Often times, technological progress and automation are considered as “disruptions” in industries where machines are seen as taking over human jobs. And though automation also has practical implications for the accounting/bookkeeping industry, it is not the kind of disruptive tech that needs to be frowned upon. If anything, it allows accounting and bookkeeping firms to make more efficient and smarter use of their labour force which ultimately enables them to deliver optimal services to their clients. Firms who might have considered themselves stable and secure in the past will find that inflexibility and resistance to change are huge liabilities to harbour in this day and age. The future is automation.
Major bookkeeping firms like Pilot, Madera.ai, Bench, etc. have successfully incorporated automation into their operations and services and have, as a result, differentiated themselves from your run-of-the-mill bookkeeping service providers. This automation is made possible by harnessing the ever-growing prowess of Artificial Intelligence (AI) which introduces a plethora of benefits to your company. Automated bookkeeping entails automatic data entry and validation, billing, calculations along with other repetitive tasks. Software powered by AI is able to detect and understand certain patterns of work and reproduce the actions to take administrative burden off your bookkeeping team.
The fact that software is now handling precision-oriented tasks also means that the chances of human error in data entry and calculations are drastically reduced. In addition to this, automation through AI allows the software to recognize trends and patterns in bookkeeping data. Statistical features are then able to produce useful interpretations, analysis, and patterns in the form of reports that is now at the discretion of the accounting team to glean important insights from.
This makes bookkeeping firms capable of providing consultation services to their clients. Not only do they have accurate and up to date data available to them. Also, the relief from mundane, administrative tasks also allows your firm to spend more time on analyzing any given data and making astute conclusions about their client’s potential financial strategies. Productivity efforts towards developing constructive financial strategies for clients will in turn help boost your business’ profile and credibility, helping you retain and attract clients.
Automation would also mean your firm has more time to work on marketing and customer acquisition since your team would now have time to work on putting your bookkeeping business out there as well as take on more work from new clients.
Business clients who value time and effective financial strategizing will value the services of such accounting partners above those that still adopt traditional methods of bookkeeping. Automated bookkeeping serves to benefit, in diverse ways, not just accountants but also businesses whose books are analyzed and kept up to date with the help of AI and interpreted by skilled personnel.