A growing number of businesses are turning to accounts production software to automate their statutory accounts production due to the multitude of benefits on offer.
There are, however, still a large number of firms which still rely on an antiquated Word-and-Excel approach to accounts production, costing many hundreds of hours and greatly increasing the margin for error.
Here we look at a few reasons for you to consider automating your in-house statutory accounts production.
1. Produce HMRC Compliant Financial Statements
Reporting requirements for statutory accounts are constantly shifting, so automating your accounting processes with frequently updated software ensures you remain fully compliant year on year. Error tracking and step-by-step wizards also remove much of the manual work, maximising accuracy and minimising human error.
2. Automate Your iXBRL Tagging
Integrated iXBRL tagging tools enable you to automatically produce the bulk of your iXBRL tags, often within a matter of seconds.
This means that you can quickly and accurately complete all of your tagging in-house without having to pay for it to be done externally.
3. Reduce Your Audit Fees
Used by 80% of major audit firms, CaseWare software helps you to control your audit fees by reducing overall review time.
4. Collaborate in the Cloud
Accounts production software is evolving, and now cloud-based collaboration tools like CaseWare SmartSync enable your team to work together remotely to achieve even greater flexibility and efficiency.
Discover why SmartSync is the next generation of Audit collaboration by watching our SmartSync video.
5. Streamline and Standardise
Producing attractive in-house statutory accounts in a largely automated fashion allows for a streamlined, standardised, and overall consistent process. What’s more, Roll Forward features will further compound your time savings in subsequent years.
6. Maximise Your Professional & Personal Development
The massive time savings provided by automated accounts production enable you to work on new projects and allocate more of your time and resources to developing other areas of your business.
Bear in mind also that many firms are seeking professionals who possess experience with accounts production suites like CaseWare Working Papers, so automating your accounts production could greatly enhance your personal development.
The full extent of benefits is quite subjective depending on your business and its specific needs, but evidence shows typical time savings of 50%. We can clearly see how automating your in-house statutory accounts production is a must in this modern age of rapidly shifting legislation and regulation. Start saving time and money today by streamlining your company finances with the innovative and cost-effective solutions offered by CaseWare.