How Accounting Automation Empowers Businesses Owners
Accounting automation has become an essential aspect of modern business management. With technology evolving at a rapid pace, businesses of all sizes are adopting innovative solutions to streamline their financial processes to save time and stay compliant. But there's one more important benefit to automation that's often forgotten: the full visibility of your financial data. Business financial insights help you to understand your business performance and better plan ahead.
Accounting tools like Dext Prepare and Dext Commerce allow you to collect, process and store data from expenses and digital sales - thus helping your business remain compliant and become more efficient. But you already know that. However, as your accountant might tell you, it's the real-time data you can access that give you those real aha-moments. These tools empower business owners with valuable insights, improve financial outcomes, and facilitate better decision-making.
Today, we'll explore the numerous benefits of incorporating accounting automation tools into your business operations to help you strategise better and grow faster.
1. Comprehensive View of Business Performance
Accounting automation tools offer a holistic view of your business performance. By automating data collection and processing, these tools provide real-time business financial insights into key performance indicators such as expenses, sales, and profits. This information helps you gain a deeper understanding of your business's overall financial health and identify areas for improvement, so you can make informed decisions and capitalise on new opportunities. If you're not familiar with financial data analysis, no problem: your accountant will use this data to guide you.
2. Better Overview of Product or Service Performance
As well as being able to see the big picture, accounting automation solutions such as Dext Prepare and Dext Commerce enable business owners to evaluate the individual performance of each product (or service) offered. By identifying internal trends and possible gaps, you can adapt to market changes and make the most of new opportunities.
3. Easy and Quick Access to Expenses and Sales Data
Managing expenses and monitoring sales can be time-consuming and prone to human error. Dext Prepare and Dext Commerce eliminate these issues by automating the entire process. Since all the information is safely stored in the cloud (with bank-level encryption), you can easily access your expenses and sales data anytime, anywhere. This level of accessibility enables you to stay on top of your finances at any time, whenever you need - and your accountant can easily access it too, without having to call or email you.
4. Enhanced Financial Outcomes
Accounting automation tools can also help businesses enhance their financial outcomes by improving cash flow management. That's because, if your data is in order, it's easier to identify cost-saving opportunities and increase profit margins. Although each product deals with different sets of data, both Dext Prepare and Dext Commerce can provide detailed information for your financial reports, enabling you to make data-driven decisions that will improve your business's financial standing.
5. Improved Financial Forecasting and Planning
Financial forecasting and planning are crucial for the long-term success of any business. Dext Prepare and Dext Commerce allow you to collaborate with your accountant more effectively, using accurate, real-time data. This collaboration leads to more accurate financial projections, enabling you to make better, data-driven decisions regarding expenses, investments, growth strategies, and even risk management. In fact, talking about accountants…
6. Better Advice from Accountants
You probably only think about them around the time you need to submit your taxes. And yes, keeping your books up-to-date and your business compliant is crucial. But the type of business advisory we mentioned above is one of the most important services your accountant can offer you. To get there quicker and not waste time, your financial data must be in order.
By automating mundane tasks such as data entry, Dext Prepare and Dext Commerce free up valuable time for your accountant. This allows them to focus on providing you with more strategic advice and insights, ultimately helping your business grow. With access to accurate, real-time financial data, your accountant can offer tailored recommendations that will have a direct impact on your business's success. And here's a secret: that's what they actually love to do!
Business Financial Insights to Help Your Business Stand Out
Accounting automation is no longer a luxury but a necessity for businesses in today's competitive landscape. And that's not only for large enterprises either: businesses of all sizes can benefit from technology to ensure the financial data is in order and have the full visibility needed.
By leveraging tools like Dext Prepare and Dext Commerce, entrepreneurs can gain better business financial insights to understand their performance, make data-driven decisions, and improve their overall outcomes. It's easier and more cost-effective to work with an accountant too, since they don't need to be paid to manually enter data - allowing more time for valuable insights and advice instead.
If you're looking to streamline your accounting processes and empower your business with the right insights, consider implementing accounting automation tools into your operations. They integrate with your main accounting software (such as Xero or Quickbooks) and a variety of other platforms too, streamlining your admin.
- Dext Prepare (former Receipt Bank) allows business owners to easily capture, store and upload expenses and financial records to the main accounting software – anytime, anywhere. Fully automate your expense management and bookkeeping process, and use the time to focus on running your business. It’s the fastest, most accurate and reliable accounting tool in the market. Try it for free and see it for yourself.
- Dext Commerce (former Greenback) fetches and consolidates sales transaction data in real-time from e-commerce websites and digital payment platforms. It gives you the peace of mind you need without the stress of dealing with never-ending spreadsheets and helps you keep your business tax-ready - doesn't matter where in the world you sell. Start a free trial here!
