Five signs it’s time to have AI accounting apps

Some enterprises try to manage their accounting tasks via Excel, sticky note reminders and filing cabinets bursting with documents. Maybe they even pull it off. The accounts stay balanced. Checks go out. Nevertheless, what happens when the CEO asks for a report on all new customer revenue since the start of the year, or what quantity of a certain product is on hand?

If this is how you do your accounting, it might be time to consider a change. Accounting apps can provide a number of benefits to businesses and bookkeepers alike, not the least of which is improved visibility.

Nowadays, AI is being used for image recognition, object identification, detection, classification and automated geophysical feature detection. These are underlying tasks that once required the input of a human.

Focusing on how artificial intelligence will impact accountants, AI will very soon help you to automate much of the routine and repetitive activities that are undertaken on a daily, weekly or annual basis.

5 sings that your business need accounting apps

1. You are loosing track of customers

If you find yourself rummaging through your desk drawer or your computer folders trying to find that piece of paper or file where you keep customer financial information such as credit limits, transaction history, and discounts, it’s time to invest in an accounting solution that will let you keep all of this data in one place. Even better, you can include custom fields that help you track more unique information about particular customers.

 

2. Adding More Employees

The bigger your business grows, the harder it becomes to manage employee financial data. Accounting software can make it easier to track taxes, paychecks, and deductions for everyone on your team or client’s team. With all of your employee financial data in one place, payroll will be a breeze. In many cases, all you have to do is enter the hours worked and let the software handle the rest. Some vendors even help with printing paychecks and making direct deposits. Tax time will be easier, too, because the software can automatically calculate employees’ deductions and payments based on the information they provide.

3. You need to keep track of your inventory more efficiently.

With a small operation, it might be feasible to have somebody go to your stockroom to see if you still have products to sell. However, as you sell more and more products, this system will not scale. Instead, you should find a way to store and update inventory data from a real-time system. Many accounting software vendors provide built-in inventory management feature that let you record descriptions of each product on your shelves and automatically update your inventory every time you log a sale. Inventory features are especially powerful when connected to a point-of-sale system.

4. Invoices are a burden.

Sales keep a business alive, so you probably will not complain if you sell “too many” of your products or services. Nevertheless, the administrative aspect of selling—invoicing—can become quite a burden as volume increases. Without the right tools, it will take much more time and effort to create accurate invoices.

Maybe you are still using pre-printed forms or creating invoices using a Microsoft Word template, which means you have to manually input customer details, the products they ordered, the item number, prices, etc. With accounting software, you can automatically create invoices using the information from the sale. In many cases, you can even customize by adding your own logo and layout and selecting which fields to populate. Instead of typing, printing, and signing, you can use drop-down menus to auto-populate and email the invoice directly to your customer.

5. You need faster access to information.

The beauty of working in an accounting platform is that you can combine and manipulate your data at-will. Instead of parsing through hundreds of spreadsheet rows to reach a foggy conclusion, you can create powerful reports and dashboards with a few clicks. For instance, if you want to know gross profit for all customers during a certain time period, you can pull a customized report on just about every financial transaction your business had. Maybe you need to know what products sell the fastest during a particular month. Same story. You can get the answers you need much faster, which means time saved and a better decision-making process.

How AI will help you with your accounting

With AI integrated into the accounting software, you will be able to provide a comprehensive and accurate insight for your clients without the usual manual work and number crunching behind report creation.

On a day-to-day basis, being able to quickly and easily access up-to-date and accurate reports and forecasts can help you form a closer and more useful relationship with your clients.

Artificial intelligence it is making a significant impact in the world of accounting and finance. From saving time, money and providing insights, AI-enabled systems for accounting and finance are the way finance professionals and their firms will stay competitive and attract the next generation as employees and customers.

Moreover, AI can help accountants be more productive and efficient. An 80-90 per cent reduction in the time it takes to do tasks will allow human accountants to be more focused on providing counsel to their clients. Adding artificial intelligence to accounting operations will also increase the quality because errors will be reduced. When accounting firms adopt artificial intelligence to their practice, the firm becomes more attractive as an employer and service provider to millennials and Gen Z professionals.

How AI is changing the role of accounting and finance professionals

Nowadays, companies are implementing and embracing new technologies to improve and streamline their business operations. In this sense, accounting is one of the operations that are on top of their changes priorities. That is because AI is providing positive results such as increased productivity, improved accuracy, and reduced cost.

With so many benefits, Artificial Intelligence is used increasingly for administrative tasks and accounting, resulting in various structural changes.

While there are significant problems, there are also many new opportunities for finance and accounting professionals. The removal of routine tasks will allow financial specialists to get closer to business decision-making. This by providing more of their expert opinions and advice. To take full advantage of this, they may have to overhaul their business structures, procedures and skills base, so they can offer up-to-date advice in almost real time.

As AI moves squarely into workplaces, managers will likely be presented with the task of explaining to staff that their roles have changed or diminished, or even been eliminated. Staff, especially those with lower levels of skill, will likely become worried about their future, and managers will have to stretch themselves to provide workplaces that people want to work in. On the other side of the coin, highly skilled people will become more valuable.

MYT App –  the accounting app you need

If you need an efficient and professional way to create invoices, then MYT App is what you need. Our commitment is to help customers keep digital record of their company in a simple way. Therefore, customers will have all their bookkeeping records in one place to comply with Making Tax Digital.

MYT app is a subscription based service designed for freelancers and micro businesses. Our app provides a way to keep track of your company’s finances on the go. Check whether your client paid his subscription fee and whether he is on track with the digitalization of his records.

Artificial Intelligence Accounting!

MYT App automatically convert client’s uploads into a ledgered spreadsheet format, containing all required accounting information. Keep a database of your clients and their data in a secure place. So you can manage it from everywhere in the world.

Download MYT App in Apple Store
Download MYT App in Google Play