Three Tasks Accountants Should Be Automating
Even though it can be tempting to continue using the same old processes and workflows because, after all, they’ve worked for years, automation can definitely make your life as an accountant easier. Here are some tasks that accountants should do.
Net Profit/Loss Statements
Whether you calculate net profit and loss manually or try to use a spreadsheet, the time it takes can easily swallow up most of your day, if not longer. With automation, you can not only save significant time, but you also can reduce the likelihood of human errors corrupting your results.
For example, Accountants Should Do: use software that automatically brings in all pertinent profit and loss data, providing you with accurate results you can share with clients. You can also automatically produce graphs and charts showing how this quarter’s net profit/loss figures compare with previous quarters or years. In this way, you give your clients deeper insights into the health of their operations.
Comparing revenue can be a powerful way to assess how well a business is doing. With accounting automation software, you can generate a range of revenue comparisons that help put business performance into perspective.
For instance, you can use an accounting dashboard that automatically displays revenue comparisons showing how a business was doing during a previous period compared to how it’s doing now. If you provide accounting services for franchises or organizations that have multiple retail locations, automated revenue comparisons come with even more value.
For example, suppose you’re providing accounting for a restaurant chain that has several locations spread across urban and suburban areas. The owners may be interested in how each location is performing compared to the others. Using a performance dashboard, you can automatically surface revenue figures for each restaurant.
You also have the option of automatically producing historical revenue comparisons. This could equip the owner with the ability to observe how different locations perform given similar economic conditions, during drastic weather events, or after changes have been made in the supply chain.
Accounts Payable Processes
Regardless of how much cash a company has on hand, it can be a challenge to stay on top of accounts payable simply due to the complexity that comes with working with several vendors, each with its own payment procedures and timelines. But with accounting software, you can automatically pull in your accounts payable data, organizing it according to vendors, accounts, and other categories.
For example, Accountants Should Do: you can use an automated accounts payable system to:
- Show a client the vendors they owe money to, in order from the largest obligation to the smallest.
- Let a client see, at a glance, the accounts that have gone the longest without payment.
- Show a client whether or not increases in overall accounts payable levels translate into more—or less—productivity for the business.
With PathQuest’s tools, you can automate these and many more elements of your accounting processes. There’s no reason to spend hours or days customizing spreadsheets, making edits, and generating presentations. This can all be done for you with a few simple clicks. To learn how, connect with PathQuest today.