What Do We Mean By ‘Cloud Accounting Automation Tools’?
Cloud accounting automation tools are software applications that leverage AI and cloud technology to automate routine accounting tasks – and Sysynkt’s tools are amongst the very best available today. They offer a range of features, such as real-time financial reporting, seamless integrations with payment gateways and e-commerce platforms, and automated data entry. These tools not only streamline your accounting processes but also provide valuable insights into your business’s financial health.
What Can Be Automated Using Cloud Accounting Automation Tools?
There are a wide variety of different tasks that can be handled using cloud accounting automation tools like those available from Sysynkt, including all of the following:
Payroll Payment Runs
One of the most tedious and time-consuming tasks in businesses is managing payroll. Cloud accounting automation tools can greatly streamline this process by automating payroll payment runs. Whether it’s calculating the correct amount to pay each employee, deducting the right amount of tax, or even making the payments themselves – these tools can handle it all. This not only saves time but also reduces the risk of human errors, ensuring that your employees are paid correctly and on time.
Company Financial Reporting
Another key area where cloud accounting automation tools can prove invaluable is financial reporting. These tools can automatically generate a range of financial reports, including income statements, balance sheets, cash flow statements, and more. By pulling data directly from your financial transactions, these reports are always up-to-date and accurate. This means you can quickly get an accurate picture of your company’s financial health at any given time, enabling you to make more informed business decisions.
Importing and Reconciliation of Data from Other Platforms
In most businesses, financial data is spread across various platforms, which can make some core bookkeeping tasks harder. However, cloud accounting automation tools can automatically import financial data from a wide range of sources, centralise it all in one place, and reconcile it too – ensuring that your financial records are always complete and accurate. Whether it’s sales data from your e-commerce platform, expense data from your expense management system, or even bank transactions from your bank, these tools can handle it all. This greatly simplifies the process of managing your financial data, saving you both time and effort.
Export of Data to Outside Platforms
Just as cloud accounting automation tools can import data from other platforms, they can also export data to them. This can range from sending financial data to your CRM system to help your sales team better understand your customers, to exporting data to your inventory management system to help manage stock levels. By seamlessly integrating with other business systems, these tools can enhance the overall efficiency of your business operations.
Allocation of Funds of Purchasing
Effective financial management involves not just tracking income and expenses, but also allocating funds for future purchases. Sysynkt’s cloud accounting automation tools include powerful AP automation capabilities, which can simplify this process by automatically calculating how much money you have available for purchases and helping you allocate it effectively. This can help prevent overspending and ensure that your business always has the funds it needs to operate smoothly.
Authorisation for Purchase (AFP) Processes
In many businesses, purchases need to be authorised before they can be made. Again, the AP element of Sysynkt’s cloud accounting automation tools can automate this process, ensuring that purchases are only made when they have been properly approved. This can help prevent unauthorised purchases and ensure that your business’s spending is always in line with its budget.
Invoicing and Collection
One more area that can be automated using cloud accounting tools is the invoicing and collection process. These tools can generate invoices, send them out to clients, and even follow-up on overdue payments. This ensures that your business gets paid on time and improves your cash flow.
The Impact of Cloud Accounting Automation Tools on Productivity
The automation of all all (or even some) of the activities mentioned in the previous section can have a big positive impact on company productivity, in particular by yielding the following benefits:
One of the biggest advantages of cloud accounting automation tools when it comes to productivity is their ability to save time. Traditional accounting methods can be time-consuming and prone to errors. However, by automating repetitive tasks, these tools free up valuable time that can be invested in more strategic, revenue-generating activities.
Elimination of Human Error
We may not like it, but ‘human error’ is an inescapable part of life, and an inescapable part of having humans perform tasks. However, Sysynkt’s cloud accounting automation tools can put many of these tasks in the hands of a machine, which then means human error can be eliminated from those tasks.
Freeing up Staff
By taking over tasks previously done by humans and doing them quicker and with less error, the use of Sysynkt’s automation tools also delivers one other key benefit – it frees up the staff that were assigned to those tasks to work on something else, or work less hours. This enables companies to really streamline their operations, making sure that people are only used where they are really needed, and that repetitive tasks are done as quickly and accurately as possible.
Real-Time Financial Reporting
Cloud accounting automation tools can also provide real-time financial data. This immediate access to up-to-date financial information allows for quicker decision-making, enhancing your business’s agility and responsiveness.
Sysynkt’s cloud accounting automation tools also integrate seamlessly with other business applications, such as payment gateways and e-commerce platforms. This connectivity eliminates the need for manual data entry, reducing the risk of errors and improving data accuracy.
Cloud accounting automation tools can automate a wide range of accounting tasks, from raising an invoice and carrying out basic bookkeeping tasks to handling payroll and delivering complex financial reporting. By integrating these tools into your business, you can improve your financial management, increase efficiency, reduce costs, and ultimately drive business growth. As we move into an increasingly digital future, the use of these tools is only set to become more prevalent. So why wait? Contact Touchstone FMS today to see how you can start automating your accounting processes with Sysynkt Purchasing For SunSystems, and begin enjoying the benefits of cloud accounting automation.