Traditional bookkeeping is time-intensive, minimizes cost, consumes employees' energy, reduces motivation, productivity, and efficiency. But why is there a need to execute tasks manually in the era of automation? Technology is advancing rapidly. According to "Accounting Services Global Market Report 2022” the market is forecasted to grow from $1.17 trillion by 2021 to $1.32 trillion by 2022 at a CAGR of 12.7%. These figures leave many experts in the surprising state of how the future of jobs will look alike and where they will fit into. There is no need to fear as there are numerous reasons to be excited about automated accounting features.
What are the Benefits of Automated Bookkeeping?
Accountants adopting automated bookkeeping services can execute redundant, time-intensive and repeatable data-entry tasks in real time. Executing repetitive tasks through financial bots is a time saver. Automation leads to substantial profitability in the company as it streamlines workflows and empowers employees to focus on more strategic tasks that require hand-on-attention.
Cloud Storage Capacity
Consequently, the significant success of cloud movement is the storage of backups and data copies in alternate clouds. Storage providers recognize the significance of second data copies and hosting backups from the outset. That is why they design their business model and pricing according to the customer's perspective. The right cloud automation also contributes in enhancing business productivity and revenue. With increased productivity, businesses can easily measure its scalability. Almost 60% of global financial data is stored on cloud servers.
Less Repetitive Tedious Tasks
Repetitive mistakes are vulnerable to mistakes and they consume talent or time that can be devoted to other tasks. Bookkeeping is tedious financial activity that requires hours for data input and extraction. This highly repetitive and arduous task can lead to burnout, mistakes, and lost opportunities. Motivated employees are easily discouraged due to manual data input and repetitive tasks. These are crucial but it feels like a waste of talent and time.
Businesses must consider automated bookkeeping tools to diminish such tasks. AI should exclude them to add value and strengthen financial reports that can support business owners' decisions. Automated bookkeeping locks employees' minds and enables them to focus on value-driven tasks that result in growth.
Enhance Employee Productivity
Companies can be more productive if they start with an honest mindset by keeping this thing in sight. That productivity is a journey, not a destination. Employees should always be working on increasing their productivity and efficiency. This can be achieved when goals are accurate and realistic for every employee. AI supports the core team with digital resources that elevate their roles and empowers them. Organizations that acquire automated bookkeeping services support their employees in improving their productivity. Definitely, it assists every company employee to set their goals and get a grip to meet them.
Real-Time Financial Insights
We work and live in the era of data, where companies rely on financial insights and analysis to predict business decisions. Many businesses have struggled to keep pace with the technology that has moved so far so rapidly. It's crucial for CFOs to work closely with IT leaders and other CIOs to assure that the strengths of both departments are gathered at one platform to generate real-time insights.
Financial organizations have always been early analytics adopters for a limitless range of financial use cases. Many companies are drowning in data while at the same time, many financial organizations are familiar with regulatory and monitoring activities. Automation helps these organizations to gain value from aggregate data flying around every institute. In this way, the sheer velocity and volume will not distract from the nefarious activities that companies need to detect.
Reduce Manual Errors
In financial institutions, one small mistake can cause any number of problems. But automation can reduce errors in many cases and even eradicate them in others. When the company’s approach is to do more with less and cost-effective software, it pushes to analyze automation more closely, specifically in the finance departments. It removes human errors from financial books and assures accuracy at every step.
Automation assures consistency and it’s accuracy. Financial institutions need to make sure that the process provides accurate data insights on a regular basis. As the business finds a new issue, technology will find new ways to solve them. In the financial world, consistency is a key and everything relies on it for continual success. Companies should automate tasks over the technology spectrum to ensure consistency when these are processed. Consistency also helps in increasing security like when they build things the same way, errors are more accessible to recognize and fix.
How RecordMe Fits in the Riddle?
RecordMe ensures the accuracy and reliability of financial reports. It recognizes errors and fixes them automatically without human intervention. These automated bots work on behalf of three to four people within minutes. These bots or automated bookkeeping apps increase part accuracy and streamline processes that mean minimal wastage of material. It improves process control, reduces lead time and spares employees from unnecessary tasks.