Accounting Technology and Process Improvements Can Lead to Increased Efficiency: 3 Real Life Examples

Are you yearning to streamline processes when it comes to your day-to-day accounting but you’re not sure how to proceed? Are you drowning in paper? Do you wish you could get away for a few days and not have to worry about missing any invoices, payments, and accounting-related emails? Accounting technology and process improvements can lead to increased efficiency. Check out these three real life examples of clients who faced these exact problems and how DMS was able to help.

Client A was drowning in paper! They were using printed lists and photo copied checks to track customer payments. They had boxes and filing cabinets filled to the brim with historical invoices, outdated financial information, and miscellaneous notes. The client was feeling overwhelmed and did not how to stop the paper tidal wave that happened each month.

DMS was able to help get them to a (mostly) paper-free system. We helped the client move their financial records to QuickBooks Online. This allowed them to attach electronic copies of all their customer payments and invoices directly to the line items in the system. They were able to add their notes directly in the software and, most importantly, we were able to help them establish a good routine to ensure they would not end up falling back into old paper habits!

 

Client B wanted a faster way to get data into their system. They had already been using QuickBooks Desktop for quite some time but knew there was room for improvement. They had multiple bank accounts, multiple credit cards, a very large payroll entry, and some larger vendors that would submit a couple hundred invoices a month.

DMS was able to help them improve their efficiency dramatically! We started by helping the client establish bank feeds and bank feed rules for each of their bank and credit card accounts. This saved them a ton of keying time – especially on routine purchases. Next, we worked with their payroll provider and their larger vendors to get data in an importable format. This meant their staff accountant could spend less time keying and more time analyzing the data.

 

Client C needed a way to remotely manage his customer payments, vendor payments, and receipts while was he traveling overseas. He wanted to be able to check in on his books but he didn’t want to spend hours each night manually keying everything that came in for the day.

DMS was able to establish a seamless process for the client to ensure everything was running smoothly during his absence. The client was already on QuickBooks Online so we decided to set the client up on Melio. We added a link the bottom on the QuickBooks invoices so customers could make their payments with a click of a button. These payments could sync directly to the software to prevent double entry. We helped the client create an Accounting Email Inbox to ensure all invoices could be submitted electronically to prevent them from being missed. We scheduled the payments in Melio and had the invoices routed to the client for approval so he could keep an eye on everything that was being paid. Lastly, we spent some time training the client on the receipt capture feature of QuickBooks Online. The client was able to take photos of the receipts on his phone and leave detailed descriptions so he could match them to the bank feeds later. He was so happy to not have to travel back home with a shoebox full of receipts and, with all the new efficiencies in place, he had the time to enjoy his travels!