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.
with Automated Workflows
Transform your accounting practice with the power of automation
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.
What types of accounting tasks can be automated?
There are myriad accounting tasks that can be automated. These include:
- accounts payable and receivable
- expense management
- general ledger
- 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.
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
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.
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.
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.
1. Save time
This is most clearly recognized 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 energies 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 customized 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 authorized 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.
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.
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.
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.
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.