From Accounting, Bookkeeping to XBRL – Streamline Your Financial Reporting
As a business owner, you may have overcome the challenges of streamlining your financial operations amid Covid-19. However, when it comes to accounting and bookkeeping, everything goes haywire. And with so much to already look after, filing Annual Financial Statements (AFSs) can be a pain you didn’t ask for.
However, no matter how uninteresting financial reporting sounds, it’s imperative to keep track and stay on top of your balance sheet. With that in mind, here are some useful & practical tips for managing financial reporting more efficiently.
- Establish Effective Policies
Financial management requires discipline. And creating effective policies is the ideal way to display that. Whether it is in terms of managing customer payments, invoices, or employee salaries, collaborate with your financial experts, understand the process, and make recommendations. Establishing effective policies will enable your team to manage business cash flow and curate financial statements effectively.
- Improve Collaboration Between Departments
Things go off track when your teams don’t interact with each other. The finance, payroll, and accounting departments can’t fly solo. In order to file financial statements on time and error-free, every team needs to contribute to the best of their ability. And to do that, they need to communicate with each other. To boost efficiency, promote collaboration, have all the departments use a shared system, preferably a cloud-based ERP software, wherein everyone has access to the information they need to get the job done.
- Automate Manual and Tedious Processes
Investing in an all-encompassing accounting and bookkeeping software is highly recommended for businesses that aim to make their way towards promoting productivity and efficiency. Whether it is XBRL filing or preparing income and expenditure accounts, focus on automating mundane tasks that a software can carry out. This way, your personnel can take over core business processes like preparing financial statements and ensuring timely submission of taxes to regulatory authorities.
- And Outsource the Rest
The thing about financial reporting is that you need a lot of resources on board in terms of technology and human personnel. This means hefty investment in compensation, salary benefits, and software. A trusted outsourced service provider can not only take these tasks off your hands but also reduce operational costs. These service providers have financial experts on board who are well-versed with financial regulations and compliance laws laid down by ACRA and other authorities in Singapore. So you don’t have to fret about financial compliance.
Want to know more about such tips and gain expert guidance on financial reporting? Follow the DataTracks blog @ https://www.datatracks.com/sg/blog/.