How Technology Can Simplify Business Accounting

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By Paul Chappel

Topics: trending tech

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If you’re a time-starved business owner, technology can automate all those nasty administrative and accounting tasks that you dread every month – and really improve your business’s efficiency.

Advancements in accounting software capabilities over the past several years have resulted in cost-effective and time-saving solutions that any business can now afford. With user-friendly interfaces and low monthly subscription costs, adopting these new platforms has never been easier.

On top of covering all the basic accounting tasks (journal entries, financial statements, etc.) these software programs allow you to fully integrate your bank accounts and credit cards. At the click of a button, you can get immediate reconciliation and a clear picture of your cash position in terms of what’s owed and owing.

Cloud accounting has become more popular in recent years too, providing businesses, even more, ease and convenience. For example, many programs allow you to send invoices with built-in automated email notification letting clients know when payments are coming due or are past due. By reaching out to customers in a timely, automated manner, these notifications save time and potentially get money in the door faster.

There are also account payable applications that integrate into these accounting platforms. WayPay, for example, will consolidate all your bank account and credit card funds so you can make quick and easy payments to local and international suppliers from one location.

What’s important is that you do your homework and select the right products with the features that meet the needs of your business today and over time. While you will have to spend some time up front learning the platforms, finding the right technology solution for your business will keep you on top of your finances, allow you to effectively track the money flowing in and out of your business, and give you more time to focus on what you love – running your business.

Disclaimer

The information in this article is for educational and information purposes only and should not be relied upon for decision making. Always seek the expertise of a professional advisor or accountant prior to making any decisions.

Paul Chappel

As Vice President, Partner Success, Paul heads up partner relationships, developing, fostering, and supporting WayPay’s growing set of strategic alliances. With 20 years of experience in financial services and lending, Paul brings industry-leading insight into the team to help strengthen our product offering for clients. His coaching, support, and leadership of the sales team ensure that our clients are kept up-to-date with not only the latest WayPay product offerings but also industry and SMB best practices.