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Bookkeeping: Artificial Intelligence and Importing Transactions

by Matthew Senter | Oct 21, 2020 | Accounting, Information Technology

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.

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DISCLAIMER

Uploading Bank and Credit Card Statements to your Client Portal

by Kelly Thompson | March 17, 2022 | Accounting | 0 Comments

If we process bookkeeping for your business, it helps us tremendously to have instant access to your bank and credit card statements in order to reconcile your accounts for you in the mostly timely manner we possibly can.
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Subscribe to the Senter, CPA Monthly Newsletter!

by Matthew Senter | January 28, 2022 | Accounting, Community, Tax, Team | 0 Comments

Want to keep in touch with industry changes, tricks and helpful links, or fun things happening in our communities or with our TEAM? Great, you can sign up here!

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by Michelle Hare | February 11, 2021 | Accounting | 0 Comments

For any business owner, receiving payment for our hard work is very satisfying, however, it can quickly turn into a headache if the payment is not properly recorded.  The last thing we want to do is leave a paid invoice in an open status and make the embarrassing mistake of sending past due invoices to valued customers. 

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by Cassie Senter | January 20, 2021 | Accounting, Tax | 0 Comments

Where is the Value when hiring Senter, CPA? Often, we get phone calls and questions online asking what our fees are for anything and everything related to tax and accounting and the honest answer is, well… its complicated.  Senter CPA, like most CPA firms, has hourly...
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Client Accounting Service Packages

by Matthew Senter | December 2, 2020 | Accounting | 0 Comments

We are proudly introducing Senter CPA’s clear and concise client accounting serivce (CAS) pagakages. For your convenience, we are now offering CAS Standard, Premium, and Elite packages. You can find a list of what each package offers below. If you don’t see exactly what you’re looking for, no problem – feel free to give us a call and we will be more than happy to create a custom package that will accommodate your specific needs.

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by Kylie Harig | November 5, 2020 | Accounting, Tax | 0 Comments

Don’t forget to take some time for your business and personal finance housekeeping. This time will be well spent getting in good shape both professionally and personally for the New Year ahead.

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by Kylie Harig | October 13, 2020 | Accounting, Internal Revenue Service | 0 Comments

The Most Common (& Expensive) Bookkeeping Mistakes:Incorrect Payroll Reporting: If you currently have employees and/or plan on having them in the future, then you will need to become very familiar with payroll taxes, inclusive of the various tax forms and...
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Clarkston, MI 48346

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