Especia Associates LLP

If an organization's accounting system is outdated, it might be time for them to automate their company system. Not only can they streamline their financial reporting, but it will also give them peace of mind to know that everything is up-to-date after looking at the financial reports. “Automation does not remove humans from the process” ; it empowers them by providing a solution. Apart from this, automation serves as an auxiliary solution, which, in turn, helps bring efficiency and productivity into an existing financial system. Different Organizations tend to automate their financial method as it helps them in time and cost savings, being audit-ready on time and helps in acquiring total visibility on  accounts payable, account receivable and key financial indicator . Listed below are the top ten ways to enhance the company's performance by automation, therefore improving its financial efficiency. 1. Data Collection and sharing Technology has changed the way of dat...

Introduction If there is one thing that every company across the world can unanimously agree on,  “it is the fact that Managing the company's employee expenses is a grueling job. A lot of companies have shifted to computer software, if you are someone who runs a firm and still computes expenses manually, here is a fact for you. According to the Global Business Travel Association, the cost of manually processing one travel expense report of one employee costs $58. Now, if you think that you run a small firm and the cost does not matter, a report by the Aberdeen Group disagrees. That report, about companies with less than 1000 employees, says that considering your firm manually processes 500 expense reports a month, you incur a cost of $210,120 every year. However, the same firm, when using automated expense management, saves over $54,000 a year. And this was just the tangible work cost that was taken into account. Many other factors come into play and make a significant...

As a businessman or CEO, they are worthy and competent to handle their finance and accounting via in house or themselves. Such people are hardworking and always energetic, but minding their accounts could be hectic and troublesome. And a worrisome accounting team could be incompetent to significant advancements possible or bring down shares suddenly. That would bring unrest and dark circles to go with a troubled mind, which is never desired to keep the company's benefits. Here are some points to ponder upon. 1. Paying in house Accounting employees by the hour This is a costly method of getting  bookkeeping, accounting and compliances  things done. Even if you have a small accounting team of people working out the different sections, the expenses will be enormous to go with their hiring, training and payroll taxes. Apart from this, if your team works manually, there is a strong possibility of errors not because they are skilled but because they are human. Thereby havi...

Key Performance Indicators (KPIs) are tools for measuring and tracking performance and help to attain the objective of the company. KPIs provide you with a general overview of the overall health of your business. Every business model is unique and selecting appropriate KPIs and using them effectively will help to improve your business performance. KPIs tools help your business to grow and attain the targets and objectives of the company. KPIs help you to be proactive and make relevant changes in non-performing areas, preventing business losses. KPIs ensure the long-term sustainability of your company and helps increase your business's value as an investment. Here we are sharing some of the KPIs which are important for every company. 1. Operating Cash Flow Operating Cash Flow help business to measure the amount generated by company during the normal life cycle. Operating Cash Flow KPIs indicate how much effectively whether a company can generate positive cash flow to mainta...