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Year-End Close Checklist

A comprehensive checklist to organize your year-end tasks and wrap up your close. Better, smoother and faster!

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A comprehensive guide for accountants and bookkeepers.

AI for Accuracy

AI for Accuracy

artificial intelligence in accounting

Automation permeates today's society. You will encounter evidence of automation at every turn, from your toothbrush to your self-driving automobile. The accounting industry is no exception. You might have gone through the articles claiming automation in accounting is the death of accountants. Well, accountants are not going anywhere; this technology will help smooth their work. How? Let’s find it out!

How Can Automated Accounting Services Help Businesses Generate Clean and Accurate Financial Reports?  

With the help of new-age tools and accounting software, now accountants and the finance team can go the extra mile and be done with strenuous work in a hot minute.

Automated accounting services come with countless benefits. It optimizes workflows, reduces errors, and improves cash flow. Thus, accord you with accurate financial data, which drives meaningful insight and bequeath in making a better decision.

What is accounting automation?  

Automation uses AI and machine learning to perform the traditional accounting process, from recording and reviewing transactions to assembling financial statements.

Usually, these tasks are tedious, strenuous, and very time-consuming when done manually, but modern-day software can get the work done with a click.

Take a Deep Breath, and Let's Dive Into The Enormous Benefits Of Automated Accounting Tools!

1. Secure File Storage  

Online accounting software comes with a lot of perks. Some of you might be worried that your data poses a constant threat of being hacked. But technology has evolved, thus making your data end-to-end encrypted, keeping it safe from any cyber-attacks.

Cloud software allows you to store files digitally and prevents them from being exposed. Your financial statements, invoices, and real-time entries are stored in the firm's digital ledger. It's easier on your pocket and protects your data from being lost for reasons beyond your control.

2. Simplified review process

Without a doubt, reviewing books is a difficult and laborious task. As a result, a lot of business owners struggle to finish their review process in a timely manner, which delays closure. However, automated accounting software and tools, like Xenett, make it easier to keep clean, compliant books and track errors. Businesses can thus streamline operations and concentrate on their core competencies.

3. Resolving queries in an instant!  

An accountant's added misery is getting timely responses to their queries from the clients and chasing them back and forth. But automation has made it a cakewalk!  Automated tools can handle the user-client communication with care, making the collaborations seamless and mobile, so that bookkeepers can prevent delays and don't have to indulge in the age-old email trails.

4. Ameliorates The Data Accuracy!  

Automated accounting guarantees the utmost accuracy in your data entry functions. It ensures smooth sailing of your accounting work, including the recording and reviewing of transactions. You know what? One of the best parts is that you don't have to recheck it. With the right cloud tools, your organization can ensure data accuracy and timely closure.

5. Accelerate The Payment Process For Improving Cash Flow.  

Account payables and receivables are unlikely to be completed without errors. Well, automation can be your solution! New-age tools can relieve you from discrepancies, speed up your process, and put you ahead of the pack.

6. Reduces Cost    

An increase in COGS can consume your profits, thus impacting your growth plans. Therefore, cost control is considered an essential tool to tackle and minimize growth leaks. Automation can help create efficiencies in everyday financial processes, including data entry, reviewing, reconciliation, and even gathering insights, thus improving cash flow management and simplifying tax filing.

7. Bestow You With Easy Access To Data

Automated accounting endows you with easy data storage with the help of cloud tools. With this service, staff members can work and save their files without deviating from cloud software. This enables convenient and prompt access to documents like financial statements, reports, and invoices.

Automated Accounting Services Can Be the Solution for Your Business!

Managing such intricate accounting procedures gets increasingly difficult as a business expands. Therefore, automated solutions are beneficial for your business as they enable your organization to concentrate on other key areas in order to maintain the smooth running of commercial operations. You must leverage automation to your advantage and empower your accounting team, allowing them to go above and beyond by switching from manual accounting to a cloud-based system.

This will undoubtedly reduce your workload, provide you with better time management skills, help you create accurate financial reports, and increase productivity at work. Furthermore, it allows exponential growth for your company.

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