The benefits of modern accounting processes
One of the most laborious tasks for any small to medium sized business owner is managing the accounts.
Nights spent in front of the computer sorting through bank transactions, cross referencing invoices and receipts, navigating rows and columns in spreadsheets can be frustrating and tiring.
But by embracing modern accounting processes you can alleviate some of the stress related to managing your business finances.
Selecting a cloud based accounting software system that streamlines your financial tracking can not only help you get your nights back but also give you extra insight to be able to push your business forward.
“Well-defined accounting processes give you clarity, control and confidence in your business’s financial health.”
Increased productivity
First and foremost, utilising modern accounting processes will increase your productivity.
If you are used to manual processing or even desktop accounting you will already know that it can be time consuming.
Manual data entry can eat up hours and there is always the risk of human error.
When you move to a cloud based system, you have the opportunity to automate your regular bookkeeping tasks, which immediately removes the potential for errors or duplicates.
You can easily access invoicing, expense claims, customer payment reminders and real-time budget reviews, and this enables you to effectively manage your day to day business activities.
Up to date information
Real time business accounting is a powerful tool. If you have the right information about your business – your cash flow, your shortfalls, your revenue, your employees – then you have the capability to make changes for the better, at the right time.
As a business owner, you need to be confident that the accounting data you have on hand is reliable so that you can make informed decisions quickly. This is where your cloud system proves its worth.
Unlike traditional accounting systems where you might have to go back to the office to check the most up to date information, you can access your data via any device, anytime… anywhere around the world.
The cloud system will automatically sync your business bank account, so you can review the most recent transactions and track your cash flow in absolute real time.
Cost savings
Leveraging modern technology and moving to a cloud based accounting system might sound like a significant financial investment, but the efficiency of your new system will very quickly result in cost savings.
Not only will the cloud based system streamline your processes, saving you time… and money, but if you currently run a desktop accounting system you’ll save on server and hardware costs, too.
Enhanced security
When you utilise a cloud based accounting system, you can be confident that you will never lose crucial financial data.
Services providers such as Xero employ state-of-the-art security technology to encrypt data and make sure critical financial information is safe.
You don’t need to worry about files being deleted, or losing something if your computer is damaged. The cloud system regularly backs up your data and keeps it secure within the cloud.
“Efficient systems reduce risk, save time and support smarter financial decisions.”
Ease of use
As with any new system there is always a period of learning, but once you have completed various tasks you will undoubtedly recognise how much easier your business accounting processes will be.
Cloud based systems are periodically updated but you won’t need to go through annoying re-installations or maintenance programs; it’s all done automatically for you.
Ask a professional
We understand that newer business accounting processes can seem daunting if you are used to traditional methods.
But we are confident that embracing modern options can help you gain greater insight into your business productivity and profitability.
The team at North Advisory is always here to help. If you’d like to find out more about how we can assist, please contact us today.
About the author
Marius Fourie - Director & Business Advisor
As Director and Business Advisor, Marius uses his accounting expertise and empathetic skills to work directly with business owners and help them feel at ease with their finances.
Marius saw a common need in clients that just wasn’t being met by accounting providers.
That need was for clear, open communication and streamlined accounting services that didn’t come padded out with any unnecessary features.
Business owners just don’t have time to compare different accounting firms to see which one has the best packages with the best inclusions (many of which they would pay for but never use).
Key Takeaways
Strong Processes Build Reliability
Consistent accounting methods reduce mistakes and support accurate financial records.
Timeliness Matters
Regular bookkeeping, reconciliations and reporting ensure data stays up-to-date and useful.
Automation Boosts Efficiency
Using appropriate software and automation tools minimises manual work and speeds up tasks.
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Integrated and Automated
Frequently Asked Questions
What are accounting processes?
Accounting processes are the methods and systems a business uses to record, organise and report financial transactions — from invoicing and reconciliations to payroll and tax lodgements.
Why do businesses need defined accounting processes?
Clear processes help ensure accuracy, compliance, reliable reporting and consistency, reducing errors and freeing up time for strategic activities.
Can accounting processes improve cash flow?
Yes. By managing invoicing, expense tracking and reconciliations on time, businesses have better visibility of cash flow and can address issues early.
What tools support effective accounting processes?
Modern cloud accounting software, automated bank feeds, integrated payroll systems and reporting dashboards all help streamline and improve accuracy.
Do I need professional help to set up accounting processes?
Although businesses can start on their own, professional guidance helps ensure systems are tailored, efficient and compliant with tax and reporting requirements.
Do cloud accounting systems still need updates and maintenance?
Not in the traditional sense — cloud systems are updated automatically, so you don’t need to deal with re-installations or maintenance programs.
North Advisory’s Reviews 
On 
Flo Mitchell
4 weeks ago
Changed to this company in 2019 from former accountant and love their approach of organizing everything for me face to face with Xero set up plus being able to call as much as I need for set annual fee. They also picked up on something that was not done correctly by my former accountant and saved me $4k for this.
Timothy Cummins
A month ago
They the truly the best, Martin and Judy are so experienced, knowledgeable & professonal, also quite like speaking with Rose : ) all people are so lovely!
Michael Iera
2 months ago
Positive, Responsiveness, Quality, Professionalism, Value
Michael Iera
2 months ago
Excellent company in regards to service and professionalism. Very experienced in dealing with complex matters. Highly recommended.
Reach out we are here to help
Recognising the uniqueness of each business, we specialise in customised accounting services crafted to meet your specific needs and drive business growth.
Don’t hesitate to contact us if you’re ready to streamline your financial management with tailored solutions. Your business’s success is our primary focus. Fill in the contact form or call us to book an initial 30-minute chat.
Suite 6, 11 Oaks Avenue
Dee Why, Northern Beaches
NSW 2099
Australia