Automation has already revolutionized manufacturing. It is also spreading into the service industry for the same reasons it took over manufacturing. Technology has the potential to make financial professionals more efficient, as they move away from writing checks and sending paper invoices. However, this automation is also going to radically change the accounting and financial professions. Let’s learn why businesses are opting to automate their bookkeeping with accounting software.
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It Helps You to Save Time and Money
This is the biggest reason why anyone automates. Once you’ve set up the software and the supporting systems, you’ll be able to do more in less time; you can create forms from templates; copy over customer information at the click of a button and email it or print it out; use drop-down menus to issue payments or clear transactions; review records instantly, and you can also customize reports that you’ll be able to generate whenever you need it.
A side benefit of automating with bookkeeping software is that it can speed up customer payments. Why Businesses are Opting to Automate You can review your hours worked, generate an invoice, and the software may automatically email them the invoice. You could automatically accept credit cards or debit card payments through your bookkeeping system. When you let them pay online, you’ll get the money as soon as possible. For small accounting firms, this may eliminate the need to add additional staff even as you expand your client base.
It Allows You to Work Anywhere
The right financial software allows you to work anywhere. You can record payments and generate reports from your laptop or phone instead of waiting until you get back to the office. You probably won’t keep all of your customer information, billing records and sales data in one place. This allows you to access this information as required because you can search for any of it and get it in seconds.
Improve the Accuracy of Your Records
A side benefit of consolidated financial records is that it improves the accuracy of your records. You’ve eliminated most manual data entry, and there’s less opportunity for duplicate data entry or missed entries that need to be found through regular audits. For example, you’ll be able to pull data from scanned receipts, so there is less room for error when people need expense reports generated.
The software does most calculations for you, like the subtotals on purchase orders or total sales tax due. Why Businesses are Opting to Automate When there are obvious errors in records, they can be immediately corrected. You can also download bank transaction logs and compare it to the financial system to find and address discrepancies.
It Allows You to Focus on Value-Added Services
Many companies offering accounting services find that automation reduces the number of rote work accountants need to do. This frees them up for data analysis and financial advisory services. This means automation won’t be the end of accounting.
Instead, it will force bookkeepers to move on to more challenging tasks that cannot be automated. You can do more financial planning or build relationships with your clients. You might be able to help customers generate reports in a timely manner or advise them on their business strategy, or give expert advice on risk management or compliance with various government regulations.
Financial software and business automation are freeing up bookkeepers to move beyond number-crunching. However, it will not be an end to the profession. Accountants instead will be able to move into a more customer-oriented role.