If you’re in the process of buying a new enterprise accounting software, there are 3 things you should consider before you make your purchase. These tips will help you select the software that best suits your business needs.
Automate invoices
Invoice processing is a major component of the financial process. It helps businesses maintain cash flow and ensures that they are not liable for any late payments or penalties. Using an automated invoice processing system can help streamline and improve the processes involved with this part of the accounting cycle.
A good way to automate invoices is to use a software solution that will parse, match, and validate the data in your invoices. This can save you a lot of time and money. For example, using an automated invoice processing system can reduce your manual labor hours and your cost per invoice.
Another benefit of using an automation solution is that it will improve the speed and accuracy of your accounts payable processes. This will help your business become more efficient and avoid costly errors.
Using an automated system to parse, match, and validate the information on your invoices can also save you a lot of time and money. As a result, you will be able to process your invoices faster and make your business more eco-friendly.
Automate expense reports
The ability to automate expense reports with enterprise accounting software can be very beneficial. It helps you maintain accountability, track spending, and keep up with local and federal tax regulations. Having an automated expense management system can also help you detect fraud or double payments.
In order to automate expense reporting, you need to select the right software. You should find one that offers the right level of functionality, enhances the user experience, and offers after-sale support.
Having an automated system can significantly improve the time it takes to approve expense reports. This helps finance teams quickly put together reports and push approved reports into the payment processing cycle.
Automating expenses reduces the cost and risks associated with manual data entry and auditing. For example, when employees submit expense reports manually, they can make a mistake or submit out-of-policy items. These mistakes can lead to incorrect reimbursements or penalties. When the expense report is sent to the finance department for approval, the error can be tracked and corrected.
Migrate financial data
If your company is considering moving to a new accounting software package, there are several steps to take before your data is transferred. These include data verification, creating a data map, and making the right choices.
The first step in verifying your data is to determine a cutover date for the migration. This date will allow you to enter a trial balance and other important financial information into your target system. However, the best time to move your data is usually at the end of the fiscal year.
A data map is a simple and effective way to ensure that your data looks the way it does in your target system. It matches fields in your current financial system with those in QuickBooks Online. By mapping your data, you ensure that it is a hassle free transfer.
Using a data map will also show you how to convert the data you have into a format your target system supports. Once you have completed the data conversion, you will be able to import it into your new system.
Secure financial information
If your organization uses an enterprise accounting software, it is vital that you protect it. Hackers and other cybercriminals can steal financial data and cause significant damage. Accountants and finance teams must consider these risks when putting security measures in place.
The first step to accounting cybersecurity is to choose the right system. The accounting software you use should be flexible and offer strong encryption. It should also have automated internal security functions. In addition, it should be secured with backups.
Some of the most popular accounting systems have been breached recently, and customers and organizational data have been compromised. These security breaches show that basic security features aren’t enough. Instead, organizations need to pay more attention to online protections.
Using a cloud-based accounting software is a great way to keep your information secure. Cloud-based applications are hosted remotely, and your data is accessible on demand. You can also use mobile apps, which make it easy to check your financial information anytime and anywhere.