Many business leaders, across the world, believes that the traditional On-Premises accounting software is inflexible and also leads to cost-overrun. With technologies evolving at a breakneck speed, many of the SMEs and Large Enterprises are resorting to advanced finance automation software such as VCA (Value Creation Automation), which is unique than many of the modern-day ERP Suites.
Let’s discuss 10 benefits of implementing an advanced finance and accounting automation software such as VCA.
1. Automates Entire Financial Tasks – The entire day-to-day financial task is automated. Updating ledger books, generating invoices, allocating cost against diverse tasks and activities, payroll, asset management and many more — entire finance and accounting process is automated.
2. Minimizes Errors & Enhances Accuracy – Having implemented this advanced accounting software, developed by Cordis Technology, businesses can keep the error-rate to the minimum level. With the automation of financial tasks, businesses can significantly reduce the dependency on the human workforce. Tasks are completed in one go, within the allocated time and budget. Therefore, this reduces the possibility of error and enhances the accuracy of the process to a great extent.
3. Updates and Reports Transactions in the Real-Time – Every single business transaction is recorded and reported in the real-time. Owners and Directors can check details for each transaction through a visual dashboard, which can be accessed even through advanced electronic devices such as mobile phones and tablets, anywhere and anytime.
4. Integrates Entire Financial Performance – Be it updating ledger books, tracking payments routed through banks, managing account payables and account receivables. Getting live financial feeds or be it managing pricing, assets, payrolls and other business cash flows – entire finance and accounting tasks can be performed through an integrated platform. Putting entire financial tasks and activities in one place, the VCA accounting software gives better visibility and hence improved control.
5. Allow Small Businesses to Streamline Entire Financial Tasks – Unlike On-Premises financial reporting system, this advanced accounting software is based on Software-as-a-Service (SaaS) technology. Business does not have to sign long-term contracts and are required to pay on the pay-per-user basis.
6. Installation & Configuration is Less Time-Consuming – Installing and configuring the traditional accounting software is time-consuming. On the contrary, SaaS-enabled accounting software takes comparatively less time to install and configure. Moreover, it integrates with the existing business software and applications without complications.
7. Infuses High Computing Ability & Make the Process Fast – Financial tasks consists of heavy calculations that take a lot of time when done manually. But, with an advanced accounting software, companies can perform thousands of calculations in one go and with utmost accuracy. This enhances productivity and drives business growth.
8. Boosts Effective Financial Decision-Making – With the ability to record and report transactions in the real-time, advanced financial reporting software keep business leaders updated at any given point. The accounting software such as VCA keeps data, segments and all other financial reports ready and integrated into one place. Business leaders can refer to the updated statements and reports pertaining to the financial process, from anywhere and anytime. This boosts their decision-making ability and helps them in driving overall business towards a sustained growth.
9. Helps in Ensuring Compliance – Protocols are important to meet when you run a business. It helps in gaining the trust of customers and other various stakeholders as well as government authorities. An automated accounting software supports in ensuring complete compliance.
10. Efficient Auditing & Tax Reporting – When done manually, tedious financial tasks such as auditing and tax preparation involves sleepless nights. On the other hand, an accounting software eliminates all sorts of time-lag and keeps ledger books updated in the real-time. In other words, entire financial data remains updated at any given point, which helps companies in closing accounts whenever they want. Tasks such as auditing and tax compliance become completely uncomplicated.
Advanced Financial Reporting Software is Need of the Hour
The practice of bookkeeping using traditional methods such as the paper, Excel or google sheets and many more have helped businesses for a long time. But, on the other hand, it is also a fact that traditional approaches to bookkeeping are time-consuming and open to the possibility of data loss as well as inaccuracy.
But in this technology-driven business environment, businesses cannot afford to make mistakes. With the competition increasing perpetually, companies are forced to implement an advanced automated accounting software, which can be fast, accurate and comparatively less time-consuming.
The market condition is uncertain and the tech-savvy customers further add to its volatility. With approximately over 50% of the world’s total population using the Internet actively, businesses are left with no other option, but to remain available for customers 24 x 7 and across the various advanced media platforms. This results in the generation of healthy leads and improved conversion, which further impacts the business cash-flow.
Therefore, offering cloud-computing services and enabled by Software-as-a-Service (SaaS) delivery model, advanced automated accounting software such as VCA, for instance, makes the financial reporting system flexible. In other words, it allows finance executives to receive payments from customers, generate invoices, update ledger books and perform other various important accounting tasks at any time and from anywhere, even though mobile phones and tablets. It also means that an advanced accounting management automation software gives better control on financial operations, even when away from the office.
A financial reporting software, VCA for instance, is not limited to only bookkeeping, but it helps in driving the overall business performance. Besides, recording and reporting business transactions in the real-time, it also keeps statements and other financial reports ready for the reference of Owners and Directors. With an integrated financial and other relevant information on fingertips, business leaders can take effective decisions and also show a clear picture of a healthy business performance to employees, customers, suppliers as well lenders and investors. With all such aspects, an advanced finance and accounting automation software significantly help in a robust business performance, even in the long run.