7 reasons business owners should use accounting automation tools
Accounting automation tools are not just for accountants. When business owners and their accounting teams work collaboratively with smart automation tools, they become more efficient, productive and profitable.
Accounting automation can be a powerful tool for business owners to use when eliminating manual accounting issues. For accounting professionals, there are equally powerful ways to streamline their workflow, increase productivity and add value to clients.
Implementing automation like AI Audit and intuitive workflow tools is akin to a having dependable assistant, helping both business owners and financial professionals do their tasks more accurately and efficiently. It’s the key to taking care of the small stuff – so you can focus on what matters.
Benefits of accounting automation tools for business owners
Just like an excellent assistant, accounting automation tools can help eliminate the most manual accounting tasks of an accountant’s job. It is essentially, computerized accounting software that removes the mundane, repetitive tasks so an accountant can spend more time on analysing and interpreting critical data. As a business owner – you want the very best service. Collaborating with your accounting professionals on automation tools will allow a higher focus on the crucial task of analysing and interpreting data. And that means excellent advice for your business.
But how exactly?
- Avoid a Cash Flow Crisis
Mismanaging funds and over-estimating cashflow is one of the biggest issues that cause make any business go bankrupt. When specific accounting tasks are automated, business owners and their finance teams can immediately get a full picture of their cashflow. They no longer need to sort through all of their transactions manually to know their financial status.
Automating activities like AI Audit also allow owners and their bookkeepers to be alerted to any issues or inconsistences in the books, as they arise. Not only can you see what’s happening, in real time – you can adjust and know that the numbers you're looking at are accurate.
Automation tools also allow businesses to quickly see how much they are generating, which areas they are spending on the most, and when they can expect their money. This kind of visibility contributes to helping business owners make smart decisions when necessary.
- Data is available, all the time
‘Work from anywhere’ isn’t just a buzz phrase anymore. Cloud-based automation systems and programs make it easy to immediately access and share documents. Accountants and bookkeepers can quickly collaborate with business owners, process transactions or analyze required documents without having to be at the right work station.
It also means business owners can quickly check on anything they need to, while on the ground running their business.
- It offers enhanced security
Cyberattacks and hacks on small business are all too common, placing customers, employees, and sensitive business information at risk. Accounting automation makes use of advanced security features and ensure maximum protection of company records and data, helping protect from cyberattacks.
Besides that, business owners will have more control over which individuals in their business or back office can access specific financial information. This helps minimize the risk of sensitive information being exposed to unauthorized employees.
- Retrieve data at speed
Nothing is more time consuming than physically searching for a document – whether that’s in the next room or another building or worse – in your financial teams filing system in-office. Or manually searching for that transaction you’re needing to double-check.
The cloud has made it incredibly easy to find any needed files virtually. Specific entries or records within an accounting automation software can be located almost instantly.
Automated accounting programs are designed to make ledgers and documents easier to name, categorize, and store safely. On top, there is a constant audit trail keeping you neat and clean for compliance.
- Get business insights in a click
Besides providing better organization and security, accounting automation salso allows for quick presentation and distribution of precise financial data. All reports are available for anyone in the company that needs them, helping simplify the reconciliation of audits and records.
Furthermore, software like XBert Reports provides a more accurate means to analyse trends, variances, and predictability. Since they have access to readily available financial reports, accountants can do their jobs better by allowing them to make educated business decisions faster.
- Upskilling for the modern world
Using accounting automation tools like AI Audit, automated workflow management and capacity management, is an excellent opportunity for professional development for both business owners and their finance teams.
Since an accounting application cannot do everything on its own, smart accountants and bookkeepers are needed to drive these systems and make sure that everything works accordingly. Having extensive knowledge of technology solutions in the market is a very desirable skill in the modern world of accounting.
What’s more – an AI Audit system like XBert, that is flagging errors and discrepancies as they arise, allows for junior/less experienced employees to learn what should be looked and when. Learning can be done by following through on a risk alert, with an extensive summary and explanation, without the oversight of management. As a bonus, everything is recorded for the Manager to review and any given time.
The long and short of it
When applied correctly, accounting automation should be able to eliminate most of the frustrating and tedious parts of accounting jobs – for both business owners and their finance teams.
Business owners should be eager to collaborate with their bookkeepers and accountants on recommended accounting automation tools. An investment in the right cloud accounting add-ons can not only increase your productivity but can have a positive impact on your bottom line, while increasing job satisfaction for all involved.