10 Accountancy Tools You Should Be Using This Year
As accountants, we do much more than just counting numbers!
To help you on your quest to be even more valuable to your business, we’re bringing you a comprehensive list of the top ten accountancy tools you should consider using in 2019.
Are you tired of chasing up employees for pieces of paper and receipts? This bane of the accounting world has a solution – and it’s not a ban on expenses!
Expensify looks to simplify the process of submitting this proof, both for the employee and for the accounting team. It uses OCR tech to scan the receipt and match it up with a category, like food or mileage. You can approve these and intervene if you think the system has gotten something wrong.
Not everyone wants to move to a totally digital system, so you can use this in tandem with your traditional system. This lets everyone ease into the new way of submitting this information, with good old paper copies as a backup.
You can also run reports on these expenses, so you can easily see the costliest categories on a daily, weekly or even yearly basis. This is the kind of information that you really want to arm yourself with for financial meetings to show that you’re a proactive part of the accounts team.
International businesses can struggle to keep track of their accounts, with different currencies and payment methods to synchronise. As an accountant, much of your time may be spent trying to track down these payments and convert them into one currency.
Tipalti is a cloud-based payment system that offers 120 different currency options to work with. It also deals with late payments, which can be a weight off your workload!
If you already have a system like Xero or Oracle in place in the business, then it’s possible to integrate these together. This allows Tipalti to manage the payments and then your existing system can reconcile them.
Instead of spending time chasing the people that you need to talk to – especially those that always seem to dodge their paperwork! – you can use this all-encompassing chat tool. Organise your conversations into teams and subjects, so only those that need to know get the information.
This can be brilliant for expense recording and tracking, as you can sync the employee and their line manager in a single chat.
If you’re trying to collate information and need some extra input from other teams, then this makes it quick to ping over. There’s no need to go to the other department, write a lengthy email, or call them up to ask about a mystery transaction anymore!
Forecasting and reporting can be time-consuming, but you can use tools to lighten this load. Adaptive Insights looks quite like Excel, which speeds up the amount of time it takes to get accustomed to it.
The interface of this software is very user-friendly, giving you powerful insights without a complicated system. There are even video tutorials that you can watch to get accustomed to the platform.
As it’s cloud-based, you don’t need to share files to work together on projects. Sharing reports can also be done with the click of a button, allowing you to take charge of forecasts simply. All changes are tracked, so if you’re working as part of a larger team, there’s accountability for these actions.
This big name in the financial services world can be hugely helpful to the accounting department. Automating payroll and payslips can save a lot of time, which may be better spent on other tasks.
If you always lag behind getting payslips out to employees, then QuickBooks can change that. It also helps you to calculate maternity or sick leave, and it has the option to generate pension contributions too. With many employers struggling with the paperwork and time involved in the workplace pension scheme, this can be a good way to recoup lost productivity.
There’s also a mobile app for this software, so you can manage all this information on the move, ideal for answering those quick questions from your colleagues.
This is a real all-rounder when it comes to business software. Not only is it useful for finance, it can also be used for CRM and IT. This can be helpful for businesses that want to have all the right information in one place.
The sales and marketing team can feed their statistics into Zoho, which can then be used by finance. This can also be used for internal communications and task planning, and can give management and finance a high-level view of the entire organisation.
The finance dashboard can take care of invoices, tracking payments, expenses and project costs. There’s also a mobile app that can be downloaded by different teams, then used to update figures wherever they are.
Collaborating on timesheets can cause a headache for accounts, human resources and line managers. Communicating budgets for overtime, workflow and payments can be simplified by software like Shiftboard.
This is a collaborative tool, which allows employees to swap shifts, request time off, opt into overtime shifts and more.
For industries that have busier and quieter times throughout the year, this can help you to keep on top of scheduling and wages - seasonal rotas can become hectic, especially for accounts and HR.
Shiftboard can be accessed by employees via their mobile app, and you can even use it as a messaging system.
Using this tool allows accountants to access their information no matter where they are. This can also lead to better collaboration, as others can input information into the same sheets. You can lock these for editing and give different user permissions to keep the information secure.
Creating templates that do the legwork for you will free up your valuable time. You can also use the easy data visualisation tools for presenting info to management. Working smarter will give yourself more time to focus on other aspects of your role.
We all need to keep on top of those important days in our calendar, especially when it comes to financial reporting. This handy app creates a calendar for you and you can add charts or to do lists on top of this.
The financial tools are also helpful for accountants, as there’s an integrated calculator and other functions within the app. You can use this for meeting scheduling, as well as fiscal reporting.
The app gives you the flexibility of adding meetings and sending confirmations in just a few seconds. You can also share any materials that you need to before the meeting, like forecasts or charts.
How often do you mean to take a note of something, only to forget it a few minutes later? You chastise yourself, wishing you’d written it down right away - it happens to us all!
Google Keep is a very simple note taking app which syncs up with your Google account. This also records voice notes, and if you’re at the wheel you can even ask Google Assistant to take notes for you.
With so many accountancy tools to test out, what are you waiting for? Branch out from your usual go-tos and try these accountancy tools to make your work more streamlined, more efficient, and more productive in 2019.
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