Recurring and Memorised

Introduction

Accounting systems being able to memorise or set up recurring transactions is a fantastic way to save time and effort, but not all systems offer this functionality. With cloud accounting, you can configure templates to memorise and set up recurring schedules, automating time-consuming processes.

Typical Problems

The lack of automation regarding recurring and memorised transactions leads to an increase in the time needed for simple processes.

When the functionality is available, it can suffer from a lack of information available, meaning reports may need to be taken out of the system, or additional journals posted, to give you the level of detail you require.

Also, a key factor of this is control of when the recurring transactions are released, as if values change, that makes it difficult to adjust, meaning the creation of new recurring transactions, or an additional set of correcting journals.

Solutions

Cloud accounting allows you to create memorised templates and recurring schedules, which in turn allows you to automate the posting and scheduling of transactions. Using customisable dimensions also allows you to create detailed postings, ensuring greater analysis for scheduled reports. With the scheduling functionality, you can also fully control when postings are made, allowing for approval processes or a view of draft recurring items, so you can control, either individually or in batches when the recurring values are released into your finance system.

Benefits/ROI

With the functionality within cloud accounting, you can automate the previously tedious task of posting recurring transactions, improving the efficiency of your team.

Allowing you to schedule the transactions to be posted also removes the potential of human error, where the postings could have been forgotten about, or removing the complexity of importing transactions, improving your business processes.

With dimensional reporting, businesses can take advantage of powerful cloud analytics with a greater depth of information available which can be delivered using automated report scheduling.

Providing greater control of recurring transactions, giving you the ability to release and process transactions when required, which can be done in bulk, or allowing you to have the control of releasing individual transactions as you require.