Automation surrounds us these days, and smart technologies are transforming everything we do from the way we drive to how we shop and listen to music.
Artificial Intelligence (AI) software is now so advanced it’s even capable of making decisions on our behalf, automating previously time-consuming chores, and streamlining the way businesses operate.However, even with these tools, it’s wise to always keep invoices as a record. It doesn’t require any effort or investment as you can easily get the most popular free invoice templates.
Nowhere is this more apparent than in the realm of business accounting. Where previously companies might have employed teams of bookkeepers to audit and run their finances, modern software applications can automate the majority of accounting tasks, freeing up both time and money. There are many services out there available for this but Austin executive search firm has built a name in solving multiple solutions.
With so much AI financial software available these days, many are asking if small businesses really need accountants anymore. Here are just a few areas where AI is improving efficiency and reducing overheads.
Automatic invoicing
Invoicing is an area of business that greatly lends itself to automation. By using intelligent accounting packages, companies can log specific project data at the start of a job, including client details, email addresses, and financial/developmental milestones, which can later be used to set up automatic invoicing once a contract is completed.
Even if payments are made in installments, modern systems are smart enough to be able to generate and email invoices automatically, once specific targets are reached.
If these systems are also tied to your bank account software, they can check whether invoices have been paid – and, if they haven’t, will send you reminders to chase up the client for payment. Here are some efficient payment processing solutions for small businesses.
Calculating and paying expenses automatically
Modern accounting apps allow staff to collate and store expenses online. A vast range of expenses apps have appeared on the market recently though most work similarly; company staff simply scan receipts and invoices using a mobile phone app, which then uses character recognition to read and store the figures in an online database.
The systems store the paperwork (and figures) until you need them as evidence in your end-of-year statements. Indeed, modern payroll software is so advanced it can even process the data and output detailed reports showing your annual expenses and running costs.
Payroll
For the vast majority of companies, paying staff is a highly repetitive task that hardly justifies employing an accountant. Most employees work for a fixed monthly wage, meaning their tax and contributions are extremely easy to calculate and deduct. Timesheets and payslips tend to vary very little month to month, making them a perfect target for AI automation.
Advanced payroll software applications track hours worked, time off, changes to salary, and can even calculate and submit payroll taxes automatically, maintaining your legal compliance.
It’s even possible to automatically pay employees by integrating your payroll software with your bank’s accounting software. This frees up your time considerably while ensuring employees get paid accurately and on time.
Can I really automate my business accounts?
With so much automation around these days, it can be tempting to question whether your company actually needs an accountant anymore. However, taking a balanced view – and not discounting the fact most accounting duties can be handled with automated AI software – there are still times having an accountancy firm onside can be advantageous. Despite the rise of technology, it’s still a good idea to have an accountant within your list of contacts.
