10 Reasons Financial Institutes Love Accounting Bookkeeping
In This Post
Advances in technology have most businesses and industries working more effectively and producing more. Until now, accounting has remained relatively unaffected by surprising changes around the globe. Considerable innovations have been made in the field of accounting since the beginning of cloud computing in the early 2000s. Their impact on the industry is significant in some cases. SMEs have greatly benefited from the widespread adoption of cloud accounting, which has improved work management and client coordination and allowed accountants to grow their businesses. SMEs that shifted their operations to cloud accounting has seen a growth of 15% in revenue generation.
In this blog, we’ll discuss the many ways in which accounting firms can save time and money by adopting a bookkeeping automation application, also known as a bookkeeping robot.
1. Collecting Data Effectively
Near the end of the fiscal year, it is hard for accountants to find customers to keep their accounting records, such as bills, bank statements, etc. It is not easy for accountants to sort papers, track misplaced documents, and deal with a lot of clients at the same time.
58% of bookkeepers and accountants think that automation will get rid of this tedious work and make things run more smoothly. Accountants collect clients’ information by sharing mobile-based applications with them. Whenever a customer receives any kind of bill or receipt, all they need to do is capture a picture using that app. By capturing a photo, accountants receive the document in electronic form along with its associated information, and bookkeeping is completed within minutes. Customers have the option to forward their emails to dedicated email addresses. Documents can also be scanned and uploaded from a computer. This greatly streamlines the process of providing financial information to accountants.
2. Enhance Processing Speed
First, accountants have to sort documents manually. Afterwards, they have to enter data, which might take days depending on the workload. Accountants and bookkeepers in SMEs describe the challenges they face with bookkeeping services. As a result, the firm is less likely to meet its deadlines, and accountants have less time for meaningful interactions with their clients.
To deal with such problems, businesses use bookkeeping robots to automate data processing, which makes accountants more reliable for their customers. If a business has quick data processing, this will allow your company to offer multiple other valuable services and instant reporting.
3. Improve Brand Image
An accounting institute can make a good impression on people by collecting data in a systematic way and processing it in real-time. Receipt Bot has a web app that can be “co-branded,” which means that both the Receipt Bot logo and the logo of the accounting institute will be shown. It builds trust with your customers as the company is using a bookkeeping robot that serves them nicely to grow your business. 58% of businesses use accounting software to meet the needs of customers and enhance brand image.
4. Non-Invasive Integration
One of the non-invasive technologies in the finance industry is robotic bookkeeping and accounting. It added a layer of protection to the current framework to streamline business operations. RPA’s flexibility makes it useful in many different accounting and bookkeeping procedures. It has a wide range of potential applications, including
- Accounts Receivable or Accounts Payable
- Controller work
- Financial Close
- Expense Management Systems
- Tax Management
- Financial planning and analysis
5. Improve Master Data Accuracy
When master data is correct, it is easier to do financial accounting tasks quickly and correctly. If there are mistakes or omissions in the master records for customers and vendors, invoicing and payment processing can be slowed down by a lot. This can lead to extra costs and problems that take a lot of time.
With this automation, the finance team can quickly add or change master data by using tools like Excel workbooks or SAP-enabled web forms.
6. Rapid Data Retrieval
With accounting automation, data retrieval is instantaneous. It is not necessary to wait until the end of the quarter to make a statement about profits or cash flow; this information is just as accessible midway through the accounting period. Financial dashboards are streamlined with automatic transaction import, providing you with easy-to-understand, customized charts and graphs that can help in making critical business decisions.
7. Eliminating the Risk of Staff Training and Hiring
One of the biggest problems for small and medium-sized businesses is how to attract, train, and retain skilled employees.
When businesses use bookkeeping robots/applications to handle the “boring” parts of the job, they can attract and retain better employees. Since businesses only need a smaller team, and it’s simpler to keep them motivated, the hiring process is less taxing and takes less time. In a growing business, they don’t have to worry about sudden spikes in workload or team members.
8. Extremely Cost-Effective
There are zero initial expenses, fees, or other commitments involved. It’s not necessary to spend hundreds of pounds on specialized hardware to automate bookkeeping. Implementing a bookkeeping robot or software for business is as simple as creating any social media account because they are web-based programs. It doesn’t cost anything to sign up to use them; businesses only have to pay for the services rendered when processing documents.
9. Real-Time Reporting
The most appealing thing about an accounting firm is that it gives clients reports in real time. In the past, this would have been impossible. However, with the rise of cloud computing technology, bank feeds, document sharing, and automated bookkeeping tools, it is not only possible now but also easier than traditional accounting.
10. 24/7 Processing
In comparison with humans, robots do not take breaks for refreshments. They work diligently even after hours, on weekends, and during official holidays. As a result, adding even one robot to your staff to ensure that your business operates nonstop is a significant upgrade.
How RecordMe can Help your Business?
Accounting and bookkeeping have changed in a big way and very quickly because of technology. It might seem like a bit of a dream at first when you hear about bookkeeping robots. Bookkeeping robots can be used by businesses right away without incurring any capital costs.
Are you looking to automate your bookkeeping processes and replace your bookkeeper?