Launching and steering a small business requires a lot of attention to detail. You will have to align your offerings with the market, work on strategies to keep your customers happy and keep your investing partners pleased with your progress. There are always so many things to do.
You, as small business owners, already have so many things to do at hand. That is why some small business owners embrace automated bookkeeping to keep their financial statements straight and bookkeeping hassle-free so that they can focus on the big picture.
This read will show you how automated bookkeeping adds up to the productivity of your business.
We slowly handed over our tedious accounting chores to the computers and then to the accounting software. Accounting softwares are widely used by small and medium business owners to capture their businesses’ financial picture and to do complex and time-consuming accounting deeds.
Accounting software comes in different versions, each catering to specific needs. Advanced software can automatically import, store and analyse data for you. These accounting software also incorporate tools for bill payment, invoicing, financial reporting and payrolls.
Now we have grown to a place where bookkeeping is accomplished with the click of a button. We live in the era of automation, wherein the software does the interaction and number crunching, while you can sit in peace and focus on the big picture.
Why Should You Embrace Accounting Automation
Manual bookkeeping is very tedious, time taking and draggy. It is almost an obsolete practice and it is a pity that many small businesses are still clutching on traditional manual practices in this automated era. There are many difficulties in manual bookkeeping in the present day scenario.
Manual bookkeeping is a redundant task wherein you have to do the manual entry, again and again, day after day, month after month. Before you start formulating accounting and analytic strategies, you will have to run days with a fair share of audit work that will be repetitive.
You will be placed under the pressure zones at times, especially during the year ends, financial closings and at the time of reconciliation. Reconciliation would be a nightmare with inaccurate records that are infested with errors.
Manual practices always have room for errors. Errors, especially in an earnest domain like accounting is not a play and will inflict serious ramifications. Erroneous reports put a big question mark on the reliability of your records.
Manual accounting demands people to accomplish it. So as a small business owner, you will have to hire some professionals to keep your records straight. These will cost you more money, time and labour as well. You will still have errors in it, which will further cost you more time, labour and money.
Benefits of Automated Bookkeeping
The best argument for opting to automation is the increased productivity it facilitates. Once the tiresome number crunching is handed over to the software, unlike humans it does not need rest, it works 24/7 so that your productivity is increased in multi-folds.
As soon as the process of bookkeeping and accounting is automated, the tasks that usually take hours to complete can be done in split seconds. This job would otherwise take 4 to 5 employees and a whole day to complete. Automation leaves you with more time which you can invest in making business decisions.
With automated bookkeeping, you have absolutely zero chance for errors. The transactions made are usually communicated by the software and so is zero error ensured, unlike manual entries. Not only these records are error-free but also makes the recording quick and easy.
Swift Data Retrieval
Long gone are days where you hurl into ledger rooms to pick up a particular record or hold meetings with accountants for a piece of financial information. You have everything automated and available anytime in your software dashboard. You shall just log in, type the name of the file and pick the records that you want in a breeze.
With the automation process, manual intervention is minimized to the maximum, ensuring the safety of confidential financial records. You have the option of limited user access to the records as well. This way, all your financial and accounts details are buttoned up and preserved.
Spending on in-house accounting services or outsourcing bookkeeping and accounting will cost more than what is thought. Also, it consumes a lot of time, money and manpower with an uncertainty of accuracy, which further costs you more of all these. Automation is a one-time investment that reaps seamless accounting as long as the pack is active.
Automated accounting and bookkeeping will give you a clear picture of the financial health of your business and keeps it on track. Every piece of transactional information is recorded and most software synthesises easy apprehensive analysis. As aforesaid, you don’t have to set up a meeting with professionals every time you want the analytic reports, you can get them anytime for quick reference.
To enable complete automation, you may have to deploy integrations with multiple applications. Such integrations are made easy and seamless with automation software. Using these integrations, the software will do all the transactions and give you what you want as the result. This eases your work to a great extent.
Accounting software can handle and organise even large slices of data easily and in a matter of minutes. Everything related to bookkeeping and accounting is made simple and effective. As repetitive tasks are eliminated, it is a way for easy conclusions and drives you to achieve targets faster.
There are many applications found on the web stores for accounting and bookkeeping automation. But only a few are reliable to the core. Here are some of the most reliable and Intuit authorized applications that work seamlessly with your QuickBooks.
SaasAnt Transactions is a powerful software trusted by thousands of small business owners and accountants around the globe. You can supplement QuickBooks with SaasAnt Transactions for streamlined bookkeeping and sweat-free accounting. With SaasAnt Transactions, you can import, export and delete bulk transactions in QuickBooks. It completely eliminates manual entries and moves your transactions in just seconds.
PayTraQer is an incredible application that offers you complete automation in accounting. Using PayTraQer auto-sync option, you can sync all your on-going PayPal, Stripe, Square, Clover and Authorize.Net transactions to QuickBooks, without even a single click. After setup, you don’t even have to open the application.
We can arrive at a conclusion that automation is the new normal in bookkeeping and accounting and is utterly inevitable and beneficial for small business owners. If you haven’t tried using these automation products, you can try exploring them with the 30-day free trial.