3 Ways Technology Can Reduce Errors In Accounting
To err is human. Enter technology.
We make mistakes, and that’s OKAY. It’s what makes us human beings.
However…
When it comes to accurately reporting your business’s finances, one simple mistake can be costly and completely shift your picture of your business’s financial health.
The good news is there is a simple fix to help prevent this potential problem!
Entering: accounting technology.
Over the years accounting has evolved from paper, pencil, and calculator to an entirely online, cloud-based system that practically runs itself!
This technology reduces errors in accounting as well as saves you time and money.
Want to know more? Keep reading!
What Is Accounting Technology?
It’s time to toss your pencil and turn on your computer. Programs like QuickBooks Online, Expensify, Gusto and BILL are cloud-based programs that streamline the accounting process through intelligent systems.
These programs can assist you in paying bills, sending invoices, managing cash flow, tracking expenses, and much more.
The best part? They can greatly reduce errors and help you have a more accurate picture of your business’s financial health.
Let’s discuss more how this technology reduces errors in accounting.
Organization Is Key
Do you have stacks of paper and multiple spreadsheets open that you use as your “accounting system?”
Well, you can say “See ya later” to all that paper and confusing spreadsheet information.
Online accounting technology takes all of your financial information, vendor information, addresses, statements, incomes, and expenses and neatly organizes them in one simple place.
And by using the cloud, you can use these systems from any computer, smartphone or mobile device! You no longer need one dedicated computer, and if you travel for work, this can be extremely helpful when it comes to expense reporting at the end of the month! No more managing piles of receipts when you just scan them on your smartphone and have a full record of them when it’s time to do your expense report!
Automatic Processes
With the intelligent technology and processes built into these systems, you won’t have to worry about keying in the wrong number or getting the wrong calculation.
For a lot of the processes, it’s all done for you before you can even pull out your calculator.
We’ve all entered an amount wrong or added a double entry by mistake; without these systems, we might not notice.
Now, if we key something in wrong, our balance sheet is off, or if something looks askew, these systems will alert you as if to say “Take another look at this.”
It gives you, the small business owner, peace of mind that all of your accounting is correct and you have an accurate view of your financial health.
Prevent Future Errors
Both of the reasons stated above, along with other factors help to showcase this reason. Preventing errors before they even happen can save you time and money.
When all of the information is put into these systems, they all integrate and communicate with each other to pay bills, send invoices, enable expense management to be a breeze, and much more.
You’ll be spending less time managing your accounting tasks, which reduces human error and allows the systems to take over and streamline the process.
Ready To Learn More About How Technology Can Reduce Errors In Accounting? Connect With Redmond Accounting Today!
Whether you need a little help or a complete overhaul of your current accounting processes, we are here to help.
Here at Redmond Accounting, we offer a suite of accounting and financial services ranging from accounting technology setup and support to bookkeeping and payroll to CFO services.
Because we are a completely digital and paperless accounting firm, we can work with businesses all across the country and support you from the other side of the computer screen.
To learn more about our business and services, we encourage you to read the helpful articles on our blog page like our most recent, “Should A Small Business Use Cash Or Accrual Accounting?”
For more information on partnering with our team, schedule a consultation today!
