Top 5 tips for better accounting processes in 2024

As you step into 2024, you’ve got goals for your company—goals like growing more, serving your clients better, or maybe making a bigger impact. The hard truth? You can’t reach major business milestones if your accounting processes and technologies are outdated.

We’re here to help. Here are the top 5 tips for better accounting processes in 2024, and the ways Accounting Seed on Salesforce can support you along the way.

1. Embrace Automation Technologies: We get it. Making time to learn and adopt new features can be tricky. But leveraging the latest automation tools will help you streamline routine tasks, reduce manual errors, and enhance overall efficiency. Automation not only saves time but also allows you and your colleagues to focus on more strategic and analytical aspects of the business.
   How can Accounting Seed help?  You can automate any recurring task or workflow in Accounting Seed. Most recently, Accounting Seed launched AR (Accounts Receivable) Automation, eliminating the need for manual reconciliation—reducing time spent from hours to minutes. Soon, Accounting Seed will launch AP (Accounts Payable) Automation, a product offering that automates the Accounts Payable process from the time a bill is received to the time it’s paid and reconciled.
2. Implement Real-Time Financial Reporting & Analysis: Move towards real-time financial reporting to gain immediate insights into your organization’s financial health. Utilize accounting software that provides up-to-the-minute data, allowing you to make informed decisions promptly and with ease. Real-time reporting enhances transparency, accuracy, and agility in your company’s financial management and sets you up for success.
   How can Accounting Seed help?  Built directly on Salesforce, Accounting Seed taps into the power of Salesforce’s reports and dashboards for real-time reports you can customize and configure to your needs. Taking it a step further, Accounting Seed recently launched Financial Analytics, allowing for deeper insights and predictive analysis to fully understand your most profitable areas.
3. Invest in Continuous Training and Education: The accounting landscape is continually evolving with updates in regulations and best practices. Invest in ongoing training and education for your accounting team to ensure they stay abreast of the latest developments and understand the software solutions being used—enhancing their skills but also contributing to the overall effectiveness of your accounting processes.
   How can Accounting Seed help?  We believe that good business starts with knowledge, support, and training. From our Accounting Seed University and Knowledge Base to API documentation for developers, we have the latest and greatest to help our users be successful with accounting on Salesforce.
4. Prioritize Sustainability in Accounting Processes: In 2024, sustainable business practices are increasingly important. Consider implementing eco-friendly measures in your accounting processes, such as paperless transactions, energy-efficient technologies, and responsible resource management. Prioritizing sustainability not only aligns with corporate social responsibility but can also lead to cost savings for your organization.
   How can Accounting Seed help?  Say goodbye to paper pushing! As a cloud-based solution, you can process invoices and vendor payments, create and send financial reports, and everything in between, all without ever hitting “print.”
5. Don’t work in a silo. Collaborate and Communicate: While it may seem obvious, communication is a common pitfall for growing businesses. Clear communication is fostered not only by company culture but also by the processes and technology chosen by your company. Use collaborative tools and platforms to facilitate seamless communication between finance teams and all other departments to ensure information is shared and to maintain a cohesive workflow—it’s worth the investment!
   How can Accounting Seed help?  Built on Salesforce, Accounting Seed uses many of the communication tools on platform—like Chatter, task reminders, and approval workflows—to help you communicate the right information to the right people at just the right time. We help you ensure your data is consistent, accurate, and visible to the right teams.

The time is now to get your accounting processes off on the right foot. Incorporating these forward-thinking tips into your accounting practices in 2024 will position your organization for success in an ever-evolving business landscape. And we want to help! Contact us today to schedule your personalized demo of Accounting Seed and discover how Salesforce-native accounting can set you up for success this year.