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Many midsize companies spend more time on accounting than they need to. Here are some of the most powerful but least utilized automation features available in today’s accounting systems.
Prepare and Distribute Reports Automatically
Managers usually rely on a standard set of financial reports. Rather than have accounting staff prepare, and distribute those reports, you can configure your accounting package to prepare and distribute reports automatically.
Make Recurring Payments Online
Paying the phone bill each month is a time-consuming chore. But if your financial system supports online bill paying, you can process recurring payables automatically.
Receive Automatic Notice of Impending Problems
The best time to find out about a financial problem is before it happens. Using the alerts technology available in many accounting systems, you can warn appropriate managers of potential trouble. You can instruct your software to notify the credit manager any time a customer comes within 2 percent of their credit limit.
Transfer Data from Spreadsheets Electronically
To save time and reduce errors, use the import functionality available in most accounting packages to download financial data from spreadsheets.
Automatically Reconcile Ledgers and Account Statements
Reconciling general ledger reports is such tiresome work that some businesses unwisely neglect it. Let your software automatically reconcile sub-ledgers to the GL.
Finally, whenever you automate with your accounting software, make sure to record the details in writing and share them widely. Too often, only a few insiders understand how an automated process works.