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Goodbye Shoebox, Hello Automation

With the help of technology, the bookkeeping industry is moving into a paperless and automated era. Say goodbye to the days of printing off endless pages or forgetting where a receipt went.

Automated bookkeeping uses technology to reduce the amount of manual data input required by traditional bookkeeping software. By linking with an online banking account or reviewing a picture of a receipt, this technology can “read” that information and pull the following information:

  • Date
  • Vendor
  • Amount
  • Debit/Credit card used

From there, the technology uses artificial intelligence to determine how the transactions should be coded. Then the information can be reviewed and either approve as correct, or changed as needed. In addition, the technology can also assist in storing all invoices, receipts and statement as digital documents, reducing the need to keep track of paper documents.

  There are many benefits to automated bookkeeping:

  • Less time spent on data entry
  • Up-to-date reporting
  • Ability to share information immediately
  • Less chance of human error in data entry

There are a number of reliable software applications in the marketplace, but knowing where to get started can be overwhelming. Contact Avail today to learn more! 

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