Do you have accounting staff who spend a lot of time data processing, so much so that they have no time to deliver the more valuable management reporting?

This was for so long the lot of the accounting department. Depending on the business size, there could be one or more people tied up simply typing numbers from purchase and sales invoices into the bookkeeping software. I’m sure more than one head of finance has wondered why technology can’t be harnessed to stop their staff being occupied with this seemingly wasteful use of time. It would also speed up the month end reporting, to use technology to process this data more quickly.

Happily, accounting software is slowly but surely catching on to the possibilities.

Leading the charge are the cloud accounting software companies and their third party partners. I can think immediately of two well known online companies who provide invoice and receipt OCR (Optical Character Recognition) processing, although there are several more. The processed invoices then feed directly into a chosen cloud software solution – with a pdf of the invoice attached to the transaction and stored in the cloud for easy reference. This makes life much easier for both client and accountant to get to the information they need, and report on that information in a much more timely manner.

In the accounts services team at our Leytonstone office, we keep abreast of the constantly developing cloud software market, identifying products that will save time for us and more importantly for our clients. As we all know, time is money!

Contact us to find out more about how cloud accounting could help your business.