21% of small and medium business owners admit they don’t know enough about accounting. This crucial pillar of business can make or break everything from your cash flow to your compliance. And even those well-versed in accounting may find that it takes up too much time.

Whichever of these is true for you, accounting automation is the solution. It streamlines processes, guides you through the steps, and keeps everything in one place. But “going digital” is easier said than done.

If you’re not sure where to start, read on for our accounting automation guide. We’ll share our top tips for successfully automating your business accounting.

Go Completely Digital

For your accounting to be truly automated, you need to make all your invoices and receipts digital.

Of course, for a digital business like eCommerce, this isn’t a problem. But if your business still has some paper transactions, work towards getting them all online. Otherwise, scan all paper documents into PDF form so your online accounting can work with them.

Choose a Cloud-Based System

Cloud-based systems are the most secure way to use accounting automation. They guarantee that even if there’s an issue with your hardware, your records are safe.

All data is stored online, allowing you to access it from multiple devices. This cloud-based approach is therefore safer than both paper and digital records.

Use Multi-Channel Accounting

If you sell products through multiple channels or sites, you need a system that can streamline the whole process. Otherwise, you’ll waste time managing each individual channel, which defeats the point of automation.

Multi channel ecommerce accounting services automate accounting across all of your channels. No matter how many platforms your transactions cover, you can use one piece of software to automate them.

Always Start With SaaS

Software as a service (SaaS) provides you with access to the latest business accounting tech without a large upfront cost. Instead, you pay a small monthly fee to use their servers and software.

As a small business owner, why is this better than buying a piece of software?

Software goes out of date quickly. The websites you sell through will often update themselves. They will eventually become incompatible with old accounting automation software.

However, with a SaaS subscription, you’ll always have the most up-to-date technology. And you can customize your plan so you’re never paying for features you don’t use. It’s the most budget-friendly and future-proof way to start your accounting automation.

More Accounting Automation Tips!

Accounting automation is the most efficient solution for small and medium businesses. It’s far cheaper than employing a finance team. And it’s faster than managing all the processes manually.

But what about when the next big tech solution takes over?

Don’t worry, we’ve got your covered. We’ll keep you up to date with the latest accounting tips.

Whether it’s AI or something else, our articles will explain the latest solutions and how you can benefit from them. Keep up with our finance section so you never miss out!