We live in the world of automation. As your business takes new ventures, so must its methods. It is highly imperative to upgrade business methodologies with time to stay competitive in this fast-pacing business climate.
Long gone are the days when businesses used to amass paper-based records in ledger rooms for their accounting. Technology has revamped the way business and accounting work. And businesses that take up automation climb up the economic ladder with time. Small businesses should not run the risk by adhering to traditional accounting practices. In the present-day business climate, running in the business race with primitive and outdated accounting practices will not help you to win over rivals that reap the benefits of technology.
Big enterprises have already accommodated automation for their business accounting. Also, more than half the small to mid-sized businesses are using automation for their business accounting in one way or the other. Primitive practices are gradually fading out of existence. So, it is already high time to embrace automation before your business gets outdated.
Why should small businesses embrace automation?
The word automation resonates everywhere in the accounting sites and business talks. What really is in it? Why does the world take a steep turn on accounting automation? If such questions crowd your mind, you are not alone. These questions itch every small business owner who is comfortable with old accounting practices. Here are the answers.
Automation is not a new trend in accounting. Accounting has always been running with automation but in simpler forms. When people were using the abacus for calculations, calculators came in as the most sophisticated, modern, and expensive equipment in the industry. And then bashed in the computers, followed by a wide range of accounting applications. Today, accounting and bookkeeping have been simplified to an extent where they can be accomplished hands-free.
Let us set out how automation can push your business boundaries up and forward.
Bookkeeping is the most time-consuming exercise in accounting when done manually. Some businesses even have to employ people for manual entry or outsource data entry professionals. The average speed of manual keying is 8000 to 10,000 keystrokes per hour. Data entry professionals may even touch 13,000 to 15,000 keystrokes per hour. Think of the speed, it is nowhere near the rate at which software can do it. However, experienced the data entry clerk may be, it takes about 15 hours to feed 300 transactions. Though it seems like a great task, think of it from the automation side. It just takes five to ten minutes for the software to import these values. With automation, your books are done faster.
Accuracy is another severe concern about manual accounting. However vigilant the data entry person may be, there are always high chances of errors in manual data entry. Trivial errors may unintentionally occur. Mistyping a particular value, missing out on a certain column may seem like trivial errors, but will cause huge implications in accounting, especially at the time of reconciliation. But with automation, businesses can get accurate, precise, and intact records on books. As automation software integrates with the applications, the software does every interaction and so the records are error-free and untouched.
Usually, businesses need someone to push and pass on the process to the next stage at every stage. A business owner will have to call upon his employee to know the inventory status, invoices, and any such information. But with automation, business owners have every information at their fingertips and can check them anytime. They do not have to wait for and rely upon someone to handle such stuff.
Most of the cumbersome business processes can be automated and apprehensive reports are generated by automation software. This paves way for the business owner to cultivate business strategies and take actions accordingly. Rather than pecking at such menial issues, small business owners can get their accounting done easier, smarter, quicker, and more efficiently. This leaves them with a clear headspace to work on earnest business decisions.
Best Accounting Automation Software
With accounting automation, small businesses can accomplish accounting chores at a higher degree of speed and accuracy. It aims to take away most of the manual elements in small business accounting and so small business owners have more control over things that really matter.
QuickBooks is the most favorite pick for thousands of small business owners and their accountants worldwide for accounting. It can help businesses to send recurring invoices, payment reminders, reconcile expenses, generate reports, take automatic backups, pay bills, prepare taxes, and so much more. And it is affordable for the feature suite it comes with.
Though QuickBooks is the most efficient accounting software, importing data into QuickBooks is done manually so far. As mentioned earlier, manual keying is the most time-consuming and labor-intensive part of bookkeeping and accounting. Here are a couple of applications to automate and simplify the manual process in bookkeeping with QuickBooks.
QuickBooks needs values to do the accounting process for you. It cannot start accounting with empty columns. Manually keying transactions into QuickBooks will take hours. Despite consuming such a long time, the reports may not always be accurate. In such a case, an application that can automatically sync online payments into the QuickBooks account would save hours of labor. PayTraQer is one such application. PayTraQer can sync your online payments into QuickBooks automatically without any human support. By integrating payment systems with QuickBooks, every transaction detail flows directly into QuickBooks without any human touch. This paves way for accurate, error-free, and fresh books all the time.
PayTraQer is Intuit authorized and is available in QuickBooks App Store. You can install PayTraQer by just clicking the ‘Get App Now’ button. Sign up with QuickBooks credentials and start automating your bookkeeping with their 30-day free trial. PayTraQer can integrate PayPal, Stripe, Square, Clover, and Authorize.Net transactions into QuickBooks automatically, in a snap.
With PayTraQer, the whole syncing process can be automated, leaving no room for errors. Not only with ongoing transactions, but PayTraQer can also sync unlimited historic transactions as far back as required. There might be chances of uploading transactions that are not needed in the QuickBooks account. In such cases, PayTraQer can effortlessly roll back the sync, delete synced transactions from QuickBooks without leaving any trace. PayTraQer supports transactions in multi-currency, as long as the currency is supported by QuickBooks.
SaasAnt Transactions Online
Here is another tool that can make importing way easier, just with a click of a button. It is ideal for small businesses that still rely on Excel spreadsheets for their bookkeeping. SaasAnt Transactions can import unlimited bulk transactions from Excel to QuickBooks Online with just a click of a button. Transactions that usually take hours to import manually can be imported in minutes with SaasAnt Transactions. SaasAnt Transactions can also do bulk exports and deletes in a flash. If you are a QuickBooks user, you will really love using SaasAnt Transactions. You shall try using it with their 30-day free trial.
Having told everything, it is high time to embrace automation for your accounting. Rather than musing with mundane and redundant tasks, try automating repetitive accounting exercises that eat up the most time, to maximize productivity. An efficient automation tool will free you from doing redundant tasks and leaves accurate results in a short span of time. And PayTraQer does this all and is worth a shot!
Follow Business Blogger for more!