How to Go Digital with Accounting in 3 Easy Steps

The last decade has witnessed significant changes in terms of going completely digital. The transition to complete digitization has already begun. Firms, big and small, are going completely digital to reap the benefits of the advancements in technology and science.

Everything happens online now. So, why should your accounting practice be left out? 

How to go completely digital with accounting: the steps

This process of becoming a true digital accounting practice can seem challenging. But if you abide by a step-by-step procedure, you will reach your goals.

1. Value maximization of your apps

Bookkeepers and accountants, unfortunately, still find themselves struggling to find enough time. Time for what? – to solve minor issues related to the invoices, paperwork submitted by clients, invoice and payment approvals etc. Given this, businesses can considerably improve bookkeeping by maximizing the value of modern automated apps used for documentation purposes.

2. Choose a focus area

When you’re beginning this journey of digitization, you need to choose one focus area. It would be suitable for accounting businesses to work on areas like data collection, invoice collation to streamline or modify the business processes. Automating and optimizing business processes will help improve ROI and establish a scalable workflow.

3. Change the paper-based parts of the accounting process

Firms that are still paper-based in their approach to accounting need to introduce technology into the process.

Why?  – Implementing the right tools and software will facilitate profitability.

How? – Accountants do not have to spend a considerable amount of time entering data or dealing with receipts, and this will leave them with enough time to concentrate on client interaction.

Decisions to streamline data entry to real-time, automate invoice processing, etc., increases efficiency. It will give you the chance to spend your time doing valuable work rather than clerical work.

These are the basic steps to becoming a digital accounting practice. Now that you are well-versed with how to proceed let’s discuss automation.

Implementing automation of invoices in your accounting firm is critical for digitization. In fact, a survey on cloud accounting software has reported that 94% of accountants are relying on cloud solutions.

Invoice automation software features

Automation of the paper-based portions of the business is essential, and it will save time, reduce costs, and increase ROI. The two crucial business parameters- productivity and profitability- show a marked improvement.

Here’s how invoice automation software can smoothen the accounting practice business process:

• With the help of the invoice automation software, you can download invoices automatically from various portals like Amazon, Flipkart, etc. It will check portals, download invoices, and store the same in a secured cloud folder. 
• Invoice automation software can even scan invoices from emails and identify electronic invoices. So, you can bring in all invoices to a particular location.
• There is also a mobile app that accompanies GetMyInvoices invoice automation software. Through this app, you can scan paper invoices on your phone. The app is compatible with iOS and Android, and it is also free of cost.
• By automating invoice management, the payment process becomes more manageable and easy. You may set payment runs with the corresponding payment dates.
• GetMyInvoices, an invoice automation tool, has optical character recognition (OCR). OCR makes it possible to scan and identify essential data from invoices. You can store this data and make use of it as required.
• GetMyInvoices also facilitates the integration of the software with third-party applications. These include ERP, taxation software, accounting software, etc.

To become a true digital accounting firm, it’s important to automate invoice management. It will save your precious time and bring down operational costs. Ultimately, you will see a boost in your accounting firm’s productivity. 

Discover GetMyInvoices