While the business world has been steadily moving toward a more digitized, automated environment, many accounting practices are still hampered by manual, error-prone practices. However, with PathQuest SCALE, you can centralize your data, automate secure accounting processes, and reduce or eliminate much of the human error. PathQuest gives you an accounting dashboard that enables full visibility into the financial profiles of departments that were previously disparate. Accounting advisory services, as well as internal and external accounting practices, can benefit from this kind of digital evolution. Here’s how to ensure your accounting practice moves in step with the digital revolution, saving you time, effort, and funds.
With traditional manual accounting services, if you want to consolidate data from multiple departments, you may have to input figures one-by-one or copy and paste sections of spreadsheets. While this can work, it’s a system prone to error. In addition, the time spent combing through rows and columns of data or trying various combinations of search queries can amount to hours of waste and introduce significant inefficiency to your system.
This also creates more work. In fact, 82% of accountants report (1) that companies are asking more and more of them as they try their best to perform an already complex job. With the current situation requiring many repetitive steps that could be performed with automation, the workload for accountants may be—unnecessarily—burdensome. Many companies have a need for a complete solution to grow their accounting practice and increase staff bandwidth, same can be achieved with a dedicated team approach, blended with seamless automation.
The first step is to take care of major issues, particularly challenges faced by your internal staff. These often include:
- Staff bandwidth – finding, hiring, training, and maintaining skilled accountants
- Time-consuming data entry
- Repetitive manual tasks
- Time spent finding and correcting accounting errors
This can be accomplished by outsourcing your accounting. This gives you a blended team approach, and the accountants you get are highly skilled specialists. You also benefit from their experience performing services for several kinds of businesses and producing financial performance analytics. This is easier for them to adapt their techniques and skills to your company’s situation.
Also, as your business grows, you can scale your outsourced team accordingly. Adding new members is easier with an outsourced solution because you don’t have to go through a lengthy internal hiring and training process—it’s all handled by your provider.
Outsourcing your accounting provides several benefits that improve your bottom line while making life easier for your internal staff. These include:
- Greater flexibility when it comes to managing and adjusting your accounting practices
- Cost savings. You can improve your bottom-line by up to 50%
- Services and resources are always available. Your accounting tasks, clients’ books and reports are ready when and how you need them.
Next, you can introduce automation using automated reporting with accounting business intelligence software. This saves time on two fronts: You don’t have to spend time manually making and submitting reports, and you don’t have to waste time going back to fix errors resulting from a tedious, manual process.
To do this, you can use accounting business intelligence software, incorporating it into your accounting system. Check out this blog to learn how.
Automating your reporting system comes with an array of benefits, such as:
- Eliminating all manual reporting efforts
- Integrating all your clients’ accounting software and getting single dashboard to manage all your clients’ reports
- Incorporating smart KPIs you can base your tracking on
- The ability to build a custom accounting dashboard and reports
- Real-time intelligent reports with actionable insights
- Automated monthly reports, as well as packages customized for different situations
- Increased accounting advisory services with your accounting business intelligence software
Once you’ve taken care of major issues and introduced automation into your accounting practice, you can then scale and further automate your practice as needed. This may involve adding systems for new departments, or increasing the range of your accounting advisory services using your advanced business intelligence capabilities.
To scale and expand your automation, you can weave workflow automation tools into your system, such as with your accounts payable and receivable systems. This expedites your processes and gives you the kind of visibility you can use to form strategic insights that adds value to your client’s business growth and ultimately boosts your relationship.
Further, as your business grows, we grow with you. We provide you with the capability to expand services and add new resources according to your need. There’s no need to dive into complicated, time-consuming hiring.
Our upcoming workflow automation tools streamline your accounts payable and receivable processes, enhance visibility through a customized performance dashboard, and save countless hours of valuable employee time. Learn how PathQuest SCALE can help you achieve all of the above. Check out this webinar for more detail.