Automation is one of the easiest ways to improve the functionality of any business. It effectively allows a company to get more work done in the same amount of time.
Accounting automation does this within the accounting industry. This article will specifically look at how automation works for accounting. It will also explore options that you can use to improve the way you do business.
Table of Contents
How Can Automation Help in Accounting?
Automation helps in accounting just like it helps in other industries. It allows a company or an individual to complete the same tasks they would normally have to complete but with less work involved.
This leads to cost savings and opportunities for increased revenue. Money is saved because time is saved. A company saving time like this can hire fewer employees to do the same amount of work. Meanwhile, opportunities for increased revenue open up. A startup using automation can take on more jobs than it would otherwise be able to. In any situation, the result is positive.
In accounting, automation can also be extremely helpful in minimizing human error and, in doing so, preventing mistakes. Accountants often have to transfer information from one source to another. When this happens, a small typo or a missed decimal can have serious consequences. Luckily, software that includes automation minimizes the number of times this can potentially happen. It does this by transferring the information automatically and without error.
Automation Opportunities in Accounting
Automation is helpful overall. However, within accounting, there are several specific places where it can be used.
These require knowledge of tools and tricks that make automation possible. By understanding these forms of accounting technology, you can find an opportunity that will help your accounting work.
One of the most straightforward and all-encompassing automation solutions for accountants is accounting software. Programs like QuickBooks or Wave are designed to help accountants complete the work they need to do.
The benefit of these is that they directly impact work that is essential to most accountants. Essentially, these programs go right to the core of accounting work. By doing this, they improve the area that is in most need of improvement.
Specific Software Programs
The big disadvantage of accounting software is that it is relatively general and, therefore, doesn’t cover many specific cases. There are plenty of small jobs or tasks that are often done by an accountant that these programs are simply not built for. In these cases, a different piece of software designed for that job or task is necessary.
For example, the R&D Tax Credit software from TaxRobot is specifically designed to help companies get the R&D Tax Credit. This program was built from the ground up with this one idea in mind, so it will be better at it than anything else out there. No other piece of software will be able to save the same amount of time in this area that this one does.
Social Media Automation
Social media is something that nearly every company needs to have in order to be successful. In fact, 97% of Fortune 500 companies use social media.
However, you don’t want to spend time on social media that you could spend doing other work. This is why many look toward automation as a solution. Platforms like Buffer and Later allow you to schedule posts, tweets, and more so they can be delivered throughout the week. With these tools, you can have your social media posts planned out days in advance and, thus, not have to worry about them on a regular basis.
Trying to find tools that can help ensure you’re finding all of the credits and deductions your clients are eligible for? Learn more about our R&D tax software for CPAs and accountants!
What Should Be Included In Accounting Automation Software?
While automation software is generally helpful, there are certain things you should look for in the software. Doing so can help you pick one option over another.
Designed for Accounting
There are a lot of different automation solutions out there that are designed for businesses. However, you want one that is specifically designed for accounting. Choosing one like this has advantages over choosing more generic options.
For example, record-keeping software designed with accountants in mind will often have the ability to integrate with other accounting software. This makes it easier to automatically transfer information or conduct cross-software work.
Using the cloud can have a serious benefit on accounting work. When information is stored in the cloud, it can be accessed from a variety of places. This makes it easier for accountants to access it, making it easier to get work done.
For example, imagine a company using cloud-based software to keep records. When accountants need to access this information, they can simply copy and paste it from the cloud to whatever software they are working on. They don’t need to wait for an email to be sent with the information.
This is particularly helpful for accounting firms, where information may need to be accessed from multiple locations at the same time.
Allows Multiple Users
Some programs only allow one person to work on them at once. Years ago, this was the standard and was considered to be all a program needed. However, times have changed, and now, programs should make accommodations for multiple users.
These programs allow more work to be done, as more people can work on the program at once. It also allows the work of each individual to be tracked, as most programs allow you to see what changes each user account makes.
While this factor doesn’t affect self-employed accountants as much, it is a must for larger firms.
Not sure if TaxRobot’s software is right for your business? Get in touch with us so we can answer all of your questions!
Some solutions are great for a single accountant working on a single job. However, they won’t work for a larger firm or even a single accountant working on multiple jobs.
To avoid this problem, you want to make sure the solution you choose is scalable. It should include the ability to handle multiple clients, plenty of information, and generally handle more work. This way, you can continue to use it as your business grows.
Accounting Automation Tips
Automating your accounting work can revolutionize your workflow and improve the way you do business. Doing this requires picking out the right automation software and being aware of the factors affecting your choices. Once you do this, you will be ready to automate your work.