Automation needs no introduction. We all know its phenomenal and the future lies in its hands. Cloud accounting has increased the efficiency of bookkeepers and accountants through automation. Integration with APIs have made the processes more transparent and streamlined which were otherwise time-consuming and laborious.
Today, the robot called Automation is taking over major departments of any business, from finance to marketing to HR. Large enterprises are using automation to perform their accounting and bookkeeping tasks efficiently. By implementing automation, companies are saving their costs and time which are utilized in other vital operations. Let’s have a glance at what automation has to offer to bookkeepers and accountants:
- Since automation is referred to as a robot, it single-handedly manages all the repetitive, cumbersome and time-consuming tasks. It not just calculates but prepare statistical reports with ease in a single click to monitor the growth of the company. The document which took hours to be compiled is a matter of few seconds after automation.
- To err is human; to errors is accountancy. Calculations done manually have high chances of being erroneous. An absent decimal or an extra zero can substantially alter the accuracy of a report. Automation helps in achieving accuracy in less time. The reports prepared are reliable due to this accuracy.
- Automation helps you keep your data up to date. It builds connectivity among all the departments which help in updating data at all places while being entered at one place.
- Automation also provides security during any natural calamity. Suppose, you manage all your work manually and store the data on paper, your office catches fire and all your data burns to ashes. Automation provides you storage facility too.
- Automated accounting is considered to be cost effective as it goes paperless. Manually entering data on sheets causes a lot of errors which takes a lot of sheets to prepare a correct report after drafting so many. Automation saves you money you use in stationary and also save you time.
- Automation also makes it easy to read and compare data. You can choose the format to represent data as per your wish, tables could be used, and pie charts could be used or may be bars to show statistics. It saves you from the frustration of reading data in the form of digits and texts.
- Automation has another benefit; it motivates the staff. To use the automated accounting software, staff needs to be trained. This makes your employees feel good about getting to learn new software.
- Speed along with accuracy is what an accounting firm thrives for. With the elimination of manual work, comes speed with entering data on computers in less time as compared to writing on paper. And once again, automation saves you time which you were spending in manually writing data on sheets of paper.
- As the data is saved on the automated accounting software, it is easy to access the data anytime anywhere. Cloud storage allows a user to access the data on the go.
- Transactions are recorded in real time which is impossible if you are doing it manually.
With ledgers being maintained automatically, records of debits and credits kept in balance and automatic calculations of taxes being performed; automation is a saviour for your business. Packages like MYOB and XERO are popular for the same. You can sit back, relax and see your business grow with automation.