Technology advancements have transformed different industries and businesses, improving efficiency and productivity. However, the accounting field has stayed almost untouched by these revolutionary changes. However, incredible innovations have emerged in the finance world since the arrival of cloud computing in the early 2000s.
Cloud accounting automation is the critical area where they are making a notable difference, specifically benefiting SMEs. By embracing automated bookkeeping software, work management, and client coordination can be improved to expand their business. SMEs that have revolutionized automated bookkeeping software have experienced a 15% growth in revenue generation.
This blog will cover all the benefits of automated bookkeeping software:
Improve Processing Speed
Conventionally accounting professionals have had to traditionally sort by different documents and then enter data, which can take days, depending on the workload. This traditional approach has substantial challenges for bookkeepers and accountants in SMEs, hindering their ability to meet deadlines. It also reduces the time available for meaningful customer interactions.
Organizations are diverting to bookkeeping robots for automated bookkeeping to address these issues. Companies can easily streamline their data processing by enforcing financial bots, making accountants more credible to their customers. With effective data processing, organizations offer various other valuable services, providing quick reporting and improving their value proposition.
Collecting Data Efficiently
Accountants face challenges at the conclusion of the fiscal year as they struggle to locate clients who need assistance in organizing their accounting records, including bank statements, invoices, and other relevant documents. The task of sorting through numerous papers, locating misplaced documents, and managing multiple customers concurrently can be arduous for accounting professionals.
58% of bookkeepers think automated bookkeeping will eliminate this time-intensive work and make things smoother. Accountants gather customers’ information by sharing mobile-based apps with them. Clients only need to take a picture using that app whenever they receive any receipt or bill. By taking an image, accounting professionals receive the document and its relevant information electronically, completing bookkeeping in minutes.
Clients have the chance to forward their emails to the relevant email ID. Documents undergo scanning and are subsequently uploaded from a computer. It dramatically streamlines the procedure of offering financial information to experts.
Improve Brand Image
An accounting institute must establish a reputation by effectively gathering and swiftly processing data to create a positive brand image among users. The web app provided by Receipt Bot permits “co-branding” representing both the logos and the accounting institute.
This method fosters client trust, as the organization employs a credible bookkeeping robot that efficiently supports its business growth. Recent statistics reveal that 58% of organizations use automated bookkeeping software to fulfil client needs, elevating their brand reputation.
Non-Invasive Integration
Robotic Process Automation (RPA) has appeared as a non-invasive technology in the finance industry, transforming bookkeeping practices. Incorporating RPA into the current framework establishes an extra layer of security, resulting in simplifying business operations. The flexibility of RPA allows its applications in different bookkeeping processes. A few potential applications include:
- Tax Management
- Financial Close
- Controller Work
- Financial Analysis and Planning
- Accounts Payable and Receivables
Improve Master Data Accuracy
Having credible master data greatly facilitates the instant and accurate completion of financial accounting tasks. Errors in client and vendor master records can substantially impede payment and invoicing processing, resulting in delays and time-intensive complications.
By implementing automated bookkeeping services, finance experts can modify or integrate master data using effective tools instantly. It simplifies the procedure and improves efficiency in managing master data, allowing smoother financial operations.
Instant Data Retrieval
With automated bookkeeping, data retrieval is quick. Making a statement about cash flows or profits does not require waiting until the end of the quarter. However, this information can be obtained throughout the accounting period.
Moreover, financial dashboards are streamlined with automatic transaction import, offering clients easy-to-understand, customized graphs and charts that help make crucial business decisions.
Eradicate the Risk of Staff Hiring and Training
One of the major problems for SMBs is how to attract, train and retain skilled employees. When companies use bookkeeping applications/robots to manage the “boring” parts of the job, they attract and keep a better-skilled force. Since organizations only require a smaller team, that’s why it is easier to motivate them, and the hiring procedure is less taxing. In an expanding sector, they can rest assured knowing that unexpected surges in workload are not a concern.
Conclusion
The bookkeeping industry is going through a significant and instant transformation due to technology. The arrival of bookkeeping robots appears somewhat surreal initially. But, these automated bookkeeping systems provide organizations with tangible benefits, permitting them to adopt the technology without incurring any initial capital expenses.
