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This allows business owners to take well-informed decisions for their firm’s growth instead of waiting for the month end to proceed with key financial decisions. Real-Time Finance InsightĪutomated bookkeeping can provide business owners with real-time insight into their finances by providing them with up-to-date records of their transactions. Further, automation can minimize the chance of human error, which makes the company’s financial records more reliable. ‍ How Automated Bookkeeping May Benefit Business OwnersĪutomated bookkeeping can be a cost-effective alternative for a full-time accountant because accounting apps mostly cost less than an in-house accountant. Review Automated ReportsĪlthough accounting apps can generate accurate books each month, it is necessary for business owners that they review those reports or get them reviewed by an accountant to proof for errors and make adjustments, where necessary. To further automate this process, business owners can use integration such as Zapier, which will automatically extract the needed data from these receipts and track them in the spreadsheet. To get detailed tracking for these transactions, it is necessary for business owners to add them to Google Sheets spreadsheet or MS Excel spreadsheet. Examples include fees for an email marketing providers or web hosting, payment for social ads, etc. Create SpreadsheetsĪlthough finances can be tracked by uploading snaps, if the business account is not linked to the accounting app, certain business transactions may not get tracked automatically. It can also create expense reports, avoiding the need to enter details manually. If the accounting app does not include this feature, it is suggested that business owners upload the snaps of their receipt to cloud storage such as Google Drive.Īpps such as Expensify can extract the expenses’ values from these snaps. Capture ReceiptsĪnother way that business owners can automate their bookkeeping is by capturing and uploading photos of their receipts on their accounting apps while tagging and adding notes alongside. Once business owners provide the accounting app with their bank details, it will automatically scan the credit card and bank account statements and then upload them into an expense tracking system. Further, linking bank accounts with the accounting app can track deposits and withdrawals. This can eliminate the chance of error since business owners do not have to enter transaction details from physical receipts. Most informed business owners link their business accounts and/or payment processors such as PayPal to their accounting apps by using built-in integrations such as Zapier to record their financial transactions automatically. Link Business Account to the Accounting App Using an accounting app can be an easy way for business owners to automate their bookkeeping and keep track of their financial matters which may include cash flow, sales tax, accounts receivable and payable, and monthly or annual bills. Expertise Accelerated as Your Bookkeeping Partner.How Automated Bookkeeping May Benefit Business Owners.Link Business Account to the Accounting App.