Why Automating your Bookkeeping processes will give you an advantage

Bookkeeping can be tedious, time-consuming and prone to errors. One of the most significant advancements in recent years is the growing popularity of business accounting automation. At Codification we are not threaten that AI will take our jobs but instead excited for the world it will open up to business owners with time savings and more consistency and accurate data, all in real time I will add.

Automating your bookkeeping processes means using software or tools to record, categorise and analyse your financial data automatically. Some of the advantages for implementing automation into your bookkeeping processes are:

• Saves time

• Saves money so you can invest in other aspects of your business

• Reducing human errors

• Reducing fraud risk - Manual bookkeeping can lead to mistakes such as double entries, missing transactions, incorrect categorisations and miscalculations. These errors can affect your financial statements and compliance obligations, and may result in penalties or audits from the authorities.

• Gaining more insights into business performance which opens up to opportunities

• See real time data

• Establish solid Forecasts & Budgets

Don’t get me wrong, AI is not 100% perfect and the work still needs human touch to review and update settings but machine learning is just that, still learning just like all of us. Using software to take away as much of the data entry out as possible and over time will just keep giving you time back.

Have a chat to Codification to see what time we can give you back with implementing software into your bookkeeping processes.