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Let’s be honest, it probably wasn’t. But it’s worth considering – and even implementing – because automating your business processes is about saving you time. And if you are a busy business owner, time is most likely something that you don’t have a lot of!
Did you know that up to 75% of your accounting tasks can be automated? Using automations doesn’t just save you time, it also reduces human error, streamlines your business operations, and saves you resources, improving efficiency in your business.
But a lot of business owners are shying away from automation, and for several reasons. Don’t get us wrong, we do get it! As simple and ‘beautiful’ as accounting software professes to be, it can still be technical, complicated, and overwhelming for business owners who don’t work in, or love, numbers and accounting.
The SS is here to break down tasks that you can automate in 2024.
Did you know you can automate what’s traditionally known as ‘accounts payable’? That is, the process of:
Modern online accounting software often includes automated invoicing, either as part of the package or as an optional add-on.
Automating invoice processing eliminates manual data entry and reduces any potential for human error. Perhaps most importantly, automating your invoice processing speeds up your payment cycle, meaning you’ll get paid quicker.
We can break the process of invoice processing down into 3 simple steps:
If you receive invoices through more than one place, (e.g., email – on one or more email addresses, post, fax), you are most likely spending time collating information.
You can consolidate all these channels into one dedicated receiving email address, (which is usually generated by either your accounting software itself, or an integrating app).
All invoices received by email can be automatically forwarded to this address. Those received in hardcopy can be bulk scanned to the same location.
Once these invoices land at the dedicated address, they are pulled into a system which reads the information on your invoices. Your invoice data is then presented to you / your users for validation and verification.
Artificial Intelligence (AI) uses a process called 3-way matching to verify that the vendor exists in your database and will flag any invoices received from an unknown vendor. The 3-way matching process will also cross-check key vendor data, (such as their bank account details, address, email address) to ensure it is consistent with what is recorded in the database.
You can set up custom validation rules to ensure that invoices will not automatically move onto the next stage if they don’t meet certain rules, (such as the quantity/amount matching the quantify/amount listed in the purchase order).
Once an invoice moves through the interpretation stage, it is processed ready for payment. This is where either you will come in, review your invoices and pay them or, you can automate your vendor payments.
Your automated invoice processing system will automatically sort and organise your information into searchable and customisable folders, with an electronic audit trail.
Setting up automated invoice processing will transform the way you handle your accounts payable processes. Rather than using traditional manual, repeatable methods, you can turn to either your accounting software itself, or an app that integrates with your accounting software, to improve the efficiency, accuracy and overall management of your back office processes.
Automating accounts payable processes provides you with the opportunity to streamline your invoicing processes, reduce the risk of human error and frees up time for you to focus on more strategic activities to drive business growth.
The Government has reinvigorated the 120% skills training and technology costs deduction for small and medium business.
An election ago, the 2022-23 Budget proposed a 120% tax deduction for expenditure by small and medium businesses on technology, or skills and training for their staff. This proposal has now been adopted by the current Government and details released in recent exposure draft by Treasury.
From 1 July 2022, the standard Superannuation Guarantee (SG) rate increased from 10% up to 10.5%. It’s part of the government’s commitment to increase the SG by half a percent each year until 2025, when the SG rate will reach 12%.
The Australian Federal Budget 2022 was delivered on 29 March 2022 by the Federal Treasurer Josh Frydenberg.
See our breakdown of the tax measures impacting small business in Australia.
Smith Shearer, in collaboration with Kitto and Kitto Lawyers, will be hosting the ECCI Business After Hours on 12 August 2021
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