A couple of years back, all accounting chores were performed manually by an accountant, but now with the advancement of technology and the necessity to eliminate errors, marketing automation for accounting businesses came into existence.
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“In fact, automation technology is crucial for accounting and is now implemented in 29% of accounting business firms, highest amongst any other industry.”
But what exactly is marketing automation for accounting businesses? Is it a good solution for accounting firms? And, most importantly, what are the benefits of using automated accounting software?
What Is Marketing Automation for Accounting Businesses?
Manual accounting processes consume a significant amount of time of an accountant’s workday and have various shortcomings since it is prone to human errors.
Modern marketing automation for accounting businesses successfully removes these hassles by improving the efficiency of most accounting tasks. It saves more time for accountants to focus on analysis, accounting strategy, and other critical company processes.
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Moreover, marketing automation for accounting businesses enables you to effortlessly target new, high-quality business customers, build economic value and loyalty through targeted communications and automatically manage your receivables, so avoiding collection troubles.
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By using automated marketing, you can maintain new leads and keep current customers satisfied with email newsletters and SMS reminders on a timely basis.
Furthermore, automated systems are capable of crunching statistics and tracking each real-time commercial transaction.
Such systems have done away with the need to create elaborate ledger files and numerous rows and columns of data entering. Instead, accounting automation systems seamlessly allow you to make and send reports with ease.
Now, AI doing rounds in finance aims to improve overall corporate operations by automating accounting activities.
What Is Accounting Automation Software?
Automated accounting software enables accounting firms to expand their capabilities enormously. Such software provides accuracy in data entry, processing, and storage, thereby making it much easier to find specific information.
Aside from that, automation ensures that your data resides securely in the database, and you can retrieve it indefinitely.
Providers, such as Aritic’s secure cloud accounting automation platform, provides you with features such as generating frequent, automated backups to prevent the loss of critical corporate data.
What Are the Benefits of Using Automated Accounting Software?
1 . Strategic Management of Cash Flow
Many business owners find it difficult to manage financial flows. Naturally, managing cash flows can be challenging, especially if accounting is poorly done. By automating your accounting with automated accounting software, you can access technologies that will make your cash flow projection a lot easier.
Thanks to real-time data analysis and reporting, you can obtain accurate cash flow information at a glance.
The automation of accounting operations or activities also enables businesses to immediately see the full picture of cash flow—how much they generate, where they spend the most, and when they can expect to receive their returns. Such visibility helps business owners make intelligent decisions when needed.
2 . Saving Time Through Automation
Obviously, the most visible advantage of automation is the time it saves. You’ll have more time on your hands if most of your repetitive tasks, such as data entry, are taken care of by an automated system.
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The significant advantages of time saved would prove to be more beneficial to accountants during financial closures. If your team is using its tools appropriately, nothing should be reconciled. The majority of the data you would typically verify and replicate between systems will be verified and copied automatically.
3 . Advanced Cloud Access
Those who have used cloud programs know how convenient it is to work when they have the ability to access and share documents straight away. For example, with advanced cloud access that marketing automation for accounting businesses offer, accountants can quickly process transactions or re-evaluate papers necessary with flexibility.
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Marketing automation for accounting businesses provides a secure cloud platform designed specifically for finance professionals and available round the clock. In addition, these systems use enterprise-level security to ensure compliance with the strictest standards.
4 . Flexible Features & System Functionality
Automated accounting software often provides flexibility as it easily syncs with distinct operations as per business requirements. The implementation of an accounting system that is adaptable to the evolving business environment is critical for businesses to succeed in the face of challenging competitors.
Such automated systems allow standard formatting and provide customisable templates to formulate different business ledgers. These are some essential functionalities that make accounting software highly flexible for accounting businesses.
5 . Enhances Data Security
Accounting automation gives your firm authentic data security as it makes use of encryption technology on top of advanced security features. These systems are highly crucial when it comes to maximum protection of company records and data, helping protect from cyberattacks.
Furthermore, accounting firms will have more control over the people who can access specific accounting information in their business or back office. Thus, It minimizes the risk that some ledgers will be exposed to unauthorized access.
6 . Quick Data Recovery
A lot of accountants would agree with the agony of storing files in physical storage areas containing innumerable folders. Thus, it makes it time-consuming to retrieve a document that might be present in another room, or worse, in the next building.
Automated accounting programs are designed to facilitate the identification, categorization and secure storage of ledgers and records. With these highly advanced systems, it is effortless to find any required files in a jiffy.
In addition, specific entries or records in accounting automation software can be found and located almost immediately.
7 . Comprehensive Data Analysis
In addition to data security, modern accounting automation platforms also enable the timely presentation and distribution of accounting data. The files analyzed are easily accessible to anyone working in the company, making reconciling audits and managing records extremely convenient.
Moreover, trend analysis becomes more straightforward with precise ways to verify variances and predictability. Therefore, it allows accountants to go a step further and make intelligent business decisions based on data available to them by easily accessible reports.
8 . Tax Compliance & Deductions
The accounting sector is an industry that works on the principle of abiding by a lot of government and fiscal rules and regulations. Any breach attracts severe penalties, with potentially millions of fines.
As an organization, you never want to have that problem. And it is exactly where the intervention of the automated systems makes your life easier when it comes to adhering to compliance, and this is indeed the most significant relief for businesses.
How to Select Best Accounting Automation Software?
Here is what you should keep in mind when you choose an accounting automation software:
1 . Is the software adequate for all your operational requirements?
Before making any final decision to go with an accounting automation software, make sure if the accounting system is designed to liaise with your business needs’ operational and security requirements. It is advisable to check and compare platforms on the online forums and know all software’s features.
2 . Does it provide multiple levels of access?
Marketing automation for accounting businesses should provide the ability to implement different levels of data access for owners, managers, employees and other authorities altogether. You don’t want any unauthorized person having easy access to your accounts data.
3 . Does the software have the ability to record transactions and manage the payroll system?
While almost every accounting automation platform is capable of registering transactions, few of these platforms also offer payroll management as an upgrade function. It is advisable to review the functionality before choosing the platform.
4 . Is it cloud-based software?
If the marketing automation for accounting businesses is cloud-based, there will be remote access and also have the flexibility to work from wherever you choose. In addition, cloud-based software offers reduced support costs, automatic backup facilities and hassle-free integration for payment and other apps.
5 . Is the software scalable?
If your accounting automation software is scalable, then it would enable your company to add new users as your business expands easily. So be sure your chosen software allows this for your company.
Combination of Automated Accounting & Smart Spending Software
By combining accounting and expense tracking functions, you improve efficiency, achieve accuracy in all your operations, and perfectly manage your accounts.
However, the question remains: how should the two functions be combined?
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If you’re unsure where to start, consider implementing Aritic marketing automation for accounting businesses, a comprehensive suite of business automation tools – and take advantage of automation in every way possible.
Our platform offers functionality that can entirely assist you in accomplishing all your accounting goals and help you scale your business.
It is evident that manual accounting has several inconveniences, is prone to human mistakes, and takes a lot of time to accomplish tasks. As an accountant, you sure find such tasks repetitive; thus, they become mundane for you.
When such high-volume tasks get managed using marketing automation for accounting businesses, it is faster, more accurate, saves resources, and is far more productive, right from capturing complex business workflows to chasing customer payments.