New | Finding Efficiencies Within your Accounts Receivable

Finding Efficiencies in your Accounts Receivable

Cloud-Based accounting enables business owners to be more efficient with their bookkeeping practice. How can it help your business? We sat down with Nick Adamson, a Bookkeeper at BSG, to learn more. 

Music: Bensound.com

Before Cloud-Based Technology

The process begins when you receive a bill. You pass it on to your bookkeeping team, and they store it to eventually enter it into your records. When they enter it, it must be approved by you, and processed by your bank before it can be paid. Now let’s prepare a cheque to pay for that bill and send it to your bookkeeper. It is highly likely that your Bookkeeper is remote, so you’ll have to wait a few days for the cheque to be mailed, approved, and sent back to you. To some, this process might not seem too cumbersome. But when you multiply it by the number of bills that come in and out, you could soon find yourself focusing on administrative issues rather than your business.

So how can this process be improved? Cloud-based systems can reduce the time it takes to process transactions by both parties while reducing the possibility of human error at the same time. These technologies do the administrative work for you, often shortening processes that took weeks down to a matter of days. These software’s do all of this in the cloud, keeping a permanent record of your transactions in case you need to review anything.

Read: Finding efficiencies within your Payroll processes

With Cloud-Based Technology

Now when you receive a bill, software can be used to process bills and receipts on your behalf, saving time for you and your bookkeeper. With the right blend of tools, you can process transactions, sign cheques, get them approved, and get money in the right accounts faster. With the software doing most of the data entry and processing, all you must do is quickly review transactions. It’s that simple, and now you can get back to your business

That’s just one example of how cloud-based systems can help you. Want to find more examples? Simply think of tasks that take up a lot of time each month, and you can most definitely find a software integration that can improve it. We can help you find more and digitize your records for you here at Business Sherpa Group.

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