Owning a business can be rewarding. After all, what’s better than seeing your dream come to fruition? But along with the rewards of being a business owner, there are also responsibilities; with one of the biggest responsibilities being accounting.
Most business owners are not skilled accountants. Some have never even balanced a checkbook. Luckily, today’s business owners have several choices when handling accounting for their business. One of the most popular choices is to outsource accounting to a bookkeeping service or accounting firm. The other is to use accounting automation software, which makes it easier to handle daily, weekly, and monthly tasks in-house.
Your first instinct may be to outsource it all, and there are some advantages to doing so. When you outsource accounting, you free up the limited time you or your employees may have to do something else. Outsourcing can also be cost-effective in some situations, eliminating the need to hire employees specifically for accounting tasks.
But outsourcing also has some downsides. As your business grows, the cost of outsourcing grows along with it. Hidden costs can become problematic, particularly if the scope of work isn’t clearly spelled out in your contract. Slow turnaround times can also become an issue, as most outsourcing companies have more than one client. Other issues, like security and quality control, can also be areas of concern when choosing to outsource.
There is another solution – accounting automation software. Also known as accounting software powered by artificial intelligence (AI), AI-powered accounting offers the best of both worlds; automating repetitive tasks while leaving you entirely in control of accounting. The benefits of AI accounting software are numerous and include:
- Saving time – Whether you have a staff of one, or dozens, automating accounting frees staff from time-consuming manual tasks to concentrate on strategic work.
- Saving money – Wondering whether you need to hire another accounting clerk? accounting automation can put that potential salary expense into growing your business instead.
- Access to real-time reporting – When using accounting automation software, you never have to worry if your reports are up-to-date.
- Increased flexibility – Cloud-based AI-powered accounting software allows your employees to work from home, from a hotel, or from a cafe without interruption.
- Keeping your data secure – Accounting automation software offers encryption to safeguard data and requires 2-factor authentication. AI accounting software is also security standards compliant, using the same standards used by financial institutions.
Using artificial intelligence to automate accounting is here, and Docyt is ready to automate your accounting tasks. Use our user-friendly platform on your desktop or laptop; and for those on the go, the handy Docyt mobile app means that you can process payables, manage expenses, and access reports from anywhere.
If you’re ready to take control of your accounting, schedule a free consultation with Docyt today.