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The ideal accounting management in 2019 ... And the signs showing it is not yours
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The ideal accounting management in 2019 ... And the signs showing it is not yours

Who has never dreamed about only clicking a button and no longer waste time on time-consuming tasks?

Having computers on your desktops does not mean that you have digitized your business. Every day since its creation, digitization and its possibilities are progressing.

A few years ago, the norm was to keep your accounts in Excel, at the cost of many hours spent and frequent mistakes. Today, relying on the best softwares that use artificial intelligence and automation among other things, makes the nightmare of admin management become a remote memory.

We must face the facts: the world is changing and keeping manual accounting takes time and can cause damage to your organization.

 

Does your organization waste hours browsing spreadsheets and making reconciliations with backup emails, and then printing them to store them carefully in one of the many workbooks you've accumulated over time?

The fiscal year-end consists in marathon nights, with employees making mistakes due to a lack of sleep?

What may have been normal at a time now represents a lack of efficiency and effectiveness. And if that was it. But we deal with the integrity of the balance sheet, the performance of your business, and even the entire business is at stake.

Because manual processes rely heavily on spreadsheets, this can cause significant damages to your organization as follows:

  • inaccuracies in the financial statements
  • analytical difficulties and missed strategic opportunities
  • compliance issues with heavy audit costs and potential penalties
  • lack of standards in the processes, which prevent your growth
  • inability to report on your financial statement and generally to make reconciliations and adjustments.

 

Does a manual accounting cause damages to your business?

Certainly, and worse, it surely prevents your business from growing as it should.

 

Are your closing weeks exhausting?

After collecting hundreds of worksheets, your team dreams of cells, columns and tabs at night. When it's over, you're happy, but you still feel that you may have missed something.

Alas, it is a fact that even a meticulous job and a great expertise will struggle to fight. Complexity of formulas, hidden cells, limited visibility, multiple users ... 88% of spreadsheets have errors (University of Hawaii Study). If in the majority of cases they are not intentional, there they are!

 

Don’t you know in real time what the financial status of your company is?

Have you or your team chosen to do your job to spend countless hours checking and linking transactions, cell by cell, amount per amount? Obviously not. It's a risky task and a heavy job that nobody likes. Bank records, global accounts, invoices, credit cards, orders ... The many sources of data also lead to errors. In addition, by reconciling your accounts this way, you always look back. Far from the ideal of our time based on information on demand; you never know your situation in real time and navigate in an approximate, sometimes hypothetical accounting. As a result, you spend hours researching where this difference comes from or manually reconciling your accounts, but very little about thinking strategically about your business development and improvement as your accounting figures should allow you to do.

 

No process is standardized and you are under the impression that your company spends a lot of time dealing with the admin management, only to get results that lack precision?

Without clear processes and compliance, the administrative management of an organization can quickly become a nightmare. A copy/paste mistake is enough to cause hours of verification, have a heavy financial impact and jeopardize your growth. If it is difficult to establish clear and standardized process when the main tool of your accounting is Excel, it also creates a lack of rigor that compromises compliance. As a chef without his recipes, a company that does not have accurate data that they can trust will struggle to do a good job. When a company grows, there are more and more potential risky elements to take into account.

 

The lack of visibility in your financial situation prevents you from anticipating and sometimes creates an uncomfortable mood within your organization?

- Is your management team distressed by financial results received late and contrary to forecasts?

- Does your sales force, already stressed by sales, have a hard time accepting that you ask them to reduce costs?

- Does your financial service tend to be discreet?

A BlackLine study reveals that 34% of companies believe that financial teams are under-used. However, manual accounting based on spreadsheets is a tedious job in addition to being made up of different versions of the truth and great probabilities of mistakes. How is it possible to anticipate financial problems without a clear and up-to-date visibility of your accounting management?

The risks for your company and your teams are multiplied. Uncertainty and poor financial health are often synonymous with a climate of apprehension and tension that can lead to a high turnover rate.

 

If you find yourself in one or more of these situations, it may be time to explore other possibilities and think about the path you want your company to take, especially regarding the accounting management.

Modern technologies make it possible to benefit from the automation of boring processes and powerful data for your strategy, which it would be a shame not to exploit in 2019.

Moving towards next-generation administrative management solutions significantly reduces the risks for your organization while optimizing internal processes. Manual errors that can result in inaccurate financial statements are largely minimized. Productivity is improved, innovation is encouraged and spirits are boosted, allowing your business to grow serenely. Today, the trend is continuous accounting. Regular reconciliation of transactions, daily justifications, facilitated reconciliations, connection with banks etc. Modernizing your administrative management means freeing your company from manual and time-consuming tasks in order to focus on tasks with high added value such as budgeting, planning and analysis of your core business. Your accounting management should not be about a closing each year, but an opportunity to grow at every moment.

Instead of juggling different versions of the truth, you can benefit from an accurate visibility with real-time data and know exactly what your financial situation is anytime you want, in order to make the right decisions. Exploiting data in real time means having a clear vision of the strengths and weaknesses of your business.

 

Why complicate things and risk mistakes when they can be simple?

Our new generation accounting firm combines the best technologies to meet the requirements of companies and we can assist you in the digitization of your accounting, administrative and HR management. This way, you will avoid a heavy investment in solutions that you may not be familiar with and therefore will not need an IT.

Outsourcing your accounting towards a modern approach will allow you to have more efficient closing, precise and qualitative financial analysis and a more efficient organization. You will have access in real-time to all your accounting data, from accounts receivable to transactions to assets, and you will be able to access them as soon as you need them, so that you can make informed decisions.

Synergix offers tailor-made solutions and goes even further by implementing visualization and data mining tools, so you can analyze the trends that are essential to your business.

 

Are you ready to optimize your processes in order to increase the performance of your business? Contact us.