Selecting the Best Automation Tools for Your Business
If you’ve followed along on our journey over the past few years you know what a big proponent of automations we are-especially when it comes to financial software that will provide accurate, real-time financials quicker. For most companies closing out the preceding month is a stressful, time-consuming task where financial reports aren’t available for review until 2 weeks after month-end (January reports won’t be available until mid-February.) Not only does this make it harder to make decisions (how can you adjust your margins if you don’t know your actual costs?), but also most lenders require timely financial reports to determine if a company is still able to pay back their debt.
So how do you improve the speed and accuracy of your month-end financials?
In short, automations! And we’re not the only ones who think this. Over the past few years the volume and variety of financial automation software has increased tenfold! You’ve probably heard of a few, like Gusto, Plooto, or Melio, but how do you know which one is right for your business and which one to implement? Unfortunately there isn’t a clear and simple answer as each company is so different and has different needs. Here are the three questions we ask when we assess automation solutions:
Does is it provide you/your staff more time for high value tasks? Not only should an automation solution free up time from mundane monthly tasks that drain you and/or your staff’s valuable capacity, an automation should provide high quality data that helps you make decisions faster. Therefore the right automation software saves you time both day-to-day but also in the long run by providing access to information faster.
Which softwares and systems does it integrate with? Finding an all-in-one solution is most likely not an option. For instance, a software that helps you get paid faster by auto-debiting clients on a recurring basis probably won’t offer or excel at processing payroll. And that’s okay! You want the best tool for each part of the job. However you want to make sure they have the ability to connect and talk to one another. Therefore, it is necessary to ensure your chosen automation solution integrates with your other softwares and systems-especially your accounting program (ie: Quickbooks, Xero, etc…)
Is the pricing model and capabilities right for your business? Let’s take payment processing for example. You could use Melio and Helcim in combination as they each offer capabilities the other one does not. Both of them offer a free plan and only charge per transaction. Or your firm could select to use Plooto which provides the same capabilities of BOTH programs put together, but does so with a monthly fee attached (plus the charge per transaction.) If your firm has a high volume of transactions paying the monthly fee so that you only log into/utilize one software is most likely worth the nominal charge. However, if you have minimal transactions the cost-savings of logging into two programs is probably worth it.
We know there are a lot of options in terms of automation solutions-and we know how overwhelming the research and implementation process can be. Reach out to us if you are in the market for a solution, we’d be happy to talk through our experience with various programs as well as provide insight about what capabilities will be most valuable for your business. We work in financial accounting and reporting softwares EVERY DAY, so chances are we’ve seen a similar structure as yours and can provide critical insights. Call us at 630-447-0448 to set an appointment with our firm.