Enhancing Efficiency in UK Bookkeeping
Discover the power of Financial Software Integration for UK Bookkeeping Operations. Enhance efficiency, streamline processes, and stay ahead in the financial game. Find out how cutting-edge technology can revolutionize your bookkeeping practices. Learn more now!
As a senior finance guy, you already know what financial software integrations can do for your bookkeeping operation. Applying automation to the bookkeeping operation process, for example, can reduce processing costs by 54%. Plus, many accounting professionals find their communication and relationships with other departments significantly improve after implementing accounting software integrations.
If the successful results are anything to go by, you probably want to dive in.
All of a sudden, reality hits.
The budget is not unlimited, as your team is all too aware.
So which financial software integration should you pick, and what impact can they actually have on your bookkeeping operation?
Keep reading to find out professional views from experts with over 20 years of experience at Socalpod.
Need a complete tailor-made accounting software integration for AP automation efficiency? We can help you make an optimized solution that ends manual work, cuts invoice processing costs, and helps your bookkeeping operations reach their full potential.
Why choose to integrate company accounting software into AP for efficiency?
Traditional AP accounting means a whole bunch of manual processes that are susceptible to human oversight of financial issues. Dealing with invisible data and having a hard time making sense of the inaccessible things. Your leaders are left to make ill-informed decisions in areas of the bookkeeping operation that could otherwise be risk-free.
Of course, we’ve all moved on from conventional accounting in some sense or another.
However, a select group of accountants (and their financial bookkeeping operations) are still being left behind.
You see, the usual enterprise is now using over 700 applications to aid daily bookkeeping operations, but only 24% of these are integrated. This means that teams are still experiencing problems, such as:
- Manual data entry and extracting of data from one program so that it can be understood by another
- Heightened security risk as there is no way to properly transport sensitive information between software
- Reduced efficiency: the total opposite result of the aims for many of these software
Some accounting software integrations for AP automation
Here are some of the best accounting software integrations when it comes to AP automation:
- Oracle Peoplesoft
- Quickbooks online
- Socialpod Intacct
- Microsoft Dynamics 365
- SAP Concur
- BlinkItech Viewpoint
With each recommendation, we have included AP automation success cases of what real clients got. So you can apply the system to your bookkeeping operation situation and see what Socialpod’s AP automation solutions could do to enhance efficiency in UK bookkeeping operations.
One of the best software, Peoplesoft, is a robust and enormously powerful tool for finance teams to enhance efficiency in UK bookkeeping operations.
But it can also be hugely tough – their homepage lists 32 different solutions for your bookkeeping operation. Unfortunately, doing it alone can lead to a hard learning curve, impacting current bookkeeping operations and delaying future work, hitting efficiency.
However, Oracle Peoplesoft’s benefits to your integrated accounting system must not be underestimated.
Let’s take a peek at the invoice approval methods. When done manually, your people are under intense pressure to go back and forth between approvers, postponing payment to suppliers and putting a burden on working relationships. As the bottom line, this leads to higher production expenditures and a stressful environment.
This problem was all too familiar for Pope Mortgage, a mortgage company based in the United States. However upon implementing Oracle Peoplesoft and then integrating the program with Socialpod AP automation, the team was able to better the efficiency of their invoice approval workflow and make an automated PO matching mechanism.
Pope Mortgage credits this integration with improving the efficiency of their entire organization more effective while being able to keep the hard accounting processes that they were previously familiar with. Really a win-win!
Probably the most famous of the lot for smaller businesses, Quickbooks is used by over 3 million customers around the globe.
It’s a real king for enterprises that operate in lots of jurisdictions because it’s designed to comply with local tax codes. For example, Quickbooks abides with IRS legislation in the United States and HMRC in the UK.
The compliance-driven accounting software means your people won’t need to make their own processes for outside auditors; instead, everything is made easy. And with so many users, tax auditors are presently incredibly familiar with the work – making it hard to go wrong.
The advantages of Quickbooks online are many when you add AP automation. Instantly you will be able to approve and clear invoices in hours rather than days or months. Not only will a software integration with Quickbooks online save late fees, but it will also allow firms to qualify for early payment perks.
One of the best technologies out there is Sage Intacct a cloud-based platform that properly allocates your budget and creates a custom contract management system based on individual conditions. Moreover, Sage Intacct is the only financial software endorsed by the British Institute of Certified Public Accountants.
Integrated with Socialpod’s enterprise workflow, you’ll increase efficiency by harmonizing data across finance, purchasing, and human resources.
The bottom line?
A completely streamlined unified dashboard of information that moves with the direction of your bookkeeping operation. Real-time insights on cash levels when you need them the best and confident long-term decision-making.
But this doesn’t just end at budgeting and supply management. Because we financial help automate company invoice processing, general ledger work, travel and expense, purchasing, purchase order processing, and many other workflows!
Demo the workflow today to see how we can help you integrate accounting software to do the heavy lifting for your finance department.
Microsoft Dynamics 365
Here’s a success story of an accounting software integration with Microsoft Dynamics that led to efficiency increases:
- Early payment discounts
- Complete insight on invoice status
- Enhanced efficiency across the entire finance department
Vertical Bridge, a large network infrastructure firm, has used the Microsoft Dynamics system for decades. While the staff was familiar with the technology, it created blockages once the business was ready to scale. Manually entering the invoice data for thousands of vendors into the program and consistent follow-ups with invoice approvers was killing time.
Socialpod created a custom accounting software integration tailor-made for Microsoft Dynamics, specifically tailored to the needs of the Vertical Bridge bookkeeping operation. We built a system that used machine-learning software to memorize how the team was handling each invoice from different customers. If pre-set controls were met, this work would be replicated automatically. It completely removed the need for human control.
This resulted in huge time and cost efficiency for Vertical Bridge, so much so that workers can now focus on vendor relationship management.
But the best thing about this change, as noted by Ali Humayun (VP of IT), is that Socialpod:
“Tailored an AP automation system for clients instead of trying to force us to live with a one-size-fits-all package.”
With Socialpod’s accounting software integration, Dynamics 355 Business Central empowers accounting professionals to automate their processes and expand quickly. For growing businesses, this is more needed than ever.
Plus, with over twenty-five years of collaboration with Great Plains, lots of companies can also get you hooked up with Microsoft Dynamics GP, the best accounting software.
One of the worst issues that tech companies are right now facing is overhiring. During times of growth, they scale their headcount and then fire staff when market conditions go down.
It’s a vicious cycle.
But for a true concentration on spend management and making the right decisions when growing, we recommend SAP Concur.
Working with SAP Concur lets the finance function at large companies with:
- Budget things
- Analysis and reporting
As such, adding integrated software AP automation to this accounting system means that much of the work is done for you. When paired with Socialpod, you’ll access best-in-class material that can improve the work of your AP department by 600%.
Even when scaling up operations for expansion and efficiency, your hiring manager can be careful about when to bring on new team members. Not only does this let you conserve your costs, but it can be one of the more strategic ways to build a reputation as an organization that hires with purpose.
Viewpoint by BlinkItech
View by BiinkItech is certainly a heavyweight in the accounting software area for construction companies. In fact, their most common type of client is generating between $10-20 million dollars in revenue each year and has between 20-60 people.
With construction-specific things, Viewpoint could easily be the market giant for integrated AP automation in this area. One of their own case research could be the best example to tell why this program is so good.
Their customer, Chudoos Construction, was experiencing problems with duplication of data entry and an inflexible program that led to less efficiency. It meant that project management across bookkeeping operations was slow, and their team had to spend more time on meaningless tasks.