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5 Ways to Avoid Mistakes in Your Accounting Management

Carrying out accounting management effectively is one of the most relevant needs for a company, whatever its size, since, thanks to the periodic analysis and control of the financial structure, it will be possible to make strategic decisions.

The accounting management of a company must be carried out efficiently, an aspect in which variables such as the planning of accounting obligations (among other entities, with the public administration) come into play; accounting of bank receipts and periodic monitoring of all movements, especially of bank checking accounts.

Next, we review 5 ways to avoid unnecessary errors in accounting management:

Perfect tasks with Accounting management software

To ensure that your financial management and accounting are optimal, your best option is to rely on business management software. Thanks to its ability to centralize and process large amounts of data. And its features of process automation, bank document automation, and repetitive tasks. It reduces the margins of error to a minimum. And gives the possibility of simple and efficient actions such as invoicing automatically. Visibility into account status and automated bank reconciliation.

Having an Accounting management software tool for SMEs allows you to unify the different areas of the company, offering you exhaustive control of your business. One of its most noteworthy features is its scalability. That is, if your needs change, you can add features without modifying the ERP system. And, therefore, continue working under the support of a single centralized information system.

Have all the information in real-time

To make the most appropriate decisions and be more competitive, having a resource planning system to know at the moment the status of your company in all areas is a fundamental tool. Also, if you have a business analysis option, you can generate all kinds of analysis, statistics, and reports.

• Evolve at the pace of your company

Your company is not the same as 5 years ago, and it will not be the same in another 5. For this reason, adaptability becomes a key factor so that the evolution of the business is accompanied by growth sustained by tools.

Seek to rely on tools that adapt to you: with a3ERP you have 4 versions that are adapted to each company -including the smallest ones- so you can change the version if necessary. From app to commercial management, POS, CRM … the software incorporates a wide range of modules, which allows you to add functionalities to the growth rate that your company sets. All this, in a centralized and paperless way … so you will avoid errors and duplications in the management of information, in addition to having a single point of access to data.

• Automate the posting of bank documents

Did you know that this process allows you to save up to 70% of the time? 

The Accounting tool intelligently interprets the accounting data associated with bank documents, learning from usage patterns and avoiding confusion.

Generate accounting entries directly in your accounting, which means saving time, practicality, and eliminating possible errors. On the other hand, thanks to its integration with the eBetterbooks. It provides a single work environment from which to access bank documents. An aspect that contributes to greater efficiency in accounting management.

Do you need to get up to date on any document? Thanks to its powerful content search engine. You will be able to carry out exhaustive searches. And its adaptability allows it to be configured according to the user and the managed company.

It is a reality: automated bank reconciliation has enormous relevance within the company since it identifies errors in accounting if there are any. Having this management software allows you to optimize the financial value chain of your organization.

• Always under control with Accounting analysis tools

Have comparisons of income and expenses or sales with the previous year, lists with the main customers. Or best-selling items, sales representatives with the highest sales, etc. It is of vital importance since, at a glance, you can check the status of your business. eBetterBooks incorporates a customizable dashboard for each user with the indicators that may be of most interest.

To know, in real-time, the status of your company, nothing better than having a powerful business analysis module with which to access statistics, comparisons, and reports. The decisions of your business will be established based on objective and assessable data, which is a bonus for effective accounting management, with which to avoid errors.

Immediately access the updated accounting of your clients, with rules that allow parameterization by Company and Bank. In short, improves communication with your clients by entering comments in the accounting information that you send them.

It is an added value that reinforces relationships and that lays the foundations to avoid errors in accounting management, one of the most relevant items for the success of any company, regardless of its size.

• Treasury forecast:

Based on the previous point, not only that we had the entries reflected but also that with that information received from our commercial management. We could anticipate the due dates of payments and collections so that we had an effective treasury management

And we all know that in a company there is another series of periodic expenses that we must also anticipate. Hence the need to be able to record those periodic forecasts as well.

• Budgetary control:

Possibility of being able to register an expense and income budget for our company. On which to base our activity and to be able to see its achievement easily and at any time, being able to see the deviation within the same period or different periods.

• Classification of expenses:

The general accounting plan already gives us the possibility to classify the accounts according to the nature of their expenses. But also to be able to make classifications to obtain profitability by Cost Centers, departments or even projects

For the best accounting management. You can connect with many accounting services like eBetterBooks, which helps many small businesses and entrepreneurs to get easy accounting processes so that you can focus on what is more important for your business and finances

 

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