The success of outsourced accounting and bookkeeping lies largely with the transition to electronic and cloud-based systems; if your business has previously relied on paper reporting switching to an outsourced bookkeeping and accounting will change all of this. This is because automating your accounting systems is important to an improved business process. These days, there are a number of technological innovations that help to facilitate outsourcing accounting and bookkeeping some of which are discussed below.
Expense Tracking Apps
Making use of an expense tracking app helps in streamlining certain processes. This could range from helping to manage paper receipts to the reduction in the approval and payment times. An expense tracking app works to support day-to-day business function of a company and it can also be integrated with the company’s accounting software. This would in the long run help to drastically improve management and reporting efficiencies as there would be no need for paper receipts and scanned reports anymore.
Cloud-Based Accounting Software
Cloud-based accounting software provides data as well as computer processing resources to computers on demand. Although, it is not every business that is suited for cloud-based accounting software but for those that are, this technology makes the transition to outsourced accounting a seamless process. This is because there is no need for any files upload or data to be downloaded and the granting of access and creation of user profiles is very simple. Cloud-based accounting allows bookkeepers to perform their tasks from any location. There are lots of third-party integrations now available that can do the heavy lifting for any reporting that may be required.
Hosted Applications
Hosted applications can be a viable option for outsourcing a company’s bookkeeping; this is especially ideal for those that are not cloud-based. This ensures that your business and outsource provider are synchronized harmoniously. Learn more.
Optical Character Recognition (OCR Technology)
This technology allows bookkeepers to convert documents into editable and searchable data; these documents could be in form of PDF files, scanned paper documents or images captured by a digital camera. This technology has helped to streamline the archiving process as documents are now transferable, searchable and sortable.
Virtual Meetings
The rise in virtual workers has resulted in the ease of finding a top accounting and bookkeeping professionals. Businesses are no longer subjected to having a bookkeeper on site rather they now have the choice of working with an outsourced provider who avails the company a professional who has access to the necessary training and tools. Mediums such as video chats and conferencing allow you to meet with your bookkeeper as you would normally.
Custom Reports and Dashboards
One of the problems business owners have with outsource providers is that they are not getting the needed reports. With technology innovations in the aspects of custom reports and advanced reporting, these problems have been resolved to a large extent.
With a plethora of technological innovations that have been made in the accounting and bookkeeping industry, the days of on-site consulting have transformed into off-site consulting. The ability of a business to leverage on these new technological innovations would help to increase the efficiency of business functions. Find out more at http://bookkeeperco.com.au/bookkeeper/
