Cloud based and automated accounts processes are fast becoming the new normal
Are you or your accounts team still manually posting your invoices and bank transactions to your accounts software? Isn’t it time you upgraded and automated your accounts system with Xero?
Cloud based and automated accounts processes are fast becoming the new normal. They are ideally suited to safer and remote working arrangements, helping maintain cashflow and good customer service. They also help safeguard financial data against malicious attacks.
Utilising advanced artificial intelligence, automated accounts systems are efficient, time saving, and help keep business finances tidy and organised….…..you’ll never want to go back to doing things manually!
Software for accounts automation has improved considerably over the past few years. Receipt Bank, Autoentry, and Hubdoc are examples. The software reads the information within your accounts documents and passes the data into your accounts software for you with minimal human involvement. Furthermore, the software learns from experience and becomes faster and requires less intervention over time.
Your day to day accounts work processing changes from manually keying paperwork onto the accounts software, and from reconciling paper bank statements. Instead your bank entries will automatically feed into the software for you and much of the reconciliation will happen automatically. Your paperwork will move to paperless, saving storage space, reducing fire and other risks, and increasing accessibility so that you can check and process your financials wherever you are. Your financial position will be up to date and relevant, not from two or three months earlier.
Documents will be scanned and the files sent to the software electronically, or received into the accounts software directly from your supplier emails. Software apps on your phone or tablet will capture images of invoices or expenses such as food and parking. Those images will go into the accounts software so no need to worry about losing receipts or finding time to compile expenses claims.
But what will all this cost? Well the good news is that there is now more competition in the data capture market. Xero are even offering Hubdoc free of charge with their standard business software licenses. Sage have purchased ‘Autoentry’ and whilst there are separate charges (at the time of writing) the cost savings for business can still be significant. However, there are differences between these applications and one might suit your accounting processes and software better than another.
There is no doubt that automation in business accounting is the future, but for the business owner who is open to new ideas and changes, automation is very much for the present too!
We are Xero and Sage accountants and specialise in helping businesses adapt and automate their accounting processes. We can provide Xero software inclusive with our accounting and bookkeeping services. If you’re interested in finding out how we could help your business, or how you could automate your accounts system with Xero or other accounts software, then please contact Pennine Accounting for a free consultation.