Recently updated on October 25th, 2022 at 11:32 am
Running a successful and thriving business is a difficult task, and keeping the numbers and accounting straight only adds to that.
Thankfully there is integrated accounting. But what is integrated accounting, and how does it help your business?
Integrated accounting is a business management system that receives a constant flow of information and numbers related to your business. This means that your financials are always up to date. It saves you time and money.
Keep reading to learn about five integrated accounting benefits that your business will experience by switching.
1. Clearer View Into Business Performance
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One of the biggest integrated accounting benefits is the financial transparency that you’ll get within your business. You’ll be able to link accounts receivable and accounts payable to provide a clear idea of where your money is coming from and where it’s going.
This allows you access to invoices and receipts that can be accessed to view information related to a customer’s payment history. This is a great option if your company uses corporate credit cards. Click here to learn more about corporate cards from Bento.
2. Reliable Data Entry
Another one of the benefits of accounting integration is the improved accuracy of your data entry. You’ll no longer have duplicate or incomplete entries in your system.
With how time-consuming data entry is, switching to integrated accounting will save your business time and ensure that your financial numbers are accurate in real-time.
3. Streamlining Operations
Switching to integrated accounting also helps with streamlining the operations of your business. It allows for the elimination of time-consuming tasks and allows employees to focus their energy and attention on other tasks.
This has the added benefit of decreasing human error since the integrated accounting will be handling all of the data. It will ensure that your records are reliable and accurate.
Choosing to use integrated accounting makes keeping your financials in order a breeze and filing your business’s taxes a walk in the park. The time it saves you can be spent on growing and optimizing your business.
4. Quicker Decision Making
Because your business’s information is readily available and accurate it enables you to make quicker decisions and have more info to base those decisions on.
These decisions could be related to a customer’s payment history or your own purchasing of supplies. Integrated accounting will help immensely when it comes to making decisions about the path and future of your business.
You’ll always have accurate, real-time information about the status of your business before you make any decisions.
5. Accurate Commissions
If you employ a sales team, integrated accounting is a great investment for your business. Integrated accounting systems allow for automatically calculating sales commission. It is even available to calculate split commissions when two sales team members split a sale.
As orders and sales happen, the accounting integration system takes the data in and processes it in order to get the sales commission.
Ready to Switch to Integrated Accounting?
Integrated accounting can revolutionize the way that you do business. Having access to your business’s real-time financial numbers helps you make quick decisions. These decisions will help your business grow and thrive.
It will also create a more efficient workforce. It reduces human errors with accurate data entry for incoming and outgoing financials.
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