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Transform your accounting practice with the power of automation

Published on April 15, 2024

Accounting automation takes the manual, generic elements of an accountant’s typical workday and processes it automatically and quickly. In your day-to-day work as an accountant, that means no longer having to build complex ledger files or enter a lot of manual data.

As an accountant, you are the financial backbone of your company. You handle all things finance and by removing tedious, simple processes capable of being automated, you free yourself to spend more time on analysis and strategy which drives your continued value within the company.

In this article we will cover:

What types of accounting tasks can be automated?
How to automate accounting
How automation helps accountants scale and streamline their accounting practice
The advantages of automation in accounting
Making the switch to automated accounting software

What types of accounting tasks can be automated?

There are myriad accounting tasks that can be automated. These include:

accounts payable and receivable
payroll
expense management
general ledger
invoicing
data capture such as from receipts
cash flow analysis
financial reporting

How to automate accounting

One of the ways in which you can automate your accounting is to switch to cloud-based automated accounting software.

Developed specifically for accountants and accounting firms, QuickBooks Online Accountant supports accountants by automating key accounting processes. This includes your general ledger, accounts payable and accounts receivable, financial statements and reports such as profit and loss statements, cash flow analysis as well as the digital capture of receipts (particularly useful at tax time).

See how QuickBooks Online Accountant drives workflow efficiency for accountants and accounting firms.

Video thumbnail of QuickBooks Online tutorial focused on enhancing practice efficiencies

How automation helps accountants scale and streamline their accounting practice

At a glance: automated cloud accounting software vs traditional accounting software

	Automated Cloud Accounting Software	Traditional Accounting Software
Access	Your access is unrestricted and not time-bound because the software is hosted on a remote server. You can access your data anytime from any device with an internet connection, regardless of location.	Your access is typically restricted and time-bound to regular working hours because the software would be installed on your desktop computer on-premises.
Efficiency	Your traditional accounting tasks can be streamlined and automated, providing you with updated and real-time data that facilitates financial reporting in real-time.	You would have to enter data manually and repeatedly, which is time-consuming.
Accuracy	You can achieve improved accuracy by reducing manual data entry and increasing automation.	You have a higher risk of human error due to manual data entry.

The advantages of automation in accounting

There are numerous advantages to incorporating automation into your accounting practice. Below are 5 key benefits of automation in accounting.

1. Save time

This is most clearly recognised at particular junctions such as during end of financial year reporting. By looking for systems, processes, and tasks that can be automated, you are freeing up time to focus your energy on more strategic activities that drive value and growth. Automation in accounting eliminates the need for manual data entry to free up your time.

2. Improve performance and productivity

With more time at hand, you can focus on value-adding activities such as strategic financial advice and support.

3. Increase accuracy and reduce error

Machines do not often commit errors and can process huge amounts of data quickly. Quicker processing, real-time access and insight, and informed decision-making are the powerful end results.

4. Make information and insights accessible

Your data is accessible anytime, anywhere. Retrieve information, connect different data sets, and pull together insights whenever you choose. Cloud-based software, which uses artificial intelligence, offers convenience and opportunity by providing access to data anytime, anywhere. All data is stored in a single repository. QuickBooks Online Accountant provides detailed analytics and customised reports to help you make better and quicker financial decisions.

5. Guarantee secure access and storage

Unlike paper records or software placed on a particular desktop, cloud-based access comes with a robust security guarantee. To ensure security when using online applications, work with reputable, trusted service providers with proven track records. QuickBooks Online Accountant incorporates robust security protocols such as passwords-protected logins, two-factor authentication, encryption, and limits access rights only to authorised users. QuickBooks provides real-time integration through up-to-date software you can trust and access to real-time data at your fingertips.

Making the switch to automated accounting software with QuickBooks

The future of accounting relies heavily on smart accounting automation software. Accountants can sign up to use QuickBooks Online Accountant for free in their accounting firm to streamline workflow and automate accounting tasks. Smart automation drives efficiency and helps make better, informed financial decisions for businesses.

FAQs

What is automation in accounting?

Automation in accounting refers to the use of technology to streamline and simplify accounting tasks and processes. Through software applications and tools, certain tasks may be automated including data entry,invoicing, account reconciliation, and financial reporting. It removes the human element in manual, time-consuming activities and additionally, ensures quicker turnaround, improved accuracy, and reduced error. Automation, in this way, saves time and improves efficiency which allows accountants to devote their time to more value-added activities such as financial analysis, advisory services and strategic input.

How does accounting automation improve productivity?

Productivity improvements are guaranteed through the use of accounting automation because the time spent on repetitive and manual tasks is removed and machines improve data accuracy while reducing error. Much of accounting work is labour intensive and time-consuming which increases the risk of error and duplication. Automation in accounting reduces time pressures and affords accountants the opportunity to contribute at a higher level.

Will automated accounting replace accountants?

While there is some fear across different industry sectors around the increased reliance on automation, artificial intelligence and technology, the short answer is No. Automated accounting will never replace the accountant, who brings significantly more value and expertise to a company. Learn more about how technology will shape the future of accounting.

QuickBooks Online Accounting can be a game-changer for you. It will enable you by removing redundant, low-level transactional activities and tasks, freeing up your time so you can focus on value-added activities.

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Transform your accounting practice with the power of automation

What types of accounting tasks can be automated?

How to automate accounting

How automation helps accountants scale and streamline their accounting practice

The advantages of automation in accounting

1. Save time

2. Improve performance and productivity

3. Increase accuracy and reduce error

4. Make information and insights accessible

5. Guarantee secure access and storage

Making the switch to automated accounting software with QuickBooks

FAQs

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Looking for something else?

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Help Me Choose

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