The technology side of the accounting industry is rapidly changing and expanding. Literally hundreds, if not thousands of new companies and new software applications have sprung up to help small businesses automate their processes and save time and money.
The best way to profit from all of this innovation is to first identify where you can best use the technology in your business. Here are three places to look:
1. Paper Chase
What business tasks are you still using pen and paper for? Look what’s on your desk or in your filing cabinet in the form of paper, and that will be your next opportunity for automation. For example, are you still hand-writing checks? There’s an app (or two) for that.
Sticky notes and to do lists have been replaced with Evernote. Business cards you collect can go in a CRM (customer relationship manager). All of your accounting invoices and bills can be digitized and stored online.
Make a list of all the manual and paper processes you do every day and look for an app that can make the task faster for you.
2. Fill the Gap
Take stock of what systems you already have in place. The opportunity to fill the gap is where you might have systems that should talk to each other but don’t. If you need to enter data into two different places, there may be a chance to automate and/or integrate the systems or data. For example, your point of sale or billing system should integrate well with your accounting system. A few other examples include accounting and payroll, CRM and accounting, inventory and accounting, project management and time tracking, and time tracking and payroll.
The more your systems integrate and work as a suite, the better.
It could be you have your systems automated, but the systems are not the best choice for your business requirements. If your systems don’t meet many of your business requirements, it may be time to look for an upgrade or a replacement.
If you are performing a lot of data manipulation in Excel or Access, this might also signal that your systems are falling short of your current needs. Look where that’s happening, and you will have identified an opportunity for improvement.
Look in these three areas in your business, and I bet you’ll not only find an app for that, you’ll also find some freed up time and money once you automate.