Automation has many benefits in every industry including IT, healthcare and automotive. From paying bills to invoices, accounts payable and receivables, automation does wonders. Employees don’t need to worry as everything can be executed through automation.
Despite knowing all these benefits many companies are still reluctant in acquiring automated bookkeeping services. Maybe they don’t have that much capital or they are confused about choosing any software.
Another misconception about automation is that it cut employee jobs, but the reality is quite opposite. It doesn’t cut jobs despite allowing employees to be more productive by learning operational and analytical skills. These skills can be a source of more productivity and hence revenue.
What is Automated Bookkeeping?
It’s a process to streamline accounts receivables or payables, banking procedures, provides accurate or reliable results and reconciles financial statements.
How Automated Bookkeeping Enhances Business Procedures
Accurate and reliable financial figures eliminate human errors, save money or time by reducing manual data entry procedures.
1. Supports Employees to do Better Business Performance
Automation plays an essential role in transforming business procedures. The inventory management, cash flow projections, revenues and payrolls provide better insights.
These insights have the potential to improve the decision-making process. In small-size organizations, 23% of bookkeepers don’t educate their owners about any issue and 27% of them don’t give their suggestions or piece of advice.
2. Provides Accurate and Reliable Financial Records
The tendency of human errors in manual data entry affects decision-making because sometimes recording the wrong transaction creates a lot of unresolved issues.
Cloud-computing software can reduce these errors and companies that utilize these services can avail 15% boost in their revenues. Not only this, but it also makes sure that financial records are up-to-date and readily available according to local, state and federal rules or regulations.
3. Encourages Owners to Save Company Cost
Automation has the potential to reduce company costs by reconciling financial statements, providing accurate financial insights and categorizing monetary transactions.
But the universal fact is that AI can’t work alone, it needs humans to produce reliability and accuracy in tasks. That’s why 56% of accountants state that they increase productivity with AI accounting software.
4. Accurate Financial Insights
Automated Bookkeeping improves decision-making by providing accurate and reliable financial figures. Understanding the information before processing and analyzing it is the greatest gift introduced by AI.
Owners don’t have to wait for a month or period end to make decisions about when and how to take a loan or make an investment. Any business can save 6 hours per day and that is all due to automation.
5. Accounts Receivables
Getting back money on time is a crucial factor for any business in its growth time. That’s why companies acquire automation services to send reminders to customers that they have to pay the amount before the due date.
Sending reminders manually was never an easy task that’s why automation fits here. If any customer sends money, the software automatically secures the payment and changes the customer status.
This is the reason why many companies are moving towards automation services i.e. to save their employees from this hefty procedure.
6. Accounts Payable
The automated bookkeepig procedure of sending reminders to the CFO or CEO to pay before the due date to suppliers. It’s an essential step in maintaining long-term relations with suppliers. Moreover, it also reduces fraud rates that occurred due to the negligence of bookkeepers in manual bookkeeping.
Hence, not only CEO or CFO employees are also satisfied with automation services because it reduces their burden. AI accounting apps automatically compare workflow i.e. coding, reviewing and invoices. It also helps companies to reduce paperwork and gives them enough time to process invoices.
AI Accounting Software provides Modern Solutions
AI-based software proves that they are best for every organization specifically finance. It’s also expected that many companies will rely on technology now because it helps in reducing their burden.
The efficiency and productivity of employees or companies rely on this software. Employees are glad and satisfied that accessing financial records is that much easier now.
The awesome combination of finance experts with advanced technology works like a magic in recording finances.
Automated bookkeeping is the future of finance organizations. It supports employees; by saving their maximum time and companies; by saving their essential resources; time and money.