How does an automated bookkeeping software help business?

As most CPAs are aware, managing business finances is a huge commitment. However, leveraging technology to streamline business processes has provided businesses with incredible opportunities to drive optimization and productivity.  

Accounting tasks like bookkeeping performed manually only a decade ago is now fully automated. Time dedicated to data entry and extraction processes has been dramatically reduced, thus freeing busy professionals to focus more on core management roles that allow them to nurture and scale their business effectively.  

Automated bookkeeping software – when used correctly – can help businesses in any industry to optimize their operations. While some software is geared more towards freelancers, others offer the most value for entire accounting departments. Their function, however, remains the same. Also, being AI-driven, bookkeeping software automatically processes source documents such as receipts, invoices, and credit card slips.  

By automating these labour-intensive processes, the ASSIST bookkeeping software can quickly and easily perform the following functions: 

• Document classification 
• View uploaded document 

• Automatic extraction of document details 
• Export extracted elements to CSV 
• Unlimited number of pages (available for premium plan only) 
• Complimentary FREE trial for 30 days (available for premium plan only) 
• Integration with Xero (available for premium plan only) 

Many businesses have cut their processing time by as much as 50% by shifting from recording source documentation manually to using an automated system. The bottom line is that automation in accounting is here to make your life easier, and investing in the technology now is sure to change the course of your business for good.  

Besides automating these processes, bookkeeping software also helps businesses in other essential ways. Some of the ways businesses can benefit from using automated bookkeeping software are highlighted below:  

1. Time-Saving 

Perhaps the most tangible factor that makes automated bookkeeping software an indispensable tool for businesses is the amount of time it saves. Document classification, extraction of document details, viewing of uploaded documents for reconciliation, and a host of other bookkeeping processes that usually take days (or weeks) to complete can be done in minutes. 

 2. Increased Accuracy 

Financial records are usually very sensitive information, and a slight error early in the books could result in costly losses in the future. Therefore, a computerized accounting system is necessary to avoid having duplicate or missing records. Computers are far less prone to errors than humans, and using automation in accounting means fewer mistakes, faster bookkeeping, and up-to-date accounts for your business. The ASSIST bookkeeping software provides all of that.  

 3. Improved Payments Processing 

Using automation also aids businesses in collecting recurring payments, such as paying vendor invoices, handling vendor receipts and managing client invoices. It can sync with your business’ bank account to scan entries and flag any discrepancies early. This saves staff time, minimizes paperwork and prevents data loss caused by missing or damaged documents. It can also help you keep track of your debtors and aid in the invoice creation process.  

 4. Cloud Access 

Using automated bookkeeping software as a service (SaaS) also relieves businesses of the burden of carrying around floppy disks and even USB sticks. Now bookkeepers can quickly use automation to manage critical accounting processes online, including automatically extracting document details and exporting extracted elements to CSV. E-receipts and files can also be stored digitally and accessed from anywhere there is an internet connection.  

 5. Higher Productivity 

Automation allows manual and repetitive bookkeeping tasks to be completed faster and more accurately. This enables teams to process more information in the same time period, which enhances productivity. Leveraging automation for bookkeeping takes care of labour-intensive tasks. It opens up more time for professionals to do what they’re really there for – nurturing and maintaining the business’ financial health. 

 6. Accounting System Integrations 

Automated bookkeeping software also provides businesses with seamless data integration with their respective accounting systems. This allows their records to be automatically updated as soon as the data is available. Business data can be electronically transferred directly to their Xero accounts from the bookkeeping software. With this service in place, you can ensure that your record stays up to date and accurate across all platforms.  

 7. Accurate Data Extraction 

The use of automation also offers businesses a straightforward means to manage their data extraction processes. There’s no need to manually extract data from source documents such as receipts, invoices, and credit card slips, as this method invariably leaves room for errors. Now bookkeepers can easily manage their data extraction process by capturing the image containing the required data and uploading it to the ASSIST bookkeeping software. To retrieve the captured data, all you have to do is type in your desired invoice, and the data will be presented to you automatically.  

 8. Reduced Costs 

Another way automated bookkeeping software helps businesses is by reducing costs. As earlier pointed out, using automation in accounting drives faster and more efficient business processes. Since document details are extracted, uploaded and classified automatically, teams can do more quickly and with potentially fewer hands. This translates into reducing the accounting department’s overall payroll and administration costs.   

 9. Professional Development 

Tasks involving high levels of repetitive, manual work can be automated. By automating transactional accounting tasks like bookkeeping, teams relieve themselves of the tedious and frustrating aspects of the job. When used correctly, automation creates opportunities for professionals to focus on more critical responsibilities like management accounting, strategy, and good communication. This change presents an opportunity for growth and professional development.  

Conclusion 

Keeping accurate records of financial data is vital for business growth. Traditional spreadsheets can only do so much, especially regarding invoices and payments. The use of automated bookkeeping software may very well be the best decision you will make for your business. It helps save time, avoid costly errors, and keep all important documents at your fingertips. It is also approved by CPAs, accountants, tax advisors, and FP&A experts, so you can rest assured knowing that your bookkeeping is accurate and GAAP-compliant.