Top 5 Methods In Which Technology Enhances Your Bookkeeping
The complexity of bookkeeping depends entirely on the size and nature of businesses. As the complexity increases it becomes difficult for the bookkeeper to manage the accounting data.
These complexities can be reduced and simplified by using technology in an efficient manner that helps in improving the bookkeeping performance.
Here are the best ways in which technology helps enhance the bookkeeping performance:
1. Conducting Virtual Meeting with Clients
Business world usually practices offshore bookkeeping. Communication requirements cannot be completely satisfied by phone calls only. Face-to-face meetings are mostly expensive and time-consuming.
The perfect solution is conducting Virtual meeting with clients for unified communications. Videos can also be shared through voice conferencing. These virtual interactions are economical, time-saving and still serves all the requirements. Utilizing the saved money and time, bookkeepers are able to serve more clients.
2. Automatic Tracking of Expenses
You must thank accounting applications such as QuickBooks, which has automated your bank accounts, keeps track of your income and expenditures, records all the credit card transactions without involving any manual actions.
As Compared to the classical methods of maintaining accounts for the whole year, QuickBooks saves time for the bookkeeper and also protects the accounting operations from all possible human errors and redundancies.
The number of transactions can be accurately identified by the digital devices and accounting solutions are capable enough to keep track of the expenses and income separately. Other details can be easily edited and checked by the application.
3. Keep working while travelling
Travelling is a crucial part of business. It is unavoidable due to many reasons, which can be either personal or official. Frequent travel affects the performance of a bookkeeper directly or indirectly.
The arrival of cloud computing has broken that barrier. Cloud computing adoption allows the bookkeeper to work from anywhere at any time. They just require an internet connection to connect to any device and they will get all the financial data to work upon.
The presence of any application over cloud ensures the accessibility of the application on any of portable devices like smartphones or laptops.
The performance of the application will not be affected by its specifications because all the storages and processes are executed on the cloud based server. This implies that your performance will exponentially increasing even if you are travelling.
4. Time-tracking and scheduling
An employee’s performance can be easily evaluated by scheduling tasks for them and then tracking them to be completed in the specified timeline using human resource and management software.
Similarly, we can track performance for the bookkeeping firms. You need a perfect accounting solution like QuickBooks to maintain the quality standards and deliver work on time.
With the changing trends in the way today’s workforce works, such as – freelancing, work from home, BYOD, etc., controlling the accounting firm is not as simple as it used to be. So, the support of technology had to be asked for.
Keeping track of accurate accounting information has become challenging for the accounting firms with the change in working trends such as work from home or freelancing. To meet this challenge we need to use latest technology such as Hosting QuickBooks on cloud.
5. Disaster Recovery
There can be some software crashes or hardware failures that can delete your data without any warning. Data loss always proves to be disastrous for the accounting firms. Taking Regular data backup is the most reliable solution to escape from such situations. But this cannot be done manually. Automated data backup is recommended as a precaution against such situations.
There are many ways to take online backup of data. One of the most preferred solution is hosting the accounting application on the cloud. It provides you anytime, anywhere access of the software and also your provider maintains regular and multiple data backups automatically.