Automated Bookkeeping: Strategic Practices for Small Businesses
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Do you know what automated bookkeeping services are and how they can give a competitive edge to your small business? Are you worried that your business is lacking behind because there is more manual work? These worries of SMBs can reduce by introducing automated bookkeeping in your organization. The E-commerce industry is worth more than $512.9 Billion, which is more profitable.
All business needs automated bookkeeping solutions to speed up the department’s financial work. It helps the company save money and enhance the interconnectivity of departments. Another benefit is that it spares time for your team to focus on tasks that need attention.
What is the Importance of Automated Accounting Softwares?
Automated accounting is the procedure of using cloud-computing technology to accommodate the purpose of automating tasks and processes which accountants use to handle manually. This software assists in saving time and money that can use elsewhere to increase productivity. The execution of automated bookkeeping usually takes more than 10 months.
Best Automated Bookkeeping Practices for Small Business
Small Companies usually hire bookkeepers that can manage financial transactions. But they do not understand the fact that automation can ease the task of bookkeepers. Automation delivers highly accurate and reliable financial data that is always ready for audit purposes.
Small Companies usually boost their sales by following these practices.
1) Supervise Back-end Aspects of Automated Bookkeeping Software
Having enough time to focus on the area that needs more attention is the significant benefit automated bookkeeping can provide. Companies should provide basic training to bookkeepers so that they can handle financial bots easily. 69% of employees agree that automation minimizes time wastage. 59% of employees state that they can free six hours per week by reducing repetition. Every document can be uploaded by OCR- optical character recognition. All data can record by just scanning the invoice in financial bots. It reduces the time of recording financial transactions manually.
2) Initiate Automation Step-By-Step
Small businesses have already invested a huge amount of capital; they do not have any need to buy new technology for automation. They can continue with the process they are already doing. Start introducing automated solutions in small steps like automating payrolls, then accounts receivable and so on. After analyzing these facts, everyone will agree that 60% of businesses can save 30% of their time by using automation.
3) Educate your Department Slowly
After introducing one automation process, slowly educate your financial department. Don’t impose things overnight; let them learn step-by-step. For example, automated payrolls reduce your worry about paying your employees on time. Your employees work hard, and they deserve to be paid on time. What automation does is it automatically calculate employee salary by deducting tax and including bonus. It also records the financial statements of employees and their annual wages. It is crucial because 21% of SMBs state that they do not know about the process of bookkeeping.
4) Strategies Aligns with Companies Goals
Small business makes sure that the automation they choose aligns with the goals of the company. They make sure that automation fulfils the purpose of recording, managing, and categorizing transactions. The software can also prepare financial transactions like balance sheets, trial balances, ledgers and profit and loss statements. 71% of task preparations and 50% of payroll are the most used service in small businesses.
Strategic Ways to Automate Bookkeeping
Operating a successful business need some key points like staying up-to-date on bookkeeping software technology tools. Managing your business, maintaining positive relationships with clients, and marketing your business is important to growing your small-scale business.
1) Use an Automated Bookkeeping App
Streamline your business process with apps to keep track of expenses, income, invoice status, and annual taxes. Apps automatically retrieve values from receipts, documents or handmade documents. Record me is providing an OCR facility to scan the document in software. The software will automatically retrieves values and gives directions, and place them in the required column.
2) Associate Accounting Apps to your Payment Processors
Small business owners can speed up the process of categorizing financial transactions by associating accounting apps with your payment processors. For example, automated payrolls can provide the facility for employees to track their salary by linking their financial accounts.
3) Link your Business Accounts to your Automated Bookkeeping Apps
Automated bookkeeping is to associate business accounts with accounting apps that can track expenses and income. By linking the bank accounts, you can also track withdrawals and track deposits that occur by an individual at the bank.
4) Upload Photos of Invoices and Receipts
Transforming from manual processes to advance cloud-computing technologies provides enormous growth to SMBs. The advanced option is to take pictures of invoices and receipts. Upload it in the app, and it will direct the values automatically. You can also add or delete notes and tags to organize and categorize things.
What RecordMe Offers for your Small Business
RecordMe provides automated bookkeeping services to all types of businesses. Small businesses can take benefit from OCR technology. We are helping in finishing the hourly task in minutes or seconds. What clients have to do is upload a picture of the receipt or document. Our bookkeeping bots provide accurate data that helps in instant decision making.
Our primary goal is to save the time and money of customers by providing the best-automated bookkeeping solutions. Our automated bookkeeping systems are set up to help your business with highly effective services. These processes are done under experienced supervisors and qualified accountants. We ensure 100% accurate and reliable services so that your business needs not to worry about recording financial statements.