– ‘There’s an app for that!’ –
Heard that one enough yet?
Same, we get it, we’ve all got some “app-apathy” (try saying that 10 times fast). Even with the proper fundamentals in place, you’ll want to be able to process data as fast as you can.
Of course the faster something is done, the more errors tend to pop-up – sigh. That’s where tech comes in!
By layering tech into your standardized processes, much of the heavy lifting is done for you or eliminated.
Here are the 4 categories of tech to think about to help you process data even faster…
1. Data Entry Apps
An easy example where tech can help is data entry. Popular automation tools like AutoEntry, Dext Prepare, and Hubdoc are extremely powerful. These tools allow users to snap pictures of receipts on mobile apps, upload emailed invoices via desktop app, and have auto fetch capabilities (so long as two-way-authentication doesn’t get in the way). This allows you by-pass a lot of tedious work that your and your employees don’t want to do and don’t have time for.
2. Shared access apps
Another place tech can help is in getting and sharing access to accounts – bank feeds have been particularly troublesome of late. Password management tools like Dashlane, LastPass or 1Password are extremely useful. They help securely share logins between team members and your clients, which can help with manual workarounds and updates. These eliminate the time consuming and sometimes frustrating back and forth that can occur when trying to get access to a wide variety of accounts.
Keep an eye out for solutions in the pipeline as well. If you are in the U.S. check out Relay Financial who are creating a business friendly online bank with reliable bank feeds.
3. Workflow management apps
Having trouble of keeping track of all your possibly *new* standardized workflows, task management platforms like Karbon, Pixie, Asana, Trello and Process Street are useful, and while they vary, generally they allow you to set up workflows and task-lists to ensure that they are getting completed as expected and on time.
4. Financial data review apps
Finally, financial data review can also be automated. Tools like Xenett AutoReview, VERIFYiQ and Dext Precision help you detect anomalies in your financial data and save you time digging through it to ensure it’s of high quality. Not sure if your getting high quality data?
On the Horizon
Technology can be an incredible – albeit shifty – friend. Tech is constantly evolving, while we have provided many examples here, the binary world of 1s and 0s is constantly rearranging. Be on the lookout for new ways tech can augment your accounting procedures.
See you in the future!
Have questions? Reach out at: email@example.com