Document capture is the first step to efficient accounting. You can consider it to be the most crucial component of good financial health.
Today, data is more valuable than oil. People recognise that the insights and knowledge extracted from data can be far more valuable than oil. When you refine raw financial data from invoices, receipts and other financial documents it can help in good decision-making, identifying revenue, cost-saving opportunities and most importantly, the efficient operations of your organisation.
We’ll take you through why you should consider moving to a cloud-based accounting system or service instead:
1. Decentralized Document Capture
It’s almost an unsaid norm for accountants to constantly follow up with vendors and employees for proper documents. There’s a never-ending set of invoices that need processing. And accountants are always running against time to keep their books updated. Going through unorganized invoices is laborious and time-consuming. Also, human error is inevitable. In most cases, the final output is error-prone and unreliable.
It’s really not possible for you to keep track of accounting processes when there are so many other business needs to address. Decentralized document capture applications are the ideal solution to tackle this task. Such software allows anyone from anywhere to scan and upload documents using their mobile or web app. Even a non-accountant can capture invoices/bills at the point of creation.
2. Quick Data entry
We’re all familiar with dusty, heavy ledgers that used to be the norm once upon a time. These were later replaced by excel sheets and stand-alone software with much excitement. Though accounting software promised to be the cure for all accounting issues, it brought with it challenges in terms of usability, staffing, training and systematic bookkeeping. Data capture, real-time visibility and mobility of accounting information continue to be a challenge for SMEs unable to invest in expensive ERP software.
Comprehensive, cloud-based and affordable accounting services that facilitate invoice/document scanning and upload are just what an SME needs. With these systems, All you need to do is scan or upload your document using a mobile app, the accounting team updates your information and you have real-time reliable financial information at your fingertips.
3.Intelligent Data Segregation
Imagine having to prepare a financial report for your organisation using data from scattered financial records. Not only is it going to be a nightmare to go through several documents, but you’re bound to question the accuracy of such data as well.
With accounting services like MyAcsys, data is not simply digitized. The data is accurate, updated and represented in highly visual dashboards allowing business owners to evaluate and act immediately.
4. Easily accessible digital records
With VAT implementation it has become more important than ever to make your documents easily accessible. Now you don’t need to go through hundreds of separate files to find relevant invoices.
With features like document capture and document search, it’s easy to upload as well as access invoices online and verify against financial records. Not only will this make your day to day business management life easier, but you can also handle financial audits, budgeting and make informed decisions even when you’re on the move.
About MyAcsys
MyAcsys is an end to end accounting service brought to you by IBFC (Innovative Business Finance Consultants). Established in Oman in 2014, IBFC has been providing top class Financial Consulting services to Small and Medium businesses since inception. From setting up of accounting systems to bookkeeping, financial feasibility studies and Tax Advice, we have played the role of a reliable and friendly partner to several businesses on the growth path.
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