Bookkeeping is generally described as the task of monitoring and analyzing each and every financial transaction within the operating limits of an organization or business. Though it might sound easy, but in reality it entails many complex calculations which are also significantly challenging at the same time.
This is where technology steps in and transforms some of the time consuming and complicated processes of traditional accounting into simple and easy-to-use accounting software like QuickBooks. And the best option to use accounting software is through Cloud hosted servers, as they provide benefits like significant IT cost-savings, and the freedom to work anytime and from anywhere. It also eliminates the need for on-premises servers, regular software updates, dedicated IT teams, and many other hassles, saving you a lot of time and money.
Here are a few more ways technology can help transform traditional accounting and bookkeeping services to be more efficient and productive.
1.Automated Expense tracking
Accounting and bookkeeping software can automatically monitor and analyze all of your expenses. One can even enable tracking of bank accounts, credit cards, and other e-payment accounts without any repeated manual actions. This feature alone, saves a considerable amount of time and also negates the possibility of human-errors of data entry and redundancy errors. Such software also have the ability to accurately identify the number of transactions and are also smart enough to classify and differentiate expenses and incomes, which again saves a whole lot of time for the CPAs and accountants. And merged with the benefits of the Cloud, these accounting software become even more productive and efficient.
2. Better Collaboration and Integration
Nowadays most accountants and CPAs manage multiple clients and work with various other partners to deliver exceptional accounting and bookkeeping services. This level of collaboration and integration requires constant communication, which is a time consuming necessity of accounting and bookkeeping. But when it comes to the Cloud, accounting software like QuickBooks integrate seamlessly with the Cloud infrastructure and offers impressive collaboration opportunities. It updates each data file in real-time and also keeps tracks of each and every edit made. The Cloud also helps accounting software to monitor and manage access to accounting and bookkeeping data, as multiple users can access and edit the data at the same time while the master copy saves all of the previous data safely and securely.
3.Work anytime from anywhere
The best thing about the latest advancements of Cloud computing and accounting software is that it offers CPAs and accountants with anytime and anywhere access to their work data. Accountants and bookkeepers who have adopted Cloud based Accounting solutions from Cloud hosting service providers now have the ability to work from anywhere in the world and at any time of the day, and all they they need is an internet enabled device. The Cloud also allows users to log in from any device as it offers cross-device compatibility across the board.
4. Automated back-up
Hardware and software issues are inevitable when it comes to digital data and in some cases may even corrupt your whole accounting database leaving you completely in the dark. This is why regular data backups are more than just necessary. But when you combine the Cloud with an Accounting software like QuickBooks from Intuit, it simply automates regular scheduled backups and not only saves times but also saves accountants and accounting firms from imminent collapse due data, software, or hardware issues.
5. Scheduling & Time tracking
Accounting software when merged with the Cloud can offer added Scheduling & Time tracking opportunities. It enables accountants and bookkeepers to deliver quality services on time and schedule and delegate tasks in a more structured manner. It also offers the opportunity to schedule and automate labor intensive tasks like data entry, and more.
Technology has made great strides in the last few decades and the best thing is that all the modern technological advancements have also trickled down to benefits other industries and fields. Accounting and bookkeeping is also such a field where technology has helped make great changes and for the better!