Financial data management’s complexity and ever-changing nature demand more than traditional accounting methods can offer.
Excel spreadsheets become out of date as soon as you manually enter the data. Human error means mistakes are inevitable (and costly). There’s a constant struggle to keep up with clients’ expectations of real-time financial analysis and decision-making.
What’s the solution?
Adopting the right technology and post accounting best practices to address these challenges.
What is Post Accounting?
Post accounting, also known as post bookkeeping, represents a paradigm shift in financial management.
In the context of modern finance, it focuses on using financial information to guide future actions rather than just recording past transactions.
It often involves leveraging technology like AI and data analytics to automate routine tasks, assist accountants with strategic planning, advise clients, and facilitate data-driven decision-making.
Best Practices in Post Accounting
Effective post accounting or post bookkeeping involves several key strategies and practices.
Using a Secure Data Hub in The Cloud
An accountant’s job is more complicated when financial data is in fragments.
- You’re unsure if you’re working with the most up-to-date information.
- You have to hunt for what you need across different spreadsheets.
- You’re unable to make timely financial decisions.
But all these hurdles disappear when everything is in the cloud through a secure data hub.
- You’re always working with accurate data via a single source of truth.
- You no longer have to spend time on low-value tasks.
- You have access to real-time data analytics.
Embracing Automation for Repetitive Tasks
Is your to-do list full of repetitive manual tasks?
Switching to post accounting tools is what you need to get yourself out of the trenches and back to focusing on higher-value activities.
How? By leveraging automation.
It reduces the likelihood of human error, improves efficiency, and speeds up processes, leading to more accurate financial reporting and time to focus on analysis and strategic planning.
Related: Optimising the Accounting Firm Workflow Process for the Digital Age
Relying on Data-Driven Decision Making
How does post accounting help guide future actions?
It relies on data analytics to inform business strategies.
You’re no longer just a record keeper or a number cruncher but a strategic partner with the tools to turn data into powerful advice.
A post accounting solution like Silverfin, which is used once bookkeepers submit financial information, can help you interrogate data at client or portfolio level and use those insights to drive advisory conversations, predict future trends, and set up automated alerts for benchmarks, risk factors or compliance requirements.
Leveraging AI for Workflow Efficiency
AI helps your firm in two ways.
- Saves time
- Improves quality
Unlike humans, algorithms (like the one used for Silverfin Assistant) can continuously analyse large volumes of data quickly and accurately.
What happens when it finds something unusual?
You receive a notification with all your outliers to address, saving you hours of manual work, improving your data quality, and helping you serve your clients better.
How Hurst Uses Post Accounting Solutions to Streamline Processes
Hurst is one of the UK’s leading independent accountancy firms. With its business growing at 12% a year, the company wanted to find more efficient and effective ways to manage its increasing workload.
“We were creating the same information in two or three different systems, which was really inefficient,” says Lizzie Hill, Outsourcing Senior at the firm. “We spent a lot of time searching for numbers and information rather than adding value to the client.”
To solve the problem, Hurst made the decision to switch from Excel and other software solutions to manage compliance-related work papers and accountant production to Silverfin’s cloud automation solution.
Within a year, the majority of Hurst’s clients have migrated onto the platform, and the automation within the platform saves the team time, reduces manual work, and gives Hurst more time for data-driven client advisory services.
“Instead of manually entering data, I can spend a lot more time looking into the numbers and adding value to our clients, which is what they appreciate”
Lizzie Hill, Outsourcing Senior, Hurst
Beyond the Ledger: The New Era of Post Accounting
As technology disrupts the financial industry, accountants are evolving into strategic advisors.
If you want your firm to stay competitive and spend more resources on high-value activities, you need to move away from traditional accounting methods and adopt post accounting tools like Silverfin.
With the right tech stack, you can revolutionise your accounting practice, add value to your clients, and create a new income stream by monetising your data insights.