The pies are in the oven, the table is set, and Thanksgiving is almost here! Like many people this time of year, we’re giving thanks for our friends and family, delicious food, and the cozy warmth of a holiday at home. But as accountants, there are a few other things we’re thankful for – things that make our work quicker and more efficient. They may seem like small things, but we’re grateful for them.
Not so long ago, it was normal for accountants to manually type in transactions from bank accounts and credit cards into an organization’s accounting system. It was boring and time-consuming work, but necessary. Fortunately, today’s technology allows many accounting systems to automatically sync transactions from your bank account. Now when your accountant logs in, all the transaction details are already ready and waiting. Many cloud-based accounting systems, like QuickBooks Online, also automatically match bank deposits and expenses with the corresponding transaction in the accounting system, making it quick and easy to reconcile your accounts. Syncing technology has significantly cut down on the amount of time we have to spend on these repetitive tasks, and we couldn’t be happier about it.
Our auditors and accountants frequently exchange documents with our nonprofit clients. Whether we need a form signed, a draft of financial statements reviewed, or an invoice approved, we rely heavily on our secure document portal to safely and efficiently move these documents around. Instead of trying to navigate a confusing string of email attachments, our clients access their important documents by logging into an online portal. There, the most current version of any document is always at their – and our – fingertips. No more dropped attachments, wrong addresses, or mysterious algorithms that always seem to filter the most important emails into your spam box. Document portals have made our client communications much less stressful!
Online Bill Payments
As accountants, one of our biggest concerns is preventing fraud. Donors demand transparency and accountability from nonprofits – they want to be assured that their donation is in good hands. One way to strengthen your internal controls is by utilizing an online bill payment system like Bill.com. In Bill.com, every payment is supported with appropriate documentation (such as a PDF image of the vendor invoice), and must be digitally approved by a designated approver before it is paid out. This makes it easy to separate responsibilities and provides a clear, time-stamped chain of approval. Bill.com also allows you to pay vendors via ACH payment, cutting out the additional steps involved in tracking and reconciling checks. We sleep better at night knowing our clients are protected with strong financial controls of online bill pay systems.
What are you thankful for this holiday season?