7. Superior Customer Experience
With quicker results and improved accuracy, it’s natural that a superior customer experience results from the benefits of automated accounts.
8. Lends Itself Well to Upskilling
Learning how to use accounting systems to automate accounting processes helps you improve professional development and be prepared for the future of accounting.
9. Real-Time Decision-Making
When there’s accounting process automation, you can get faster insights into the numbers, which can then be leveraged by financial analysts and accounting teams for improved business operations decision-making.
10. Improved Accessibility
Because accounting automation now takes place online, you can access your data and perform your work on the go rather than being tied down to a physical location.
Floware—business automation done right
Floware is the leading business automation solution for Accountants and Bookkeeping Firms worldwide.
The software makes it easy to get up and running in minutes—right after you register your account at Floware.co.
Floware is your key to flawless business management.
With Floware, accounting becomes a streamlined process so you can spend less time worrying about subscriptions and churn rates and more time creating value for your customers.
Automate tasks such as receipt collection, data entry, financial reporting and communication with clients.
Process automation software can also help accountants to manage their client's finances more effectively. For example, the software can provide tools for budgeting, forecasting, and data analysis, which can help accountants to provide better advice to their clients.
Need to see all the order and customer information in your books? Or want to focus on financials only? Floware supports all types of syncs so that you can choose the best mode for your business with an appropriate level of detail.
Floware Sync offers both sync modes for the automated accounting process—Daily Summary and Per Transaction.
If you have already decided on your needs, contact us for a detailed discussion of the project. If not, we will be happy to help you choose the best solution based on your business objectives.
If you’re ready to get started with painless business automation, drive rapid digitization and see a six-week ROI, hit the button below to get in touch.
Try floware now and take your Accounting business to a totally new level!
Get Floware today.