The benefits of automating bookkeeping, for Bookkeepers.
It’s true that for some Bookkeepers the word ‘automation’ can be met with apprehension. The idea that automating bookkeeping checks and practices takes away from the job is old, outdated and simply not true.
Artificial intelligence (AI) and machine learning (ML) technologies are not the enemy – in fact, quite the opposite. In a nutshell, automating bookkeeping is the single most effective way to enhance your data quality, workflow efficiency and increase the value you add to your client – all with the same amount of work (or less).
Chances are you’re already using some form of automation in your bookkeeping business – I mean, it’s 2022 after all. But are you truly stepping into the benefits that automating bookkeeping can offer?
Using cloud accounting software like Xero, MYOB or QuickBooks is now just a necessary part of bookkeeping for small business. Taking it to the next level by investing in smart add-on apps and technology solutions for this software will see you reap huge financial and productivity benefits.
Benefits of automating bookkeeping
- Minimise menial tasks
Automated bookkeeping minimizes time spent on mundane, menial tasks – like manual data entry. Rather than spending hours on simple entering data, you can focus on the tasks that need their expertise, such as analyzing data and improving processes.
- Accurate data, in real time.
Automated bookkeeping not only removes the margin for human error, it also provides real-time data. When you're using AI Audit, you will be alerted to any errors, issues or potential risk as it arises, saving you time (and brain space) finding it down the track. Because these issues can be resolved in real time – it means you will also have quick access to accurate data, for better decisions.
- Clean, efficient workflows
The repetitive, recurring tasks in bookkeeping lend themselves to automation. Implementing automation in your bookkeeping workflows is a game changer for productivity, no matter whether you’re a sole trader and you just want to ensure you’re not missing a thing, or you’re managing a team. Using automated workflow tools built for bookkeepers allow you to ensure a consistent delivery of services across all clients, know exactly where you’re at and what needs to be done on any given day.
What to look out for
Any future-focused Bookkeeper using smart technology solutions will tell you – there is no replacement for human judgement, customer service and experience.
Like any new tool – automated bookkeeping requires a human to implement it. Assigning an ‘expert’ in your team to take charge of the implementation and continued use of the tech, will help
And – you will still have to review. Whether you’re checking AI Audit risk alerts that have been flagged – or checking in on your teams work status – a human will need to be in charge of course.
Automated bookkeeping tools are just that – tools. Use them accordingly and you will no doubt become the most productive (and professional) you have ever been.