In today’s business landscape, entrepreneurs often face challenges primarily related to finances. Capila Advisory offers a solution: efficient digitalization and automation of accounting processes. This approach isn’t exclusive to large corporations; small and medium-sized enterprises can also reap its benefits, simplifying their workload and enhancing their competitiveness. Here are practical tips on how to achieve it.
- Automate Invoice Generation
For companies dealing with recurring clients or invoicing repetitive items, automating this process is beneficial. Also ripe for automation is the preparation of invoice supporting documents, such as sales reports from sales representatives, leased space documentation, or even time records from attendance systems. Once the process is well-defined, suitable software can automate it, potentially resulting in significant time and cost savings alongside automated invoice issuance.
- Modernize Recruitment Processes
When considering automatable processes, we should look beyond what’s typically considered traditional accounting tasks associated with tax payments. Systems can automate recruitment processes, collecting employee personal information, conducting initial training sessions, or drafting employment contracts. This eliminates unnecessary paperwork, streamlining payroll tasks and enhancing clarity.
- Don’t Lose Receipts, Boost Efficiency
Procuring expense receipts can be a daunting task for many companies, especially if they issue payment cards to employees, leading to dispersed receipts. The longer a receipt is lost, the lower the chance of recovery. Missing receipts translate into non-deductible expenses, increasing income taxes the company must pay to the state. Automation can lend a helping hand in such cases. A digital system can precisely track which cards have missing receipts, proactively flagging potential accounting issues and often resolving them preemptively.
- Optimize Invoice Receipts with Intelligence
Entrepreneurs aiming for efficiency typically set up a centralized email inbox, acting as an electronic collection point. Here, automated functionality comes into play, correctly categorizing invoices, processing them, and forwarding them to another business system. Simultaneously, this process builds a comprehensive digital archive of invoices. The benefits of automated accounting often become most apparent after the start of the calendar year when companies typically gear up for filing tax returns by March 31st.
By embracing digitalization and automation, businesses can navigate the complexities of tax returns and accounting tasks with greater ease, freeing up resources to focus on core activities and driving growth.
