In the field of bookkeeping, this means automation. With AI as its driving force, automation means that bookkeepers can now let a software “learn” the repetitive data entry and calculation tasks and replicate them with perfect accuracy. Not only this but, software capable of statistical operations can also use the bookkeeping data of each client to produce analysis and reports for each respective client.

This is where the top firms in the industry like Madera, Pilot, or Bench are able to achieve differentiation with respect to the services they provide. Because repetitive work is being done by software mostly, more time can be dedicated to client acquisition and service expansion.

Bookkeeping firms can, therefore, free up more resources to not only develop new and effective marketing strategies but also use their employees’ knowledge and judgments to tailor custom financial strategies for each client. This is an incredibly useful aid for startup businesses and small companies that may not find it feasible to develop a smart financial plan inhouse.

For example, any startup or small business aiming to raise a seed round funding will know the huge emphasis and significance placed on their past and future financial strategies. For an entity operating in such demanding and competitive environments, it only makes sense to let professional bookkeepers that also provide financial advice manage your books. This is particularly important for small businesses that cannot find it within their budget to hire a full-fledged accounting department with top industry professionals. Madera.ai’s services are especially geared towards startups with similar needs. A credible financial strategy for the future holds the highest weightage in investors’ minds when they are considering investing in small businesses.

Similarly, even for established firms, being resistant to change will be futile since your competitors will very likely start to engage with bookkeepers that provide automated services and/or personalized advice. A healthy relationship between an automated bookkeeping firm and their client will also ensure real-time updating of data that a client can access any time, as opposed to data that is only available at the end of the month.

For business owners of accounting firms, the shift in their staff’s productivity efforts towards developing more useful financial strategies for clients would provide repute and credibility to your business allowing you to attract and retain more clients.

In short, automated bookkeeping is a win-win development for both entities involved. Quicker response times, hassle-free B2B partnerships, and up to date accounting books – automated bookkeeping is indeed the need of the hour.

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