The technology world is continually evolving around us, but how does this affect the accounting industry? Although it may be perceived as an unlikely pair, technology and accounting go hand in hand. Recent accounting technology software, methods, and possibilities have produced exciting results for Signature Analytic clients, who rely on us for their outsourced accounting solutions. We recently had an accounting technology webinar with SkyriverIT and focused on using the right accounting technology in your business and how it can give you a competitive advantage. Accounting technology can improve Accounts Payable and Receivable efficiency which will provide solutions to save you time, one of your most valuable resource!
Accounts Payable Solution
There are many technology tools that help create Account Payable processes and get your vendors paid faster. One technology solution is cloud based programs for invoicing. One of the benefits of using cloud based technology, is the ability to do work everywhere, not just in the office! For Accounts Payable, you can create a payment approval process. When you are approving these invoices, you can use a workflow through the cloud and set up rules. This will lead to more organization and offer one-click payment options. It can eliminate the chance of invoices being paid late because they are lost on desks, and the risk of sensitive information being left out in public. With the cloud technology solutions, all information is secure and available only to authorized users.
Integrations give the opportunity to set up ACH payments or checks that get generated and mailed. Setting up an automated process through an integration is a great way of managing accounting systems and making sure things are current in real time. It eliminates the risk of double paying, incorrect entry, and human error. These risks are harder to detect and can cause issues down the road. Integrations are able to catch mistakes by setting up audit trails, being able to search and find transactions and payments, run custom accounting reports, and other tools!
Accounts Receivable Solution
A crucial part of successfully running your business is billing your clients or customers and collecting payments in a timely manner. Cloud based invoicing gives you the ability to accept payments online through ACH, credit card, or PayPal. You are able to set up branded customer portals where they can view their invoices, statements, and past payments. They are then able to use self service to make payments. You can set up processes to alert the accounting department when payment is received, set up and send payment reminders, and give the option to have recurring payments. These tools are extremely efficient and save both your customers and business valuable time!
There are many additional benefits to having a comprehensive and cohesive accounts receivable solution:
- Bank-vetted, leading edge security
- Automation of business rules for payment approvals – allows strict enforcements and accountability
- No need for check stock in the office
- Clear separation of duties with defined roles and system access
- Detailed audit trails show who did what with date and time stamping
- Automated to do list reminders
- Cloud-based document storage
Get Paid Faster with Accounting and Technology Integration
In our webinar, SkyriverIT shared how they used the integration of technology and accounting to get paid faster. The average time was 60 days to collect payment. After integrating technology and accounting, they improved their process and average payment time was reduced to 7-10 days! How was this possible? SkyriverIT used part of their marketing department’s technology, a drip campaign and created automated accounting payment reminders used with marketing auto responders. The benefits of using drip campaigns for accounting are phenomenal:
- Use email marketing for payments
- Through the drip campaign, you can see who has and hasn’t opened invoices, and set up autoresponders based on their engagement
- Engage with the customers
- Customizing communications based on customer engagement reduced payment time from 60 days to 7-10 days on average
We Can Help
If you need assistance in taking advantage of the right accounting technology for your business, contact Signature Analytics. We can set up a consultation to learn about your specific business needs and advise on the accounting technology that is the best for for you. If you need frustration free IT services, contact SkyriverIT. They can provide outsourced IT support, that allows you to focus on your growing business! There are many other accounting technology solutions available including QuickBooks for customer invoicing, real time access to digital files which allows for immediate import and review, automated payment solutions, and more. These solutions will save you valuable time and help move cash forward. Make an impact on managing business and contact us today!