Why do bookkeepers stuck in the work, late after work hours finalizing overdue reports and crunching numbers? They spend hours finalizing reports in all formats: PDFs, Word docs, Excel spreadsheets and even handwritten notes. Suddenly, a bookkeeper forgets something, goes back in and explores the specific valid data points for the final report. Gratefully, technology keeps developing and taking tedious tasks off plates. By 2026, the automated bookkeeping software market is forecasted to reach $19.59 billion.
Definitely, there are ample AI tools and bots that can collect and assemble data for its customers. Anyways, a few problems can be seen in a recent interview with CFOs who have decided to choose sophisticated automated bookkeeping systems. They think that the software they are working on is automated, but it isn’t.
Features of Automated Bookkeeping Software
The great automated bookkeeping software will minimize costly mistakes, streamline bookkeeping, and provide a real-time, clear picture of the company’s financial health. In the modern world, technological advances have surpassed remote control sessions, basic desktop-based software, lack of financial insights and outdated financials. So, AI has become the most crucial tool in the accounting and bookkeeping industry.
RecordMe specializes in invoicing, however, the tool also involves small business features, like:
- Time and expense tracking
- Project management
- Automatic payment reminders
- Automatic late fees
- Recurring invoices
- Multiple currencies
- Client proposals
- Project management
- Reporting and analytics
- Tax calculations
Moreover, the company’s account dashboard should give a birds-eye view of the brand's financial health. It displays total profit, outstanding invoices, expenses, and revenue by source, all in one central location. For example, an employee makes a sale or swipes a card and the transaction is captured automatically. The CFO wants to look over the income statement or sales tax summary. Don’t worry it’s just one click away. Companies are surprised at how easy advanced accounting software can be to place just like RecordMe. It is effortless to maintain and simple to get started.
Optical Character Recognition(OCR)
Just think how much employee eye strain and time can be saved by introducing a tool that collects data for them. OCR allows to turn printed images, handwritten tools or even typed terms into machine-encoded text. It’s just like that computer looks at an image and tells what is written in it. However, OCR scans the text and makes a sheet to insert the information. However, AI technology almost fully automates document data entry like invoices. Finding effective workflow software is crucial that automates record, matching, approval, and review integration to the ledger steps of business.
Three Steps to Start Automated Bookkeeping
Financial institutions don’t have to carry out full-scale digital evolution to benefit from automation. These easy suggestions will guide companies to move in the right direction.
Document the Process
Start documenting each step of the business process from start to finish. No doubt, it's tedious, but it helps in building a foundation to recognize the tasks that can replace workforce with automated bookkeeping software. No one can deny that the process is an accumulation of human habits. How to execute each step, when to start the next step and what will be the outcome? If CFOs can document a process, then they can probably automate it.
Find the Software that Fits
Financial institutions should decide on a software with smart data extraction that works well with the process and CFOs can mold them according to their need. Introducing automated bookkeeping software with machine learning capabilities allows the unloading of unnecessary tasks from employees. So, that they can focus on more important strategic tasks.
Bridge the Data Gaps
RecordMe allows financial institutions to share data among platforms without lifting a finger. For example, connecting accounts payable automation with Enterprise Resource Planning (ERP) allows control of real-time spending and cash flow management contribution. Rather than waiting to receive invoices and assemble them manually, create efficiencies and get hours of the day back. While relying on outsourcing data entry or template extraction may seem a quick fix. But, the fact is that competition will eventually outplace companies if they stick to traditional or partially automated solutions.
Let’s understand what operations or accounting are and how automation can bring them together.
How do Accountants bring Operations and Accounting Together?
Accounting and operations are quite similar, they both are adherence and culmination to process. Accounting is “what” and it focuses on organization and problem-solving, ensuring that the company follows all rules or regulations. While, operations is “how” the roadmap that determines how the company will run, when deadlines will meet and how systems will combine together.
These days, market pressure drives rules that provide more responsibility to CFOs and their accounting teams, which strengthens the relationship between accounting and operations. The next step will elaborate on how companies can merge operations and accounting. Sorry, this is a bit long but it is worth it in the end.
How Financial Institutions can Merge the Two
Implementing automated bookkeeping systems is the first step when a business wants to incorporate accountants into its operations department. Some organizations implement automated bookkeeping solutions for a variety of reasons. Missed deadlines because of lengthy periods of maintenance and implementation, newer solutions, and fear of using lesser-known.
No doubt, delaying automation can potentially stop the organization’s growth in the coming years. Maybe this is because when a company introduces automation, employees are free from repetitive manual and tedious tasks to instead focus on strategy and operations.
How RecordMe can Bring Innovation?
Want advanced inventory management or running a subscription-based business? Or might be that the company needs expense reporting for its team. RecordMe offers a wide range of automated bookkeeping tools that integrate seamlessly together. It offers what any company needs. Companies can bundle tools to save money or create a custom business system.