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Bookkeeping Automation: Threat or Opportunity? | ASSIST

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Ajay Singh
Bookkeeping Automation: Threat or Opportunity? | ASSIST

The use of software to complete common bookkeeping tasks is known as automated bookkeeping.

If you’re one of the millions of people who don’t enjoy manually entering all your business transactions into your accounting software, you can hand those repetitive bookkeeping tasks over to a bookkeeping automation solution.

Bookkeeping automation makes the process of recording financial transactions (through data entry) much faster, easier, and less prone to human error. According to the PwC Finance Benchmarking Report 2019, finance teams can save up to 30-40% of their time with finance automation.

In this article, we help you understand how bookkeeping automation works to help you understand why it presents an opportunity, not a threat.

How Does Bookkeeping Automation Work?

High-quality bookkeeping automation tools work by extracting the important data from your receipts, invoices, and other financial documents.

They then use this data to maintain your accounts, and keep an accurate record of all the money coming into and going out of your business.

This helps business owners and managers like you avoid spending time on mundane tasks like data entry and account maintenance. Automated bookkeeping is also more efficient and accurate than manual bookkeeping and allows little opportunity for human error.

An increasing number of business owners across various industries are now adopting bookkeeping automation tools. So, let’s take a look at how these tools typically work.


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