Accounting is a field of repetition with very few one-time events. Many accounting tasks should be completed on a daily or monthly basis. Some only require quarterly or annual attention but are nevertheless repetitive. Because so many redundant back-office accounting tasks are traditionally manual and time-consuming, it is important to evaluate your internal processes to ensure you are operating as efficiently as possible. Although there are certainly ways to do this without the use of technology, employing artificial intelligence automation accounting software has provided clear advantages on improving accounting procedures and saving time.
Three ways accounting automation technology can improve your processes and save you time are through employee empowerment, on-demand access to business data, and mobile access.
1. Increase employee empowerment
Accounting automation technology automates and simplifies how employees submit their expenses to how quickly they get reimbursed. Docyt’s automated accounting features like bill pay, receipt capture, and employee expense reimbursement, give the employee more ownership of how they manage their business expenses instead of the accounting professional working the entire process.
When done manually, all of these accounting processes can be time-intensive for the accounting professional to gather and chase every employee down for every receipt. There’s also a lot of time wasted between employees and the accounting professional to address and categorize expenses, which causes delays in reimbursing employees. AI-based accounting automation software removes this friction by reallocating this level of work and ownership to the employees. This becomes shared work, making it easier for employees to manage, submit and track their expenses while reducing back-office work for the accountant.
2. On-demand access to business data and financial health
Once upon a time in the professional world of accounting, retrieving a document or reviewing a file was a cumbersome and time-consuming task. With automated accounting software like Docyt, gone are the days of hunting down files in storage rooms or manually entering and sorting detailed data into an Excel sheet. With Docyt app features like automated bookkeeping and expense management plus intelligent features such as document and data management, it is incredibly simple to get access to your business’s financial data in a matter of seconds whether you are working remotely or on-site.
3. Access data from the palm of your hand
Those who regularly use programs with mobile accessibility already know how much simpler life is compared to the days of floppy disks and USB sticks, especially when you are looking to or are already running a multi-site operation. When leveraging AI-powered accounting technology, getting immediate access to your business data and financial health from anywhere is possible.
Docyt offers a best-in-class mobile app, making it a breeze for accountants, bookkeepers, or small business owners to quickly process a payment or access their financial documents right from their phone regardless of where they are in the world. Mobile apps also make sharing pertinent information with your management team faster and easier giving them the up-to-date tools they need to independently lead.
All three of these concepts are so simple, yet were practically unimaginable just 10 years ago. If your business can benefit from saving valuable time and wants to dramatically streamline your accounting processes, contact Docyt, and schedule your free demo today!