Everyone is talking about artificial intelligence and robots that will potentially replace humans in many job sectors. But what is the real impact of technological advances on accounting technologies in 2018?
Is it possible to automate your accounting using accounting software?
In 2018, is it possible to automate accounting data entry or to ensure that all banking transactions are processed without manual input? Well, unfortunately, the answer is no. This is not yet 100% possible in Canada and Quebec. The little magic wand that automates accounting and ensures that tax returns are sent in a proper manner, at least in terms of compliance with tax laws, still does not exist.
However, there are high hopes in this regard. Things are getting better. Entrepreneurs have the ability to automate an increasing number of accounting tasks using various software and applications available on the market. Here are some of the ones we recommend.
An application that eliminates the need for paper
In 2018, at the heart of an unprecedented environmental crisis, everyone's paper consumption should be reduced to a minimum. For obvious reasons, this material resource will soon have to be dispensed with. One of the easiest ways to have a paperless existence is to scan and take pictures of all paper documents and then save them on a collaborative online platform like Dropbox or Google Drive.
Say goodbye to wasting time looking for lost documents. As soon as you receive an important invoice, letter or document, scan it and save it on your online platform. This allows you to centralize all the information needed for accounting tasks and maximize your efficiency.
A comprehensive online accounting software in the Cloud
In 2018, one way to easily take advantage of the various technologies offered by productivity-increasing solutions and software is with a cloud-based accounting software system. Yes, there are some limitations related to the use of the Internet. However, the Web offers so many opportunities for automation and optimization that it is difficult to do without them.
At T2inc.ca, we therefore encourage the use of accounting software for small and medium-sized businesses. We can even say without hesitation that we love online accounting software. Our two favorites, which we use for most of our customers, are Xero and Quickbooks Online.
The advantages of Cloud accounting software
Here are some of the advantages of using online accounting software over traditional software installed locally on your workstation.
- Electronic invoicing sends a PDF invoice to the customer by email from your phone, with the option for the customer to pay it immediately with his credit card. The invoice is then automatically entered into the accounting software.
- Information sharing between the accountant's team and the company is also simplified. There are no more lost invoices or bad versions. All stakeholders have real-time access to financial data and reports.
- Bank transactions and credit information can be imported automatically. It is even possible to create certain rules to classify the transaction more quickly in the accounting software.
- Finally, Cloud-based accounting software also offers the ability to add functionality by connecting it to various other applications. This strategy often pays off in terms of productivity and business organization.
An intelligent scanner application
Have you heard of scanners that can extract information from a photo and decipher what's on the invoice? Indeed, there are now various solutions offering this easy-to-use service
First, you install the Receiptbank application on your smartphone. Then you take a picture of the invoice with your phone. The image is saved in the application and appears as not yet processed. Next, you click on the photo and the application's scanner is able to extract the data. For example, it will include: date, supplier name, amount before taxes, amount with taxes, expense category, etc. Then, you only have to approve the transaction if the information is correct. Once you confirm the information by clicking, it automatically sends the transaction to your online accounting software.
This type of optical character recognition technology offers interesting advances for this type of practice, especially if you have dozens of invoices.
An application that collects accounting documents
There are also solutions that allow you to obtain information from external sites. Many platforms are creating APIs in order to share their information. This way, the information can be extracted automatically. The classic example is the Hubdoc solution, which automatically retrieves all the transactions and bank statements offered by the bank. It allows you to connect to accounts of several large companies that offer centralized customer accounts online, such as telecom giants. This can save time by helping to collect and process documents quickly.
In light of this information, you no doubt understand that even if your company accounting cannot be done by magic, even when using high-performance software, it can be of great use. Do not hesitate to ask our accounting experts for advice on the best software for you according to your needs.