To today’s business environment, the need for streamlined and organized accounting procedures is paramount. Accounting teams need constant vigilance to keep a clean inbox, and to ensure accounts, communications, and next best activity is organized. Whether you use post-its, remote folders, folders in your email account, or you keep data in a spreadsheet, organization is key to financial health. The optimal way to achieve accounting organizational bliss is through the use of shared accounting inboxes.
What is a Shared Inbox?
A shared inbox is a single email account, designed to be shared by multiple users. It’s a great way to ensure that everyone has access to the same information and collaboration opportunities, without having emails sent to an individual user’s personal inbox. By using dedicated email accounts for accounts receivable (AR) and accounts payable (AP), businesses can avoid some of the common pitfalls that come with a lack of organization. In this blog post, we will discuss the benefits of using shared accounting inboxes and how they can help your business grow.
Why a Shared Inbox?
When all of your accounting communications are going into a single “firstname.lastname@example.org” email account, it can be difficult to separate invoice questions from customer notifications. This can make it difficult to track the progress of payments and can lead to confusion amongst employees. Confusion leads to slower processes and in turn, your days sales outstanding skyrockets. And if your team is using personal email to manage accounting inquiries, the risks heavily outweigh any convenience.
Personal emails do not provide an audit trail, which can lead to privacy and security risks. If an employee goes on vacation, it can be difficult for others to take over their responsibilities without access to their personal email account. And if they leave the company, they take their knowledge and experience with them, potentially leaving your business stranded without access to important documentation.
When managing a company’s finances, it is important to be risk averse. This means putting into effect measures that help to avoid any unnecessary risks that could negatively impact the business. Having a shared accounting inbox is one way to help reduce the risk of accounting mistakes and confusion amongst employees. By using dedicated email accounts for AR and AP, businesses can avoid some of the common pitfalls that come with a lack of organization.
The Benefits of a Shared Inbox
A shared inbox allows accounting teams to easily track progress, assign tasks, and develop processes that will help streamline your business operations. It also allows for audit trails and improved security, while keeping your business finances running smoothly.
Shared accounting inboxes are the simplest way to streamline your financial processes. Whether you’re a small business or a large organization, having shared inboxes for accounts receivable and accounts payable can help reduce risk and ensure accuracy in your financial operations. By using dedicated email accounts, you can ensure that important communications are tracked and organized, safeguarding your business from any financial risks.
The Next Level
By automating invoice processing and providing an audit trail, an automated shared inbox tool can reduce the risk of financial mistakes, and speed up the payment process, which in turn improves your company’s cash flow. Leveraging AI and technology can help to improve communication amongst employees. By providing a secure and efficient platform for communication, employees can more easily share information and collaborate on tasks. This improves the overall efficiency of your accounting operations.
Even for a team of one, a shared accounting inbox tool, like Lockstep Inbox, can help to streamline and organize your financial operations. Lockstep Inbox allows you to easily automate invoice processing and improve communication between customers, vendors, and employees.
The benefits of a shared accounting inbox are undeniable. By using dedicated email accounts for AR and AP, businesses can avoid some of the common pitfalls that come with a lack of organization. Automation can help you to improve your company’s communication, speed up invoice processing, and reduce financial risks. With Lockstep Inbox, it has never been easier for businesses of any size to get their accounting operations organized and running smoothly.
Take the first step towards organized finances and improved financial security today—create a shared accounting inbox.