Developments in technology have opened more avenues for businesses to improve their processes. Of course, emerging technologies also affect the accounting industry. That’s why Noe Quiñanola, PRC Board of Accountancy chairman, said in an interview that accountants must learn new digital skills through further education.
Basically, automation helps in reducing time in tasks as well as improve accuracy; hence, accountants become more efficient and productive.
Going back to Philippine SMEs, the time to go digital is now, and here are ways how you can start automating accounting and bookkeeping practices.
Online and Automated Invoicing
Leveraging online and automated invoicing hits two birds with one stone; the first is on the accounting side, while the next is on the customers’ side.
Accountants that have an online invoicing function streamlines the process of receiving payments. It helps accountants to easily keep track of the payments in one window, all thanks to the automation’s filing system. Lastly, automation also helps speeding up the process of invoice approval. It’s time to say goodbye to hours to even days’ worth of time to wait for employees to approve or look for documents.
On the other hand, online invoicing opens a new payment channel for customers. They can now pay online via online banking or cards, and businesses receive the payment instantly, removing the waiting time for confirmation.
Automated Data Validation
Invoice validation done by humans takes time because they need to double-check it manually. They make sure that every information, from supplier details to purchase orders, matches the invoice before releasing or sending it to a different department. Allowing automation to double-check invoices cuts the time. Once the data is verified, automation can also take over in uploading the invoice to the cloud, which removes the use of papers in the office.
Linking Bank and Credit Card Accounts for Bookkeeping
Bookkeeping is the task of recording every transaction. For businesses, this is a daunting task because of the volume of purchases and transactions done in a single day. And, what more if accumulated, right?
By linking your different accounts, such as credit cards, banks, and even supplier accounts, into a single feed helps remove the manual data entry needed. In short, you automate the process. One great advantage of this is that purchase invoices are automatically included in the financial data. Business owners will quickly find the data in one place instantly.
Through the years, automation is seen in a negative light. People thought that they would lose their jobs because of machines. But that’s not always the case. Even the PRC Board of Accountancy chairman pushes accountants to take further education and learn more digital skills. The bottom line is that automation and other emerging technologies can work together with humans, benefiting humans in the long run.
If you’re a business owner looking for an accounting firm skilled with the use of the latest technologies, there’s one in the Philippines. JCSN Accounting Services has more than a decade of experience in offering different accounting services philippines. From registration and accounting to bookkeeping and payroll, JCSN is proficient in handling what your business needs.
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