The best ways to automate accounting

The majority of accountants say they waste way too much time on manual tasks, and it's not hard to see why! Think of all the things you might do on a typical day – audits, preparing tax returns, deciphering handwritten receipts, budgeting for your office coffee and so on. 

But what if automation tools did all the hard work for you?

You'd have loads more time to spend with clients, train your team and grow your business. 

Accounting automation can be a real lifesaver. So, we thought we'd list all the reasons why you should digitize your workflows. 

Save time with automation

Overtime isn't uncommon for accountants, and you might spend extra hours on the job triple-crunching numbers and filling out the same old forms. 

Other routine and repetitive jobs zap your energy throughout the work week – things like data entry, processing invoices, reporting expenses and bank reconciliations. 

Pretty boring, huh?

The awesome thing about automation software is that it takes care of these chores, freeing up your precious time. If Skyler White had automated a few processes she might’ve had more free time to stop her husband from descending into a smash hit crime lord.

AI software like Booke.ai and Receipt-AI – both integrate with Quickbooks – automate many time-sucking tasks for accountants. These tools use the latest machine learning algorithms to:

• extract data from invoices and receipts
• make predictions from budgeting data
• detect fraud in transaction data
• allocate expenses to different accounts

And that's just the tip of the iceberg. 

Become more competitive

Accountants and bookkeepers predict that software will automate up to 75% of their tasks by 2033. Investing in accounting workflow automation tools now can help you compete in your industry by streamlining complex processes, lightening the load for your hard-working team.

Some of the ways automation tools can help you outrank your rivals include:

• speeding up financial reporting 
• providing up-to-date accounting insights
• complying with accounting laws and regulations 
• helping you make smarter decisions

The best automation tools on the market cater to different workflows in your accounting firm. For example, Asana manages tasks and ensures you meet deadlines, while Slack makes it easier to communicate with your team – and send them emojis!

Lumin, on the other hand, modernizes workflows by migrating paperwork to the cloud, keeping documents organized and synced, protecting confidential info and more.

Automation tools also cut costs, and you can invest the cash you save into expanding your business and staying competitive. For instance, you might not need to hire additional staff to handle accounting tasks and can prevent current employees from having to work overtime.

Reduce human error with software

Even a simple calculation error can lead to a tax penalty or IRS audit, jeopardizing the reputation you've worked so darn hard for. But thanks to the latest automation tools, human mistakes might be a thing of the past. 

That's because this technology carries out accounting tasks with extreme precision, making it a must-have for your business. 

Automation can also reduce manual data entry – which, as you very well know, often leads to human error. 

Consider investing in tools like QuickBooks Advanced and NetSuite. Both track transactions between accounting records and bank statements, reducing all those silly errors that happen during manual reconciliation. 

Is automating right for my accountancy firm?

Yes! Automation isn’t a yes/no option; it’s a scale. You can automate a little, automate it all or fall anywhere in between.

Whether you're a freelance accountant, running a small business or looking to upgrade an enterprise-level department, there’s a level of automation that works for you; you just need to figure out what your needs are.

Need to reduce errors? Automate data entry.

Want to spend less time on daily tedia? Use basic machine learning.

Keen to stay competitive? Consolidate your processes with multipurpose tools.