Technology is changing every aspect of our lives. Smart phones and social media have changed how we interact with one another. Wearables have changed the way we exercise and manage our health. Our work habits are no exception. Cloud technology, automation and machine learning are improving how we work by creating more efficient processes, reducing human error and making it possible to work from anywhere, at any time.
Accounting is an essential part of any successful business. When properly managed, accounting gives you a way to understand how your business is doing and identify important requirements to keep your business running. Unfortunately, accounting often becomes a dreaded chore and, ultimately, a time suck for business owners. This is where automation can be a game changer.
Save Time & Money
Many entrepreneurs and freelancers go into business to fulfill a passion, share an experience, solve a problem or share a product or service they feel is valuable. All too often, business owners realize the technical requirements of the business—things like accounting, tax and inventory needs—after it’s up and running. Many business owners try to manage their own accounting only to find themselves frustrated and confused hours later.
Sound familiar? Automating simple, necessary, accounting tasks gives you this time back so you can focus on your customers, products and brand. Automated solutions and cloud technologies are scalable and affordable, especially compared to hiring full time help.
Avoid A Cash Flow Crisis
Mismanaged cash is the #1 killer of small businesses. It’s a result of unhealthy accounting that ultimately prevents you from making the right decisions to grow your business. So cash flow problems are rooted in deficient bookkeeping.
By automating certain accounting tasks, you can quickly get a full picture of your company’s cash flow without the effort of manually sorting through all your transactions. Automating tasks like bill pay and expense transactions allows you to easily see your cash balance, how much you’re spending, where you’re spending the most and when cash is scheduled to enter or leave your accounts. This visibility empowers you make smart business decisions on the spot.
Reduce Human Error
Let’s face it, humans make mistakes. Even the brightest accountants are susceptible to typos, which can drastically impact your accounts. By automating these functions, you ensure your transactions are tracked, reconciled and managed the same way every time.
If you have an accountant or bookkeeper, they’ll benefit from automating these tasks as well! By automating tedious accounting tasks, your accountant can skip the hours they typically spend housekeeping and devote their time to your more complex financial needs.
Bottom line, automated accounting is a scalable way to keep your finances healthy so you can focus on your business and passion. Technology has proven it’s here to stay, and the FinTech industry is growing quickly. Use technology to grow your business while saving yourself time, money and stress.