10 Reasons why Accounting firms love Bookkeeping Robot

Technological advances have enabled better performance and efficiency for most industries and businesses. Accounting, however, mostly remained isolated from any drastic changes until recently. Since the advent of could accounting in the early 2000s, there have been quite a few advances that have the potential to make an impact on the profession. Recent broad-scale adoption of cloud accounting has enabled Small and Medium Practices (SMPs) to improve their work management and client coordination, allowing the accountants to expand their business and focus more towards client service, management reporting, and advisory services. In this article, we will highlight the key efficiencies that accounting firms can bring to their firm by introducing a bookkeeping automation application, also known as a bookkeeping robot.

1. Efficient data collection

Chasing clients for their accounting records, bills, and bank statements, receiving shoeboxes near the period end, sorting papers and tracking missing documents are some real pain points for Accountants.

A bookkeeping robot eliminates this tedious part of the work for accountants and bookkeepers. The accountant shares a mobile app with their clients for data collection. Each time the client receives a bill or receipt, all they need to do is to take a picture with their phone. The document in a digital format and the associated data becomes available to the Accountant within minutes with bookkeeping already done. Clients can also forward emails to their dedicated email address. They can even scan and upload documents from computer. All this makes it really easy for clients to share data with the accountants.

2. Improves processing speed

Sorting papers manually and data entry takes time which can take days depending on the workload. Almost all accountants and bookkeepers who work with Small and Medium Businesses describe their challenge with bookkeeping work. These delays reduce the firm’s ability to meet deadlines and leave little time for accountants to engage with their clients beyond routine work.

A bookkeeping robot automates data processing and enables Accountants to run a more efficient and reliable service for their clients. Once you have fast data processing, you can offer real-time reporting and more valuable service to your clients.

3. Enhances the firm’s brand

A systematic procedure to collect data and its real-time processing creates an excellent impression of the Accounting firm. Receipt Bot offers a co-branded web app where the Accounting firm can also display its brand alongside the Receipt Bot logo. It gives a clear message to your clients that you are using the latest applications that serve them better and making it easier for them to run their business.

A systematic procedure to collect data and its real-time processing creates an excellent impression of the Accounting firm. Receipt Bot offers a co-branded web app where the Accounting firm can also display its brand alongside the Receipt Bot logo. It gives a clear message to your clients that you are using the latest applications that serve them better and making it easier for them to run their business.

4. Shifts the firm’s focus for the better

Automation of data collection and bookkeeping process enables a firm to save time and resources. This time can then be spent on advisory and other value-add activities. It fundamentally shifts a firm’s focus from a traditional regulatory accounting and reporting provider to a business partner and a trusted advisor for clients.

5. A milestone towards firm’s preparation for MTD

UK government’s initiative to make tax digital (MTD) require businesses to maintain their books in digital form. Adoption of a bookkeeping robot will digitalize your records and boost your preparation for MTD.

6. Better task management

In a growing practice, it is not easy to remember all the keys tasks, deadlines, and key deliverables. A beautiful practice management dashboard can bring all the functions for you in one place. This bird’s eye view of your clients’ bookkeeping key variables enables you to prioritize and meet deadlines.

7. Real-time reporting

Nothing makes an Accounting firm more attractive to its clients than providing real-time reporting to clients. It was impossible a few years ago, but now with the advent of cloud technology, bank feeds, document sharing and automated bookkeeping tools, it is not only possible, but it is also easier than traditional accounting. Wouldn’t your clients love to know at the end of the week that how they have performed?

8. Less stress of hiring and training staff

Recruiting, training and retaining talented staff is one of the most significant challenges for the SMPs. Delegating the ‘not interesting’ part of the job to Bookkeeping Robot makes it easier for you to recruit and retain staff. It also reduces the stressful and time-consuming process of hiring as you need a smaller team and it is easier to keep them motivated. You do not have to worry about the sudden peaks of toughs in the workload or worry about the team when you are pushing to scale the business.

9. Incredibly cost-effective

No initial cost, no fixed fee, no maintenance cost, no redundancy payments. Yes, that’s right. The bookkeeping robot is not the hardware that you need to purchase spending thousands of pounds. Bookkeeping robots are internet based software and implementing one for your business is as easy as signing up for Facebook. There is no initial cost to start using them, all you have to pay is for the processing of documents. You can check the Receipt Bot pricing here.

10. 24/7 processing, without any idle time

Robots do not stop for tea or lunch. In fact, they are hard at work in the evening, weekends and holidays. So inducting one robot in your team means that your firm never stops.

Conclusion, Bookkeeping robot is the way to go!

Technology is bringing about a seismic shift in the profession of accounting and bookkeeping. When you hear about bookkeeping robots, at first it might sound a bit unreal or too good to be true. However, as the saying goes, proof of the pudding lies in trying it. You can start using an accounting robot right away without any capital outlay. Better still, it is free for the first month.