A survey from Sage revealed that 45 percent of accountants intend to automate repetitive tasks in the coming years. Fifty-eight percent have also seen increased efficiency and productivity by implementing automation technology.
An accounting management system is one of the most popular automation tools for accountants. However, some professionals are still on the fence about the effectiveness of these solutions.
If you’re unsure about investing in an accounting management system, this guide can help you decide whether or not you and your team need one.
Below, you’ll find a breakdown of how accounting management systems work. You’ll also learn the benefits of an accounting management tool and how you can choose the best financial management tools for small businesses.
What Is an Accounting Management System?
Let’s start with the basics. What is a financial management tool or accounting management system?
Accounting management systems are digital solutions. They assist with various accounting and financial management tasks, from tracking income and expenses to managing accounts payable and accounts receivable.
CoraCloud and other finance management tools for small businesses offer numerous features to make accountants’ lives easier, including the following:
Secure accountant portal
Integrated document editor
Customizable task manager
Task organizer and templates
All of these features help you stay organized and get more done. They also provide valuable data and allow your company to make informed, financially sound decisions.
Who Needs an Accounting Management System?
It doesn’t matter if your accounting team consists of two people or 20. You can benefit from an accounting management system.
The following are some of the top reasons to invest in management accounting systems for your accounting staff:
You need an accounting management system if you want to get more done in less time.
This software automates tedious, time-consuming tasks. It frees you and your team up to focus on other responsibilities.
Accounting management systems are also life savers for those looking to save money.
By investing in a high-performing accounting management tool, you can accomplish more. You also don’t have to deal with the costs of hiring additional employees, paying team members overtime, etc.
Do you struggle to stay organized? If so, you need an accounting management system.
In addition to automating various accounting-related responsibilities, these solutions also provide you with a centralized location for all of your company’s critical financial records and data.
When you invest in account management software, you’ll never have to waste time tracking down a critical document or remembering which items you need to cross off your checklist again.
When you eliminate tedious tasks and improve your and your team’s organization, you’ll find that it’s easier to get more done.
If your accounting team needs a productivity boost, look into accounting management software. Automating specific responsibilities allows you to do more without staying late at the office or taking your work home with you.
The best accounting management tools provide an all-encompassing view of the company’s financial status.
Increased visibility helps you monitor progress and ensure you’re on track to reach specific accounting-related goals. It also provides higher-ups and shareholders with a clear picture of how the company is doing. This clarity allows them to make better decisions for the business, its staff, and its customers.
You're still human, no matter how skilled you and your team are. Your humanity means you’re not immune from making mistakes.
When you utilize accounting management systems — especially for tedious and repetitive tasks — you reduce human error and produce more accurate reports for your employer.
Streamline Documenting Signing and Management
As an accountant or CPA, you spend a lot of time collecting signatures and distributing documents.
You need an accounting management system to simplify the document signing process with electronic signatures. This solution can also help you send documents to the right people and store them in a convenient, easily searchable location.
Access Real-Time Data
Accounting management software provides access to real-time financial data.
You and your team can look at your company’s finances anytime. You’ll also feel confident that you’re viewing and making decisions based on the most up-to-date information.
You also need an accounting management solution if you struggle to collaborate with your team on crucial financial reports and documents.
The right software allows multiple people to work together on one project. It saves everyone’s changes and ensures no one’s contributions accidentally get deleted.
What to Look for in a Financial Accounting Management System
Whether you want to save time and money, reduce accounting errors, or increase flexibility, you need managing and accounting systems to accomplish your goals.
Here are some factors to consider as you vet various managerial accounting systems. Keeping these elements in mind will help you choose the best solution for your team’s needs:
Ease of use: Look for solutions that are intuitively designed and easy to implement
Features list: Review the list of features to ensure you get ones that are relevant to your team’s needs and goals
Affordability: Look for a cost-effective solution that works with your budget
Security: Don’t skimp on safety; look for a product with bank-level security and encryption
Customer support: You deserve 24-7-365 support for any issues that arise
This software provides your team with a robust collection of financial management solutions. It also helps you overcome your biggest accounting-related challenges.
Do You Need an Accounting Management Solution? Try CoraCloud
You can now answer questions like “what is an accounting system?” and “who needs an accounting management system?”
With this information in mind, are you convinced that you should start searching for accounting management systems for businesses like yours? If you’re looking for a simple yet powerful solution, check out CoraCloud today.
CoraCloud is a cost-effective practice management software specially designed for accountants and CPA firms. It offers secure file sharing, client management tools, task organization features, and unlimited eSignatures.