Why automated accounting software is the key to growth
By Bruce van Wyk, director, PaySpace
Accounting systems that rely on outdated business tools such as Excel spreadsheets and Post-it notes are inefficient. The modern workplace is driven by the need to increase profits and productivity, and automated solutions can give businesses a significant boost - especially for companies pursuing multinational expansion, says Bruce van Wyk, director at PaySpace.
Accountancy practices have much to gain from mobile, cloud-based technologies. As companies across various industries adopt new technologies in pursuit of business growth, they require smarter, faster accounting services. If you want to grow your practice, consider the following:
Spend less time on admin
Admin plays a prominent part in an accountant's daily job. Repetitive tasks are part of the role - but they take up a lot of valuable time. Of course, it's crucial that clients' deadlines are met and all legislation is adhered to, but this doesn't need to happen at the expense of more strategic projects.
Accountancy software can automate critical functions such as tax equalisation and salary gross-ups. You no longer have to manually process these time-consuming, iterative calculations - this will give you more time to focus on business growth. It also means your clients' needs are met on time, unaffected by human error or oversight.
Automated technology with cloud analytics that integrates with your accounting software can even generate reports at the click of a button. Employee salary information, including all perks and benefits, can be crunched automatically as well sent directly to the relevant tax authorities, saving you tremendous amounts of time.
Some of your clients may be multinationals with offices around the world. Not all regions, or even countries, are alike. The legislative requirements of, say, Nigeria versus Kenya, are vastly different, and companies are all too easily tripped up by unfamiliar rules and regulations. Automated accountancy software with a robust cross-border solution can help your clients stay up to date with all local legislation and regulatory requirements.
This means you can position your practice as an expert service provider to businesses looking to expand into lucrative international markets.
Focus on strategy
When routine administrative tasks are automated, you and your team can spend more time on your client's finances and provide support in line with their business strategies. With more time available to gain greater insight into the challenges and opportunities your clients are facing, you can offer them better business advice and support.
This is a crucial distinction - to shift your role from accounting administrator to trusted advisor. Thanks to automated reporting and trends analysis, you can adopt a far more strategic role and generate real business solutions to potential cash flow problems before they arise, or even identify investment opportunities that could help improve profits.
Automated software is key to keeping your clients satisfied and your practice competitive. The right technology can help you manage all your clients' payroll administrative needs quickly and efficiently, and thus help improve their businesses. This will, in turn, help you outsmart your rivals and grow your practice successfully.