Imagine you’re shopping for a new washing machine and the cashier offers you a handwritten bill rather than a detailed invoice. Will you be satisfied with the shop? Will you ever visit the store again or recommend it to someone else?

If you are the service provider, consider yourself a customer to work in a customer-friendly manner.

Accounting automation aids in building a professional foundation for your company. Also, it contributes to giving excellent customer service. Customer satisfaction supports customer retention.

Accounting Automation ⏩ Better Service ⏩ Customer Satisfaction ⏩ Customer Retention ⏩ Profit

Role of automation in customer service

1. Higher Productivity

Any automated system’s principal purpose is to complete tasks in less time. Hence, using automated accounting software saves time. The time saved might be used to focus more on the product or service you offer.

Saved time means more time to focus on things like invention, creation, and strategy. Thus, client satisfaction gets priority.

2. Professional approach in everything

Accounting automation helps in generating detailed invoices, tax calculations, banking, and other accounting-related tasks. All of the system’s advantages serve in focusing on the professional manner of functioning.

3. Regular and easy services 

If you have an automated accounting system, it means you have all of the necessary records and information.

Customers may lose track of bills, warranty cards, and other documents. As a result, they may be unable to obtain services in the future. But, if you have the data saved, it won’t take much effort to recollect a customer’s details when they approach you for a service after a long time. Thus, it boosts your credibility.

Accounting automation works not just for accounting tasks alone, it provides more. Thus, make use of all the facilities provided by automated systems to build your business on a strong foundation of credibility, transparency, and customer service.

Running a business is not an easy task; it takes constant and diligent effort. We have seen businesses failing due to a number of issues. Damage can also be caused by a failure to analyze profit or loss over a given time period.

Do you think your firm will succeed if you don’t have a solid accounting system in place? Accounting is a necessary component of any business.  Automated accounting methods are the way to maintain records in place in these competitive times.

Why should you check your accounts on a regular basis?

To analyze the growth trajectory

The only method to determine the scale of growth you acquired is to examine your account statements. Change does not have to be profit-driven; it can also reveal the negative consequences of the decisions you’ve made.

1. To make necessary changes

Accounts that are reviewed on a regular basis provide insight into the company’s performance. As a result, if things aren’t going as planned, the authorities can make the required changes.

2. To track late payers

It could assist you in receiving payment properly. There may be situations when your client or customer does not complete the payment; monitoring accounts on a regular basis will assist you in quickly tracking late payers.

3. For keeping track of expenses

You may spend money without knowing how much money you have left in your account. You may make the assumption that you have a particular amount of money in your account and spend it accordingly. This can get you into a lot of trouble. Checking accounts can assist you in making sensible financial decisions.

How does Accounting Automation help to know your Profit?

When compared to traditional bookkeeping methods, automated technologies aid in the timely assessment of accounts. It saves a lot of time relative to going through the entire file. It makes it simple to determine whether the company is profitable or not. Every penny that comes in and goes out of your account contributes to the firm’s success. As a result, keeping track of everything is crucial. Accounting automation is the only way to maintain track of all of these documents and understand the company’s current situation. It assists you in making suitable decisions at the appropriate moment.

In short, reviewing your finances is critical, and having a user-friendly system to do so is essential for any company’s success.

“It’s not your salary that makes you rich, it’s your spending habits,” Charles A. Jaffe.

You have complete freedom to spend the money you’ve earned, but maintaining a healthy balance between income and expenses is the key.

Personal finance is defined as the way you manage your money and make financial plans for the future. Income, expenses, financial decisions, and activities all have a role in one’s financial well-being. There is no way a person can go broke if all these are balanced.

Accounting Automation

Accounting Automation is the process which involves the use of software to automate tasks related to finance and accounting. While automation can help to speed up the accounting process, it is not a replacement for manual labour.

Accountants

An accountant’s responsibilities include more than just preparing account files; they also include supporting businesses in achieving more while spending less.

