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5 Reasons Why Modern Technology Improves The Efficiency Of Your Finance Team

5 reasons why modern technology improves the efficiency of your finance team

No matter the size of your business, or the industry in which it operates, efficiency could be the difference between success and failure.

For instance, if you currently oversee an inefficient finance team, you could be wasting huge amounts of time and – more importantly – money. But if you embrace modern technology, you could save both and enhance your accounting and finance processes.

In this post, we take a quick look at 5 reasons why modern tech can improve the efficiency of your finance team.

1. Get work done, on the go

In the not-so-distant past, finance and accounting platforms were almost exclusively desktop-based. This meant that any work involving your finance team could only take place during office hours, and if they ever found themselves up against a deadline, they had no option but to stay late and work until it was finished.

But now, thanks to the advent of cloud-enabled technology, finance professionals can work from anywhere, and at any time. With mobile apps and cloud-based accounting software, they can even work remotely if required, checking figures and generating reports on-the-go.

2. Enhanced project management

Spare a thought for the project manager of 2003. They were tasked with efficiently managing multiple projects, all while trying to deliver results on a tight deadline. It was incredibly challenging.

Spreadsheets, whiteboards, and good old pen & paper were often the tools of choice for tracking progress – and more often than not, they weren’t kept up-to-date. Milestones would get missed, memos misplaced, and suddenly projects were lurching from one disaster to another.

Fast-forward to today, and it’s all different. With dedicated project management software, everything is so much more organised and streamlined. With a few clicks or taps, you can see the progress of a task, who’s accountable, and what’s coming next. And this can be done on-site or in the office.

3. Fewer errors

In the bad old days of desktop finance platforms, a great deal of time was lost to manual data entry. But it wasn’t just the fact that the data had to be entered manually in the first place that took up so much time, it also meant that mistakes were commonplace, and many more hours had to be spent fixing them.

Thanks to cloud accounting, the amount of manual data entry has been dramatically reduced. Real-time, automated bank feeds keep the software up-to-date with the latest financial information, and human error is increasingly minimised.

4. Seamless integrations

It used to be the case that if your business had multiple departments, many of them would work in isolation. And this would undoubtedly impact efficiency and productivity; particularly if two departments overlapped on certain tasks.

Today, your business can be more connected than ever, with multiple processes all seamlessly integrating into one central platform. Timesheets, expenses, inventory, reporting, payroll and HR can all be connected with your accounting platform to boost efficiency, increase data accuracy, and ensure that every member of staff is clear on their roles and responsibilities.

5. Round-the-clock access

As is often the case in today’s fast-paced, ever-changing global society, finance teams can be spread out far and wide. Some may work from your office, others may work remotely, and you may also utilise the skills and expertise of a third-party service provider.

With so many different people involved, you would imagine managing such a set up would be difficult. But with cloud-enabled finance software, it’s becoming easier and easier. Instead of relying upon unwieldy email chains and inconvenient phone calls to discuss and share information, you can provide round-the-clock access to your accounting platform, and manage who gets to see what.

Be more efficient with Stepping Stone

Whether you want to outsource your finance function in its entirety, or you want to complement your existing team, we can help you with both.

By introducing you to Xero and its array of apps and integrations, we can dramatically improve the efficiency of your accounting and finance processes, saving you time and money.

Ready to get started?

Contact us today to speak with one of our friendly Xero experts.

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