As the end of financial year creeps closer and closer, now is the time for all Food and Beverage businesses to implement systems that increase efficiencies and limits costs. One of the most important parts of EOFY is accounting.
Ask any accountant, they will tell you how hard it is to manage a F&B Businesses accounts when financial information isn’t recorded correctly or stored in multiple locations.
To streamline the EOFY and yearly accounting process, Food and Beverage need to integrate their accounting system with their Order Management System.
What is Integrated Accounting?
Integrated accounting is the process of combining your accounting software with your order management software. Combining both systems together means data will flow from one program to the other once entered without requiring any duplicate data entry tasks.
Here are the benefits of integrating your accounting software with your order management system.
1. Eliminates Rey-keying Data Entry Tasks
There’s nothing more frustrating than having to sit down and input data from one program to the other, it’s time consuming and extremely prone to error. One of the biggest benefits of integrating your accounting software with your management software is you eliminate the need to re-key the same data into another program.
Integrated accounting syncs data two ways, which means the inputted data automatically syncs from the program of enter directly to the other program once entered. Integrated accounting completely removes the tedious task of data entry and will ultimately streamline both your staffs and accountant’s process.
Related Article: The Most Time-Consuming Tasks in the Food & Beverage Industry in 2022.
2. Provides Real-Time Information
All SMEs would already know the pain of trying to access current business information. Often many are faced with the task of trying to locate files individually and having to match them with their accountants’ documents. This process often takes days to complete and only provides a somewhat real time overview of your businesses overall position.
By Integrating your accounting software with your order management system, businesses and accountants can access real-time information without having to rely on either party for an update. Once data is entered, either party can instantly see the information added no matter what system they use. Having access to real-time information will put your business is a better position to make strategic decisions that streamline growth.
Related Article: How Food & Beverage Management Software Improves Reporting.
3. Speeds up decision making
On the topic of strategic decisions, another added benefit of integrated accounting is it allows businesses to make fast, calculated, and strategic business decisions.
By being able to access key business data in real time, businesses and accountants can quickly identify any areas that need improvement well before it becomes a problem or hurts cashflow. The earlier you can identify any potential faults in your business, the quicker you can make a decision to resolve the issue and move your business forward into the future.
Related Article: How Australian Food Distribution Businesses Can Thrive in 2022.
4. Reduces Error
We have all been there! Having to do a simple data entry task and accidently make a small typo or error. Making one small error in accounting can cause chaos and often takes hours to resolve. By integrating your accounting software with your order management system, businesses significantly decrease the risk of making a costly admin error.
Using integrated accounting, all financial information automatically syncs from program to program, thus removing your teams need to input data into either program. The less data admin tasks your team needs to perform, the less chance your business has to make a mistake, it’s that simple.
Related Article: How You Can Avoid These Costly Food Distribution Mistakes.
5. Decreases Accountant Costs
Integrating your accounting software with your order management system will ultimately lower your expenses. Accountants often charge by the hour, the more time they need, the more you get billed. Often the reason why accountants need more time, is they get caught up trying to find the information they need!
By having an integrated system, all financial information will be ready to go for when your accountant accesses your account. The less time your accountants spend chasing information, the less time they will need to complete the job and ultimately the less you will be billed.
Related Article: Expenses Food & Beverage Businesses Can Reduce Easily in 2022.
As the end of financial year quickly approaches it is important that your business reviews your current process and implements systems that increase efficiency and maximises growth. Integrating your accounting with your order management system will decrease costs and streamline business accounting throughout EOFY and beyond.
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For food and beverage businesses, EasyVend supports and automates every part of your business, freeing you up to grow your sales simply unlike other ERP systems.
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