• Accurate and proper financial documentation abiding to the laws and regulations.
• Preparation of financial reports
• Maintenance of reports
• Ensuring the taxes are paid on time
• Analyzing and filing the tax returns
• Timely evaluation of accounts to assist the firms in working efficiently
• Guiding the firms on ways to reduce expenses while maximizing the profits

Benefits of accounting automation for an accountant

1. Accounting and financial professionals are empowered by automation since it allows them to perform their jobs more efficiently and effectively.
2. Accounting is a time-consuming and complicated process. People used to work without a calculator in the early phases. Later on, as technology advanced, new improvements to all sectors were made. Calculators, computers, and other tools made it possible for people to get the most out of themselves in a short period of time.
3. Many common errors could be avoided with the use of technology. It is impossible to avoid making mistakes, especially when dealing with data and numbers.

Accountants have long used one or the other software system. The transition from paper to software was gradual, but it kept growing as a result of its advantages. Advantages include,

• Time saver
• Accuracy
• High productivity
• Data security
• Easy and fast data retrieval
• Cloud- access
• Data storage
• Professional development
• Reminders
• Reduction in workload

Automation in accounting assists in the evolution of accountants and not the extinction of their careers. Accountants must make use of the resources available in order to make accounting a simpler task.

“Digital is fundamental to our business and to the future of the entire financial services industry.

Denny Hudson

We may not find a more fitting statement to explain digital banking systems in this fast-paced, everything-available-in-a-click time era. You have complete freedom to spend the money you’ve earned, but maintaining a healthy balance between income and expenses is the key.

Banking, the long-queue system

Banking could keep a person busy for an entire day in the past. The procedure of opening an account was considered a herculean task. Every transaction required multiple visits to the bank. Long queues, banking jargon, risk issues, and other variables have contributed to the process becoming more complex and confusing.

Introduction of Digital Banking Systems

Managing money in a way that allows you to save for the future does not imply that you should ignore the present; it simply means that you also have complete control over your finances. Personal finance management entails setting aside money for fun, other purposes, retirement, emergencies, and future savings.

Banking Then v/s Now

The advancement of technology can be seen in all sectors. Given that going digital is the new normal, there is no harm in experimenting with these features. Although not everyone is comfortable using digital banking systems, these features can be used to check balances at the very least. Even a single benefit can save you money on bank visits.

Benefits of Digital Banking Systems

Banking procedures have become simpler and more accessible as a result of their digitalization. At the same time, digital systems are ineffective to a technically illiterate person. Nonetheless, the digitalization of banking procedures allows people work more efficiently.

1. Accuracy

Traditional banking processes are prone to errors. The use of technology in banking allows banks and individuals to have greater accuracy throughout the process.

2. Saves Time

The amount of time it takes to bank has decreased. All account and transaction information can be accessed at any time without the need for a bank visit.

3. Business efficiency

Banking could be done anytime independent of the physical banking hours. Thus, transactions are done faster and the workflow isn’t disturbed. There is no need to wait for the next banking hours. This supports doing business in a more efficient manner. Transactions could be done even to the remote areas quickly.

4. Convenience

The inconveniences of visiting the bank regularly are no longer a factor. Any type of monetary transaction or other bank-related activity could be completed at a person’s convenience. Anytime, anywhere, and every time!

5. All features under roof

All banking features are available under a single roof. Anyone can open a new bank account from the comfort of their room. Also, the existing bank accounts can be linked to the digital platform without any trouble. So, paper-free, contact-less banking is encouraged. Personal financial assistance is another important feature of the digital banking system.

6. Financial Control

The navigation of daily transactions is easier with digital systems. As tracking the expenses are simpler than before, it allows to have control over the finances. Also, it helps to keep track of the tax deductions.

Forgetting is a common part of daily life. Even though memory slips are common, they can have serious consequences too. The intensity of the consequence varies according to the situation. Finance and bank-related dates and data are a few among them. SimpleAccounts assist as a reminder too. Also, it goes through every transaction and keeps you updated. A proper banking system is the necessity of all individuals and businesses. Once properly maintained, financial health is stable.

