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How to transform your finance department through technology

It might seem easier said than done until you implement these tips yourself!

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Businesses today revolve around technology and why shouldn’t they? As consumer preferences change each year, it is important to learn more about one’s market and adopt new tools that can help simplify tedious and time-consuming processes.

Indeed, there’s nothing so time-consuming and complicated as managing your business’ finances. Accounting is just one of many critical elements in running a successful business, but it’s also the hardest to understand, especially when it comes to the legalities.

Businesses shouldn’t risk making a mistake, so it’s important to look to technology for the best solutions that the company can afford.

With technology, anything is possible through your Finance Department! Here are a few things you might want to consider to increase the efficiency of your accountants and finance assistants:

Get bitten by the automation bug

We’re entering the era of digital transformation where everything that has been handled by humans can now be handled by AI. Before, accountants sifted through tons of financial records that often took a lot of time to process. Such tediousness has no place in our world today when you can readily view individual records with just a press of a button. There are countless apps that help you generate financial reports, track expenses, and generate invoices flawlessly! There are several accounting systems such as TurboCash and Traverse that let you streamline transactions to the benefit of customers and send invoices on time without compromising accuracy.

Plus, if you lease any assets via your company, then working alongside an accounting software provider like EZLease can help you to automate processes and keep track of your finances while ensuring that your accounts meet the Governmental Accounting Standards Board (GASB) lease accounting standards.

Put simply, GASB 87 requires that most leases must be capitalized and recorded on the balance sheet correctly and that most operating (non-capitalized) leases should be eliminated. If you have any further questions regarding any of this, such as “what is GASB 87?” for instance, you can find some helpful resources on the EZLease website.

Choose the right platforms

Of course, it’s not enough that you simply decide on automating your finance-related activities. You also need to decide which platforms are the most effective in handling them. For this, it helps if you can adopt software that allows for cross-platform and cloud-based integrations to take place so your Finance Department doesn’t have to deal with serious errors. Invoice approval for Quikbooks, for instance, is best handled using an app that lets you reconcile payments and track invoices sent to global suppliers. This is just one way you can reduce duplicates and be kept in the loop for any issues that may arise.

Train your staff

Handling new technology can be intimidating to the members of your Finance Department, especially if the team has been struggling with manual processes for a long time. In that case, you will need to enlighten them on how a piece of technology can help reduce the workload. Adequate training and coaching are instrumental in making sure everybody knows how to use certain accounting platforms. For this, you can either conduct in-house training sessions or have your Finance Department take up online courses on Udemy and LinkedIn Academy. In doing so, it will become easier for the Finance Department to transition to digital tools. 

Technology, after all, isn’t that scary. It’s only a matter for businesses to know the right strategies and methods for managing their finances using the right tools and getting the right people to help out in implementing them. In accounting, a standard chart of accounts is a numbered list of the accounts that comprise a company’s general ledger. A nonprofit chart of accounts for your organization is the list of each account that money comes into, or out of, in your organization. It provides you with a birds-eye view of every area of your business that spends or makes money.

It might seem easier said than done until you implement these tips yourself!

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