For the accounting calendar’s busiest month, the dreaded reports for the financial year-end are upon us once again. Since 2020 was such a dismal year, many companies have some serious accounting to do.
There are some easy fixes when it comes to improving your company reporting:
- Reduce your dependence on Excel. Of course, it will always be a valuable tool in any company and especially the accounting office. But if you are still relying on manual inputs on Excel for your reports, you are way behind the curve.
- Find and implement close management accounting software to improve speed and accuracy. Even small businesses can afford cloud-based accounting software like Xero, QuickBooks, or Sage.
- Improve communication between departments. You don’t know what you don’t know, so if there is limited communication between staff, it can hinder reporting.
- Invest in lease accounting software. With complicated fees, different interest rates, and even differing payment terms, investing in leasing software like Xpertek, you can save hours calculating and doing recons.
Investing in automation in your business can give management dashboards to see the state of the company all on one screen. They connect to your accountants and auditors, who can download and submit to SARS. It is as easy as a click and upload.
There are no more excuses for dodgy accounting practices and late submissions.
Bizcash is a Fintech company that helps you manage your business loans, selective invoice discounting, and payments all in one place. It integrates with the central systems to see exactly where you stand on the easy-to-read dashboard. There are no surprises come month end when you need to finalise payments.
The system is in constant development to help you, the customer, to better control your companies’ finances.
With Covid-19 putting a strain on many businesses, saving time on your accounting practices can just be the boost you need.
Remember, Bizcash is here to help you with your business cash flow issues.
For more information on our Invoice Discounting or Business Loan products, get in touch here.
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