Keeping a record of transactions is easy in the initial stage of business. Once the business starts flourishing, it gets difficult. What about when the company misses the payment deadline? Is the accounts payable/accounts receivable team always busy? Do suppliers often complain about late payments?
The modern world has the latest problems and needs advanced solutions. Many businesses have shifted from manual bookkeeping to automated bookkeeping software. Automation enhances productivity and lets employees utilize their free time on more strategic tasks. 67% of accounting professionals prefer automation in their sector.
What is Automated Bookkeeping?
Some automated apps record, maintain and categorize financial entries within a second. The most difficult part of the financial department i.e. accounts payable now becomes a smooth procedure. A bookkeeper scans all the documents, invoices, receipts, and images. The software automatically fetches information from documents. Make rows, and columns & put the information in them.
How Artificial Intelligence changes the Firm's Landscape?
Traditional bookkeeping requires a lot of workforce, time and money. It utilizes time when hiring employees to train them for a specific purpose. Employees need time to record data. High-risk or human errors and mistakes are also present in traditional bookkeeping practices.
One thing that has changed the perspective of accounting is automated bookkeeping. AI is changing the accounting world in various ways and this is everlasting. Employees are satisfied after using automation in the most technical and boring sectors i.e. finance. Artificial intelligence is the ability to learn and think in new ways. The purpose of AI is to create apps that work like humans or are probably more advanced than humans. AI has been integrated into human lives using chatbot services and voice-based technologies. Let's explore authentic and reliable ways of automated bookkeeping.
Limit Human Errors and Mistakes
Human error is natural and no one can omit this completely. A single mistake in a financial entry can cause a disturbance that requires repetition in work. For example, a bookkeeper records an entry with the name of the wrong supplier. Payments have been made to the wrong supplier resulting in a loss for the company.
Automated bookkeeping has reduced these errors as apps warn users if an entry is wrong. Good web-based apps provide accurate and reliable financial results that ease access to relevant data.
Save Hard-Earned Money
Saving money from loss, theft or stolen was difficult in traditional bookkeeping. However, automation can save the company from this issue. The company automatically saves money as there is no need for more employees. Only a few employees can complete the tasks in seconds. CEOs can invest this money in more startups or other operational tasks.
As there is less exposure of humans to financial statements, so there are fewer chances of fraud, breach, and stolen data. Automation stores data and provides ID and fingerprint scanners to authentic users
Accurate Insights of Data
Usually, keeping records of financial entries requires time. Employees feel burdened as financial entries consume more time. Employees state that accounts payables and receivables are the most difficult parts of accounting. Automation has reduced the burden on employees as keeping records takes only minutes now. Employees feel satisfied and agree that automation is providing real-time data in no time.
Audit-ready reports are available in no time which helps the CEO to make instant decisions. Data's 100% accuracy and reliability improve the decision-making power of CEOs and employees. Also, the reliability of figures depends upon the accuracy of web-based software. The more accuracy is, the higher the chances of reliability of financial data.
Bookkeepers recorded data in hard copies before automation. It often leads to misplacing or overwriting of data. Employees sometimes complain that the text on documents is not clearly visible as the record becomes old. But thanks to automation, all these issues are now solved. There is no need for papers as everything has become digital. A bookkeeper just scans the document or uploads a picture of it. RecordMe provides the facility of web-based software.
Enhances Employee Productivity
It is very important to boost the morale of employees so that they can work well and can achieve targets. It was not possible in manual bookkeeping as employees always feel overburdened with work. RecordMe is a web-based software that reduces the burden on employees. These financial bots complete the work in minutes by providing an OCR facility.
OCR - optical character recognition enhances productivity by scanning the receipts in minutes. It automatically sends reminders to suppliers and CFOs to pay invoices before the due date. Hence, the productivity of employees increases.
How RecordMe Can Change the Firm's Landscape?
RecordMe facilitates companies by providing them with a competitive edge. The OCR facility lets employees do the most crucial task and needs more dedication. The accuracy and efficiency of employees are highly dependent on web-based software. It reduces the repetition of tasks and provides audit-ready reports. CEOs can make instant decisions based on the accuracy of financial reports. 79% of employees state that artificial intelligence boosts their decision-making power.
However, a human touch will remain necessary in every department. The cloud computing facility lets companies store their necessary documents for a long interval of time. Automated bookkeeping services also reduce time, employee turnover, and satisfaction. Hence results in higher customer satisfaction as employees can provide quality time to customers.