Automation is doing wonders in every department of the organization. It is stated by fortune business insights, that by 2026 global accounting automation market is predicted to hit 20$ million.
In marketing, it is replacing the physical presence of billboards. HR department maintains high-quality HR processes in less time. Automated bookkeeping is a process of tracking and recording data within seconds without any human error in the finance sector.
General Accounting Facts
- 79% of firms are offering automated bookkeeping services to their customers.
- 58% of large companies and 82% of small businesses are using automated bookkeeping systems.
- By 2023, the automation market has the chance to reach 4.25$ billion.
- In 2021, The annual salary for bookkeepers and auditors was 77,250$.
5 Best Ways to Automate Bookkeeping
Every year, stats are changing because companies are more into acquiring the benefits of automation. By 2022, a CAGR growth of 9.1%-868$ billion is forecasted by the Business Research Company.
Organizations are adopting a cloud-based computing strategy to make sure the accuracy of bookkeeping tasks. The financial reports improve the decision-making process, data entry procedure, invoicing, accounts receivables, and account payables.
Scalability and flexibility are the major cause why these apps are trending. With automated bookkeeping, bookkeepers can access data, clients, and financial statements from anywhere in the world.If you want to learn about the law rules then you should read about law books.
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Streamline bookkeeping with accounting apps
The easiest and fastest way is streamlining bookkeeping with apps. It keeps track of expenses, income, annual/quarterly taxes, and invoice status. It provides a place to keep all your financial statements in one house.
91% of accountants state that accounting apps increase productivity. The apps automatically extract the data from the transactions. It omits the need to do calculations and go through any physical record.
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Link the payment process to an accounting app
The best way to automate financial transactions is by connecting the payment process to any app. 82% of bookkeepers say that companies are more demanding rather than in the past. Clients require more flexibility, better service levels, and accuracy with the same rates.
If a company is using any app to receive credit or debit. Employees can track income automatically by using built-in integration by connecting to the app.
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Link the Business Account to Accounting Apps
The fast method to simplify and streamline bookkeeping is to connect business accounts. Link these business accounts to accounting apps to track expenses and income. Apps can use debit/ credit/ bank accounts. Bookkeeping apps follow 25% of payroll.
The integrations can track every financial transaction. These transactions can be related to clients’ lunch or office supply runs. Apps can also track withdrawals and deposits when linked to bank accounts.
It removes the need to enter every transaction manually from physical receipts.
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Track expenses
Some transactions are not easy to add to cloud-computing apps. These transactions can be software fees, web hosting, social media payments, or service provider fees. These can easily be done by linking debit/credit or bank accounts.
It also provides a more detailed process for tracking. Email is attached to these transactions like receipt or invoice details. Some software easily extracts the required data from email and can track it through spreadsheets.
Automated bookkeeping solutions can reduce up to 50% of operating expenses. By switching towards cloud-computing apps revenues are boosted by 15%. These apps automatically make columns in spreadsheets. When data is uploaded, the app automatically lines items in the correct category.
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Upload receipt photos
To track expenses, automation is the best way. Take pictures of receipts and upload them in cloud-computing software. Tags and notes can also be added to keep things organized in every way.
83% of bookkeepers state that investing in modern technology and digitization is important to stay up-to-date with market trends. The biggest contribution of automation is the modern digital process.
A large number of bookkeepers agree that the traditional method is no more reliable and accurate in the modern world. But still, the importance of bookkeepers can not decrease.
Key Takeaways
Experience and skills are not enough in the modern world. To remain in the competition, it is necessary to acquire automated bookkeeping services. Companies are shifting their concerns toward automated bookkeeping solutions because traditional methods are not providing any accuracy. Automated bookkeeping systems are more reliable, increases the process of data entry, and give accurate financial insights.