Improved integrations – data flow vs data entry
Improved integrations between accounting software and the apps available in their ecosystems can solve complicated problems in amazing ways.
As the world moves to digitalisation at an incredible pace, accounting software providers are keeping up. With hundreds of apps already compatible and available for all business sizes, leading providers – Xero, Sage and Quickbooks – continue to improve how their connections work so business owners can automate, gain insight, and grow.
These improvements are transforming the way that businesses, their employees and their accountants can work together to collate, manage and act on financial information.
Expenses – save time on expense submissions and reduce errors. Simply send a photo or scan of a receipt to your software and it will automatically select the details to populate an expense claim.
Invoicing –improvements to invoicing driven by machine-learning, automation and simpler workflows mean businesses will be able to create and manage invoices faster than ever before.
Bank feeds – automatically approve transaction matches based on rules you can apply as a user, removing the need to manually approve bank transactions.
Payment solutions – better integration with online payment systems such as PayPal, Stripe and GoCardless help you automate your payment process and get paid up to 50% faster. Take a look at our recent article, ‘Payment solutions – get your cash flow flowing’ to read more.
Till systems – work in retail or hospitality? Xero alone has over 40 till systems and retail apps which seamlessly connect to its accounting software to give real-time views of performance, keep track of stock, and gain insight on customer trends and behaviour.
Project management – reduce payment error and save time by using time entries from project management apps connected to payroll to pay employees from a single set of data rather than having to enter it twice.
Paying suppliers –– save time on data entry by extracting key information from email/pdf supplier bills electronically to auto-populate fields.
Hubdoc – is a new app specific to the Xero ecosystem that automates administrative tasks such as financial document collection and data entry – saving time in chasing up information, giving more time for data analysis.
Customer relationship management (CRM) – get to know your clients or customers, keep in touch, and get better insight into sales data. Connect your CRM with your mailing, project, or billing system to manage data effortlessly.
Making Tax Digital (MTD) – Xero, Sage and QuickBooks are all fully-compliant with Making Tax Digital. A combination of existing and new apps mean that businesses will be able to collect and process the data needed to easily submit quarterly returns. Automated returns could also become a reality.
Improved user interfaces – client interfaces have become more intuitive than ever before for business owners and their accountants or bookkeepers.
The future is…
We’ve covered just a few examples of how the digital world of accounting software is changing with a constant cycle of innovation and enhancement.
The future of accounting software will be one where data entry becomes minimal. Your data will flow seamlessly from its source into your accounts, to your accountant or bookkeeper, and to the relevant authorities to satisfy your business compliance.
Taking advantage of ever-evolving technology will help you retain a competitive advantage. Gain better value from your accountant by utilising time they currently spend on completing admin tasks for you to gain valuable insight into your business, so it can grow and prosper.
To find out more about cloud accounting software, which solution would best suit you, and how their relevant integrations can help your business, contact Jane Spraggs.