Bookkeeping is one of the most time-consuming and intricate aspects of managing business operations, particularly for multinational companies (MNCs) in India. Between regulatory compliance, multi-currency transactions, and the need for accurate financial reporting, efficient bookkeeping can quickly become overwhelming. In 2024, as competition intensifies and the market becomes more dynamic, MNCs need to find ways to streamline bookkeeping tasks to save time, reduce costs, and improve accuracy.
This blog outlines 10 bookkeeping hacks that MNCs in India can implement in 2024 to increase efficiency and optimize financial processes. These hacks will not only save time but also contribute to better decision-making, compliance, and long-term success.
1.Leverage Cloud-Based Accounting Software
One of the most efficient ways to save time on bookkeeping is to invest in cloud-based accounting software. These platforms enable MNCs to manage financial data in real-time, automate invoicing, track expenses, and ensure accuracy without manual intervention. Leading solutions such as Xero, QuickBooks, and Zoho Books are designed to handle multi-currency transactions and generate instant reports.
2.Automate Recurring Transactions
Automation is key to saving time in bookkeeping. Automating recurring transactions like vendor payments, payroll, and rent ensures that these expenses are accurately recorded each month. By setting up automated workflows, MNCs can eliminate manual data entry errors and ensure that all transactions are consistently tracked without the need for constant oversight.
3.Outsource Non-Core Bookkeeping Functions
Outsourcing bookkeeping services can be a game-changer for MNCs in India. Rather than spending time on routine financial tasks, outsourcing to a reliable accounting partner allows businesses to focus on their core activities. According to a recent report, 65% of Indian MNCs have experienced significant time savings and improved accuracy by outsourcing their bookkeeping functions. Finsmart Accounting offers specialized bookkeeping services to help MNCs streamline financial processes and focus on growth.
4.Implement Digital Expense Tracking
Gone are the days of paper receipts and manual expense tracking. MNCs can save considerable time by implementing digital expense tracking tools that automatically categorize and record expenses. Applications such as Expensify or Zoho Expense allow employees to capture receipts, and the system can auto-categorize expenses, ensuring accurate record-keeping.
5.Set Up Invoice Templates for Faster Billing
For MNCs handling multiple clients and vendors, manual invoicing can be a slow and error-prone process. Using pre-designed templates in your accounting software simplifies the invoicing process. Automated invoice templates allow for faster billing and ensure accuracy in invoicing, reducing delays in accounts receivable.
6.Schedule Regular Financial Reviews
Instead of waiting until the end of the quarter or year to review financial statements, scheduling monthly reviews helps MNCs stay on top of their financial health. By regularly reviewing cash flow, profit margins, and expense reports, bookkeeping teams can address discrepancies early on and save time by avoiding last-minute corrections.
7.Set Up Alerts for Payment Deadlines
Missed payment deadlines can lead to penalties, late fees, and damaged relationships with vendors. Setting up automatic reminders or alerts for payment deadlines ensures that important payments are not overlooked. This hack can help MNCs maintain good standing with suppliers and avoid unnecessary expenses.
8.Integrate Accounting with Other Business Tools
MNCs often use a variety of software tools for different departments. Integrating your accounting software with other tools like CRM (customer relationship management), inventory management, and payroll systems can significantly reduce manual data entry and errors. Automation through integration ensures that financial data is accurately synced across platforms, saving time on reconciliations.
9.Streamline Payroll with Technology
Payroll is a complex and critical part of bookkeeping for MNCs, particularly in India where compliance requirements can be stringent. Using payroll automation tools can save time, reduce errors, and ensure timely salary disbursement. Advanced payroll platforms like Zoho Payroll or ADP streamline tax calculations, statutory deductions, and payslip generation, ensuring compliance with local laws.
10.Maintain a Digital Filing System
Paper documents are prone to loss, misplacement, and damage, leading to wasted time and effort in tracking down critical financial information. By adopting a digital filing system for storing invoices, receipts, and other financial documents, MNCs can streamline document retrieval. Most cloud-based accounting platforms come with built-in document management features that enable easy access to records.
The Power of Outsourcing in Bookkeeping
Outsourcing is one of the most powerful tools for time savings in bookkeeping. Indian MNCs often struggle with managing complex bookkeeping requirements, particularly as they scale and expand. Outsourcing non-core financial tasks to a trusted partner can lead to significant time and cost savings. An experienced outsourced accounting team can handle everything from payroll processing to tax filing, ensuring compliance with local laws while allowing MNCs to focus on strategic growth.
A Deloitte survey found that 54% of MNCs in India are turning to outsourcing as a solution to reduce overhead and increase efficiency. By outsourcing bookkeeping functions, businesses can not only save time but also benefit from the expertise of trained professionals who stay up-to-date on the latest regulations and accounting standards.
Conclusion
By leveraging technology, automation, and outsourcing, MNCs can save time, improve accuracy, and focus on strategic growth. These 13 bookkeeping hacks will not only reduce the burden of financial management but also ensure that businesses stay compliant and make informed decisions.
Outsourcing bookkeeping to a reliable partner like Finsmart Accounting can transform the way MNCs manage their financial operations. With expert services tailored to the unique needs of multinational businesses, Finsmart Accounting helps companies stay ahead in the competitive market while ensuring compliance and accuracy.
India Business Head
Mrs. Dipali Phadke is a qualified Chartered Accountant with more than 20+ years of experience in the field of Accounting, Taxation and Payroll. She is the backbone of Company’s Operations and heads India Business at Finsmart Accounting
