5 Ways to Automate Your Bookkeeping

It’s 2022, and whether you are working for a large corporation or starting up a small business, the post-pandemic work conditions have changed. Many companies have switched to working remotely full-time, and therefore, the push for automation, artificial intelligence, and cloud-based softwares has never been greater.

In fact, according to the Future Workforce Report by Upwork, “by 2025, 36.2 million Americans will be remote, an increase of 16.8 million people from pre-pandemic rates.” It’s no wonder that cloud-based systems are revolutionizing the workforce so that employees can continue to work efficiently throughout the year.

At Assemblage, we believe in going the paperless route when it comes to your bookkeeping!

Here are 5 ways that automation can help you out:

1. Process, Schedule, and Send Your Invoices

Automation is the most effective when it comes to invoices. You can program your system to proofread and correct the invoices as well as take care of all the data entry. Then, you can schedule and send the invoices to your customers on the correct due date and never miss a beat.

2. Track Expenses

Keep track of your incoming and outgoing expenses by using an expense tracker software or app. There are simple trackers as well as more advanced ones, and those that use the single entry as well as double entry systems. The advanced apps allow you to link your credit cards, debit cards, and bank accounts. For larger companies, you can even track your employee’s expenses.

3. Generate Reports

With a good bookkeeping software, you can generate reports that track the incoming and outgoing cash flow. With monthly and quarterly reports, you can show your team the declining and growing sales trends, the figures of large expenses, and evidence of late-paying customers.

4. Develop a Record-Keeping System

With a cloud-based software, you can develop a record-keeping system that works for your business. Along with expenses and invoices, these records would include receipts (digital and paper), customer sales, inventory, and reports. The best kind of apps allow you to scan paper receipts with your phone and forward electronic bills straight to your online bookkeeper for reconciliation and record storage.

5. Set Reminders for Important Dates

Avoid missing deadlines by setting reminders on your bookkeeping app or by simply using your email calendar. These deadlines could include paying GST, your payroll, or regular business invoices.

If you’re looking to outsource to a bookkeeper, Assemblage is your premium option with a cutting-edge cloud-based platform and virtual infrastructure. We have an innovative and strategic approach to managing/streamlining all critical components of businesses day-to-day back-office functions i.e. recruiting, administrative, bookkeeping and accounting.

Curious to know more about bookkeeping? Check out our blog, 30 Ways a Bookkeeper Helps You.