Let’s face it we all want faster, better and more efficient results. Especially when it comes to bookkeeping and accounting. We may not like the term “artificial intelligence,” but with the advancement of technology, it has greatly helped small business owners and the accounting profession become incredibly efficient.
There are many user friendly and cloud based accounting platforms; although these days we tend to see QuickBooks online (QBO) as the go to choice. If you are in the market for an accounting system, it’s critical to do your due diligence and shop for what is best for you, as there are so many different accounting systems to choose from with a multitude of various features.
Why is artificial intelligence so important? For many reasons, but mainly time and accuracy. Why manually enter your bank transactions when your accounting system and your bank can integrate and pull the detail into your software? After your data has been fully integrated, all you need to do is review for accuracy and approve the transactions.
When you begin initializing integrations, there will be a small learning curve as your accounting software effectively learns how to code and what account a transaction should be categorized. However, reoccurring transactions will automatically populate with the correct vendor name and account code. Over time, the program will become smarter and smarter, thus becoming more efficient, accurate and ultimately saving you time. With QBO specifically, you are able to establish rules to automatically name, categorize and post transactions. The only manual work necessary is entering the payee for checks written (I suspect with such a new and efficient accounting system, you will print three part checks, with your logo, in no time so this step will already be rendered complete). Pro tip: Once you import and post bank and credit card transactions, don’t forget to reconcile the accounts.
Take a look at how far technology has come and watch the QBO video below, which shows just how easy it is to connect and import your bank and credit card transactions. QBO also has many wonderful applications that integrate with their product, those can be found here: QuickBooks App Store
The good news: technology makes it easier for small business owners to do their own accounting, helps keep their CPA costs down when outsourcing their accounting and/or eases the ability to mix the two and only contact your CPA when you need help.
It’s time to put excel away and have a true accounting system. If you’d like to the discuss the right accounting system for you or how to use artificial intelligence to your advantage, click the contact us below or give us a call 248-934-0550.
Senter CPA: Your Accounting Team
Our goal is to be part of your team, help save tax dollars and achieve your goals. We are your trusted accountants and advisors in Clarkston, Michigan. If you are interested in discussing accounting and bookkeeping solutions, please give us a call at 248-934-0550 or click the contact us button below. We look forward to hearing from you.
