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The future of accounting and automation

20th Jul 2020
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With technological advances and more accounting software becoming automated, we look at how the future of accounting is changing.

Automated accounting software

Automated accounting software has lots of different features which are designed to save time and make daily tasks easier.

Bank feeds

Bank feeds are a great example. By automatically importing transactions, it makes it simple to record them without filling in lots of details. You also have all the information you need, without worrying about your client forgetting to share transactions with you. Combining bank feeds with a bulk recording feature for similar transactions is helpful for clients with multiple daily transactions.

Making Tax Digital

With the introduction of Making Tax Digital, many businesses are now making the switch to an online software. Choosing one which automatically generates a VAT Return from bookkeeping makes the submission process quicker. So, you will just need to check the return after completing your client’s bookkeeping.

Automated reporting

Automated reporting is another helpful feature. Having automatically generated reports, like the balance sheet, profit and loss and general ledger means you will always have a clear view of your clients accounts. Exporting these reports to make an in depth analysis should be an option.

Other helpful features

There are other small parts of using automated accounting software that make accounting smoother. Bookkeeping templates, automatically reading the numbers in receipts, and pre-saved information on invoices benefit both you and your client by reducing the time spent on repetitive tasks.

The benefits of automation

Automation is a great time-saving tool, but also reduces mistakes. When working in a time-pressured environment with multiple clients, using automated accounting software can be a great benefit to your practice. 

When you save time doing repetitive tasks, it leaves open the possibility of offering high value advisory services to your clients.

The future of accounting

As more tasks are becoming automated, practices are shifting towards offering advisory services. Financial advice, compliance and business guidance are all helpful to your clients, and allow you to become a trusted advisor. Read more about which advisory services you could offer here.

About Bokio

Bokio cloud accounting software offers bookkeeping, invoicing and expenses management. It’s a great solution for collaborating with smaller clients, like small businesses, sole traders and freelancers. Bokio helps you save time by using automation, so you can focus on offering high value advisory services.