{"id":16160,"date":"2022-06-01T10:17:11","date_gmt":"2022-06-01T09:17:11","guid":{"rendered":"https:\/\/cofficient.co.uk\/?p=13698"},"modified":"2022-06-01T10:17:11","modified_gmt":"2022-06-01T09:17:11","slug":"the-importance-of-automating-your-accounting-cycle","status":"publish","type":"post","link":"https:\/\/www.cofficient.co.uk\/the-importance-of-automating-your-accounting-cycle\/","title":{"rendered":"The Importance of Automating Your Accounting Cycle"},"content":{"rendered":"

When you start your own business, you quickly realise how much time accounting takes up.\u00a0 Keeping track of receipts, reconciling bank accounts, and managing taxes can take hours each week.\u00a0 Even if it isn’t your favourite task, accounting is an essential part of being a business owner.\u00a0 Accounting is also something that doesn’t get easier as your company grows.\u00a0 Keeping track of expenses and revenue will always be a challenge for small businesses.\u00a0 Thankfully, automating your accounting processes can make things much easier for you and your team in the long run.\u00a0 Moreover, automating these processes can help reduce accounting errors, which is especially beneficial when it comes to taxes.<\/p>\n

In this blog post, we cover some of the benefits of automating your accounting cycle.\u00a0 We will show you how NetSuite<\/a> can save you time and remove mundane tasks from your busy schedule.<\/p>\n

 <\/p>\n

Reduce Accounting Errors<\/h3>\n

Perhaps the most immediate benefit of automating your accounting process is a reduction in accounting errors.\u00a0 The more hands-on an accounting process is, the more likely it is that errors will creep in.\u00a0 With NetSuite, you have the option of setting up an automated invoicing process.\u00a0 This means that you don’t have to manually create new invoices every time you do a job.\u00a0 Instead, you can set up a template that your team can follow every time they complete a job.\u00a0 This ensures that everyone is using the same format, which reduces the risk of errors.\u00a0 You can also set up your bank account to automatically pull funds on a regular basis or transfer funds to your tax account.\u00a0 This makes it easier to stay on top of your financials but also reduces the possibility of errors.<\/p>\n

 <\/p>\n

Know What Is Going On At Any Time<\/h3>\n

Another benefit of automating your accounting is that it allows you to know the status of each transaction at any given time.\u00a0 If you have your bank account set up to automatically transfer funds to your tax account every quarter, you’ll never have to wonder if you’ve paid your taxes on time.\u00a0 This applies to invoicing as well.\u00a0 Instead of manually creating invoices every time you get a job, you can set up NetSuite to automatically create invoices whenever the appropriate conditions are met.\u00a0 This means that you’ll always know how much money you have coming in and when it will be due.\u00a0 It also means that you’ll never have to wonder if a client has paid their bill on time or if they’ve even seen the invoice at all.<\/p>\n

 <\/p>\n

Track Company Growth Over Time<\/h3>\n

Another benefit of automating your accounting processes is being able to track company growth over time.\u00a0 Generally, you’ll want to factor in payroll taxes, sales tax, and various other expenses when calculating the cost of doing business.\u00a0 This can make it difficult to see how much your company is actually making.\u00a0 With automated accounting, you’ll be able to see exactly how much money you’ve made in a given time period.\u00a0 This allows you to see how much money each client has generated and how much profit your company has made.\u00a0 You can also use accounting software to track expenses, which makes it easier to see how much money you’re spending.<\/p>\n

 <\/p>\n

Be Aware of Tax Requirements<\/h3>\n

Last but not least, accounting automation will also help you be more aware of tax requirements.\u00a0 For example, if you are using accounting software like NetSuite and you employ contractors<\/a>, then you need to keep track of all of the payments you are making to them.\u00a0 This is important because, unlike employees, contractors don’t pay taxes themselves.\u00a0 Instead, their clients are responsible for paying their taxes on time.\u00a0 If you don’t track the money you’re paying contractors, this could lead to issues with HMRC.\u00a0 Again, this is where automatic accounting comes in handy.\u00a0 It makes it easier to remember to track your contractor payments and make sure they get to the right place.<\/p>\n

 <\/p>\n

 <\/p>\n

There are many benefits to automating your accounting efforts.\u00a0 It makes it easier to keep track of expenses, revenues, and tax information.\u00a0 It reduces the risk of accounting errors.\u00a0 And, it allows you to better track company growth over time.\u00a0 If you’be been struggling with accounting as a small business owner, Cofficient can help.\u00a0 We can tailor a NetSuite package that suits your exact needs.\u00a0 It can really make a big difference to your business.<\/p>\n

 <\/p>\n

Start automating your accounting cycle today.<\/a><\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

When you start your own business, you quickly realise how much time accounting takes up.\u00a0 Keeping track of receipts, reconciling bank accounts, and managing taxes can take hours each week.\u00a0 Even if it isn’t your favourite task, accounting is an essential part of being a business owner.\u00a0 Accounting is also something that doesn’t get easier […]<\/p>\n","protected":false},"author":1,"featured_media":16125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[171],"tags":[1164],"yoast_head":"\nThe Importance of Automating Your Accounting Cycle - Cofficient<\/title>\n<meta name=\"description\" content=\"Keeping on top of accounting processes can be tricky, but it doesn't need to be this way. 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