Founder and CEO PEX
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Why Fintech Solutions Should Matter to CPAs

Apr 8th 2016
Founder and CEO PEX
Blogger
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Have you ever had to chase down your clients for expense reports and POs for signatures or you’re twiddling your thumbs because someone from your client’s finance department is out on vacation; all operations are on hold for a week until they get back.

If this sounds familiar, then you or your clients may be using outdated process to manage and reconcile finances. Quite simply, there’s a better way to manage that does not involve staring down a mountain of paperwork.

It’s a common dilemma, especially for those tasked with managing the finances of SMBs – you need process. However, one mistake due to human error – a misplaced decimal or document could hurt the company.

But error isn’t the only issue, the truth is that the problem can wear many different faces. It could be an issue with invoices consuming time and resources. It could be a skyscraper pile of receipts, expenses that have to be reimbursed.

Fortunately, technology innovation does not just benefit Millennials and fans of virtual reality. There are solutions that can make life easier for CPAs everywhere. These tools also provide enhanced security against fraud. Below are several solutions that could help eliminate administrative mayhem.

Cloud Accounting Software

What if things were kept moving even when the finance individual is, once again, out on vacation? Software accessible online anytime, anywhere makes it possible for key personnel to step in and maintain the flow of business. Current cloud-based solutions offer a variety of resolutions to solve this issue.

A cloud-based accounting model can help CPAs manage expense needs instantly from a cloud-based portal, make adjustments along the way, and limit spending – all in real time – from anywhere. The cloud provides access to company financial data from any device, ideal for working on-the-go and empowering team members to work together and get things done; even when said finance individual is out.

Invoice Automation & Admin Hypnosis

Much like driving for a long period of time can result in highway hypnosis, performing repetitive tasks continuously can lead to “admin hypnosis,” where the folks in charge fall into a daze and the possibility of human error creeping into something as important as, say, invoicing, can increase dramatically.  

Rather than let the process drag out due to the inefficiencies inherent in old-school paper invoicing, automated invoice solutions eliminate the potential for human error and lost paperwork. Along with reducing the monotony of invoicing, such solutions make it easier to send out invoices in a timely manner, reducing the stress of getting paid on time.

Expense Management Systems

You know there’s often a lot of paper when it comes to expenses: the original receipt, the form explaining who/why, the expense occurred, the request for reimbursement, and so on. Chasing all that paperwork can be as much work as resolving it, so when CPAs sit down to do their actual job, they might still be wondering where else expense reports and POs may be lurking. That puts them into a position where their efforts to make sense of it all can lead to a costly record-keeping error.

An expense management system coupled with prepaid expense cards can be a solution. The CPAs can sign off on the cards, work with company administrators to control how much money gets transferred to each card, decide how they want to replenish funds, and where money is spent. Each card would generate a report that would track how and where money was spent. With that data on-hand in real time, CPAs can provide guidance on how to improve costs and avoid record-keeping errors.

When it comes to finances, there is no such thing as a silver bullet. However, fintech solutions can take giant mounds of paperwork and render it much more manageable. Whether it’s one or several technologies in combination, the implementation of these tools helps make work easier and more accurate.

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