3 Ways Docyt Can Help you Rotate Accounting Duties Among your Accounting Team
The importance of facilitating rotations
As businesses grow and evolve, it becomes necessary for them to rotate accounting responsibilities in order to maintain efficiency and accuracy. This mainly ensures that no single employee has too much control over a specific area of accounting, thus reducing the potential for errors and fraud. This is crucial when growing a business as a missed error can easily create more work for the company. One way that companies can easily facilitate this rotation of duties is by using accounting software like Docyt.
As businesses grow, the number of employees does as well. It quickly becomes an important facet of growth to ensure that the people in the organization have the correct approvers assigned to workflows across departments. As multiple approvers are needed, Docyt provides easy access to assigning and rotating team members to appropriate tasks and allows companies to always have approvers on hand regardless of who may be out of the office or otherwise unavailable.
Docyt is an AI-driven accounting platform that allows companies to manage their finances, including tracking income and expenses, creating invoices and receipts, and reconciling bank statements. One of the key features of Docyt is its user management system, which allows companies to assign different roles to its users. For example, a company can assign a role of a verifier for an accounts payable specialist in their accounting team, who can then log in to Docyt and perform the tasks assigned to their role, such as uploading, editing, and verifying invoices. This setup also allows for avoiding and/or detecting any kind of suspicious vendors, anomalies, or fraud receipts by having multiple approvers verify and oversee the process, this can also be done for corporate card or expense receipts.
Docyt also has a revenue accounting report which assists businesses in seeing live information on how much accounts receivable are still yet to be collected as well as the amounts of collected revenue from merchant processors that process customer credit cards. This is monitored daily and keeps the accounting department informed and happy when they do month-end accounting and review any undocumented expenses.
The general principle of Docyt is that every single transaction in and out of the business gets inspected for the right documentation. Docyt’s AI and autopilot assist in continuous reconciliation allowing for a fast month-end closing as well as finding out anomalies like undocumented expenses.
Controlling access among teams
Another useful feature of Docyt is its access control system, which allows companies to control which users have access to specific areas of the software. By using Docyt to manage their accounting processes, companies can easily and efficiently rotate accounting responsibilities among their team members. This allows employees to gain a well-rounded understanding of the accounting process and ensures that no single employee has too much control over a specific area of accounting, thus reducing the potential for errors and fraud.
The user management and access control features of Docyt combined, make it easy for companies to track which employees are responsible for specific tasks and ensure that the right employees have access to the right areas of the software. These roles are spread across 12 areas of the product ranging from accounts payable to reconciliation, thus making it simpler to overlook an organization with a large number of employees and a large number of complex tasks being undertaken on a daily basis.
It’s valuable for a business to have multiple folks able to inspect the accounts receivable invoices. If the business has a high volume of invoices, then having different sets of people inspecting accounts receivable aging reports allows companies to see which customers have past-due invoices and thus ensures all accounts receivables are being collected in a timely fashion.
Docyt is here to help you!
Overall, Docyt is a valuable tool for companies looking to rotate accounting responsibilities among their team members. Its user management and access control features make it easy to assign and track responsibilities, while the software’s comprehensive accounting capabilities allow companies to manage their finances with efficiency and accuracy.
If you’d like to learn more about how Docyt can help you become more efficient, visit the Docyt website to schedule a free consultation today.