There are certainly some businesses which couldn’t help but be conservative when it comes to accounting and bookkeeping services, which is sad to say, leaving them in the Jurassic era. Business owners should never be intimidated with advances in accounting technology. No matter how many years your business stood using traditional methods, it’s about time you consider and embrace that big technological change for better productivity and profit.
Intelligent Data Entry
Yes, the human mind is responsible for developing technology. However, we’re only humans and we’re not as perfect as these online tools were programmed to be. Online accounting tools such as Quickbooks has the capabilities of downloading bank transactions directly, organising payrolls, and providing tax reports with just one click. Shoeboxed can organise and archive receipts with great ease. Xero can do automatic bank reconciliation and has the feature of online invoicing so you can collect payments from your customers and get paid faster. The main point is that these tools make calculations easier and keep everything in one place, saving you time, energy, and money. All information is accessible 24/7, yet highly reliable for confidentiality.
Businesses Should Keep Up with the Times
During this time of rapid technological evolution, people want products and services FAST. Time is of the essence to everyone, so whoever can provide clients with quality goods and services in the least amount of time, wins. How can you provide for your clients when you spend too much time on manual accounting? The competition is growing every day and your business needs to keep up, gradually at least, or else you’ll lose your clients to your competitors which possibly leads to a slow death of your business.
The Bookkeeper’s New Role
The technological advances in the accounting world would not necessarily mean the elimination of a bookkeeper. The bookkeeper’s job now is not limited to clerical data entry; because they are familiar with the financial data flow of your business, they can now assist you in interpreting the real VALUE from your financial information and how it affects your business. You can now make sound decisions on how to move forward with your business or what expenses to trim.
Benefits for the Business
Overall, there are so many great advantages of utilising technology for accounting. The paperless method takes out the hassle of mailing and sorting. All documents are neatly organised and shared in one space. Data entry is way easier and there’s less probability for miscalculations. And you can even save more time as the tools can help you calculate taxes, payrolls, and other aspects of your business with just a few clicks. How great is that!
Your bookkeeper, however, is still the greatest ‘tool’ that you have. They are trained not just to do clerical entries, but also to track the flow of finances, analyse, and interpret all your financial information. They can help you make sound decisions and help you plan your business move. By succumbing to the advances of accounting technology, you are now able to free up more time to spend on generating more customers and making your business grow.