Accounting automation takes the most manual elements of an accountant’s work and does them automatically. Also known sometimes as computerized accounting software, these systems do the numerical calculations and transaction tracking for you. 

Accountants have used different software in one form or another for decades. Before, software like Excel etc. were used to automate and enhance all sorts of tasks. But the new tools have taken this a step further. 

Most of the accounting system software now delivers advanced technology that takes your business to the next level. Learn some of the of benefits of automated accounting systems. 

Saves time 

The most tangible benefit of automating your accounting is the time you can save for doing productive things. All the manual works your organization used to do is now automated and gives you more time on your hands. Most businesses spend more time during the financial seasons and if you have all the financial data organized in hand, the job can be done in a jiffy. 

Data accuracy 

Accounting automation is the key to data accuracy. More the application is automated, more accurate your data is. It can be considered as simple as, less human intervention reduces human prone errors. Computerized accounting can generate numerous transactions in a few seconds with few or no errors.  

Higher efficiency 

Efficiency is the bottom line of every organization. A highly efficient environment gets things done faster than the normal required time. Automating your business increases the efficiency of your team by focusing on the important things and leaving out the rest.  

Security 

Accounting automation is a godsend for bookkeeping where the proof of work can be digitally secured. Automating your accounting platform can provide consistent security and monitoring, including vulnerability analysis and management. 

Real Time Data 

Real time data is inevitable today as every business is happening on the go. Real time systems help to achieve results instantly and respond immediately. Automated systems deliver real time information to the users to get faster insights and take proactive decisions. 

Data analytics is the process of analyzing the raw data in order to draw conclusions to make informed decisions. A set of data gives valuable information about the subject. It quantitatively and qualitatively informs you about what happened, why it happened, what should you do, when should you take the step and where should you apply and more, 

In a business system, getting accurate forecasting is indispensable to run successfully. Data analytics reveal trends and patterns that are crucial for taking the next big decision in the business.  

You might have already heard about an upsurge in the demand of data scientists nowadays. Although, accountants were already performing as data scientists by analyzing, calculating and predicting the financial outcomes. 

Data analytics in Accounting 

With big data driving the business world, accounting domain has started embracing technologies that help them extract valuable information from data sets. This incorporation of data analytics in bookkeeping has increased the efficiency, agility and demand for the accounting platforms. 

To get a clearer picture of the big data, let’s know about the 4 types of data analytics. 

Descriptive analysis 

Descriptive analysis defines the “what is” element of the data. It describes the information and classifies it accordingly. Though descriptive analysis is often misunderstood for data analytics itself, it is an important factor to identify the underlying problems. 

Diagnostic analytics 

In diagnostic analytics, your data is diagnosed deeply. Unlike descriptive analysis which describes the problem in a simple manner, the diagnostic analysis takes an in-depth analysis of the data. This intensive analysis helps to understand the underlying reasons behind certain issues or problems.  

Predictive analytics 

Predictive analysis is the process of predicting future outcomes based on historical data, machine learning, etc. With the help of advanced technologies, organizations are now able to reliably foresee insights.  

Prescriptive analytics

Prescriptive analytics urges you to take action along with predicting the future. This makes prescriptive analytics most significant among the types of data analytics. Rather than just monitoring the data, this method prescribes actionable insights which makes it more efficient.  

Importance of Data Analytics in Accounting Today 

Accounting has been from the ages a way of analyzing the data to make better decisions. You might have already heard about an upsurge in the demand for data scientists nowadays. It is the result of the rapid increase in the volume of data, the importance of big data in business, and more. 

Change of consumer behaviors, buying methods, internet usage, digital shift, etc. Although accountants were already performing as data scientists by analyzing, calculating, and predicting the financial outcomes, the age has come where they have to seek more specialized way of doing so. 

Adopting the mentioned types of data analytics to analyze your accounting data can certainly change the way you gather insights from the data. With tougher business scenarios, it’s high time that businesses start using accounting platforms that embrace advanced technologies like blockchain, AI, IoT, machine learning to make better business decisions and to perform easier & efficient accounting.