According to a survey by Intuit, more than 60% of small business owners would like to outsource their payroll to a payroll provider. They believe that outsourcing their day-to-day accounting functions to an outside company would free up time for their accountants to focus on more mission-minded tasks. But what if you were able to jump to a more efficient and cost-saving plan for the full scope of finances?
Bookkeeping tech allows for just this. It leapfrogs your accounting methods by allowing AI to accurately deal with data entry tasks in collaboration with your financial institutions. Simply set up your parameters for data entry, redirect or upload the necessary files and let the technology automate the transfer of data into your accounting ledger.
The opportunities from automating your data entry are nearly limitless, and the three biggest advantages are reducing human error, creating scalable solutions, and saving on time and costs.
By allowing AI to take charge, we limit the risk of human error in data entry, saving valuable time and resources in fixing mistakes. Furthermore, AI has the ability to adapt and learn as more data is fed which allows for the tech to better understand the needs of your business over time.
AI-powered bookkeeping technology is also more advantageous due to its ability to quickly scale along with the growth of your business. Unlike outsourcing, where growth means more bookkeepers dedicated to data entry, bookkeeping tech can simply increase its processing capability in order to meet increased demand. This will allow your company to save on labour costs as well as provide greater accuracy in reporting as your company grows.
Finally, perhaps the most concrete and immediate benefit of using automated tech for your data entry is improving efficiency due to real-time data analytics and reduction of time-consuming mundane tasks. Your management team will be able to analyse data as it is inputted and focus on producing valuable insights for your business. Tech saves time and provides opportunity for deeper financial analysis.
Replacing manual tasks with automated solutions will allow your businesses to save on time and resources. Your accounts will be able to focus on more meaningful work, leading to an increase in productivity and enabling your business to grow and innovate.
Using human-assisted AI, bluesheets provides an innovative software that will process data from your online and offline financial data sources, automatically file them in your accounting ledger, and deliver a clean, structured stream of real-time data to populate reports to inform your business decisions. Our tech improves back-office productivity and turnaround times by as much as 90% while eliminating the cost of data entry. To learn more, get in touch.
As a business grows, one of the major obstacles faced is a lack of integrated internal systems. Most organizations end up settling for software that is a good fit for them at that time and purchase them for company wide use.
SME's have been shown to be the most impacted businesses when COVID-19 hit in 2020,specifically those in the hospitality and food industry - a study conducted by the Reserve Bank of Australia.
Maintaining financial records has always been an inefficient and labour intensive process that’s subject to human error. Honest and accurate bookkeeping is the backbone of any good business.
