Tips on How A.I. Can Improve Back Office Efficiency and Free-Up Your Time
These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a bit of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It will also free you up to spend time doing what you love to do and I know that that’s not paperwork and record-keeping.
If you’re a small business owner, there are several programs that can help make your life easier. Click through to see our process for converting your accounting into a smooth running cloud-based system. Watch our medical practice case study to inspire you.
1. Cloud-based software
Like many small business owners, you probably didn’t dream of owning your own business just so you could manage a paper trail and oversee cash flow. You likely have very little interest in following up on unpaid invoices or spending time paying bills. That’s where cloud-based accounting software comes in. When you use a cloud-based software solution you and your accountant can view your financial statements in real-time. We like to say we manage the A.I. robots in our clients’ software, but we are really managing the data.
When set up properly the software can make creating and tracking: invoices, purchase orders, sales, purchases, and payroll a much simpler task. You can even set the system to send out scheduled bill payments. You and your accounting professional and/or office manager can even review transactions any time from a computer, tablet or smartphone and have up-to-date financial information about your business. If you have employees, you can track payroll and manage time and money spent on projects.
Cloud-based software solutions offer more streamlined and transparent business financial management.
2. Automated Expense Software: Bill.com and Receipt Bank are the Industry Leaders
If you hate taking time away from your clients, product development, or other projects so you can manage your paperwork, automated expense software can help. Receipt Bank is a technology platform that small business owners can use to manage their vital business documents. When coupled with Bill.com the two can be a powerful tool to minimize back office work. These software applications help you or your administrative staff manage: receipts, invoices, and other documents – you simply capture the data on your mobile phone, through email, or scan on your computer, and upload it to the platform.
Receipt Bank and Bill.com will integrate with most cloud accounting software solutions. They use artificial intelligence to categorize your expenses as well. The software requires some time to set up manually, but once your account is set up, this process will save you vast amounts of time.
3. Hubdoc the Leader in Fetch and Store Software
Hubdoc helps simplify your accounting by automatically fetching your bills, credit card statements and bank statements. The documents are stored in a manner that makes them easy to find and share with your accountant. It’s worth it to use this system just so you don’t get those annoying calls from us asking for a missing bank statement, canceled check copy or other documents!
If you love the idea of simplifying your business and avoiding masses of paper everywhere, Hubdoc can help you.
Final thoughts
There’s no question that these types of apps and software platforms can make business owners’ lives easier. Most business owners didn’t start their own business so they could be surrounded by paperwork and endless record-keeping tasks. Work with your accounting professional to set up an integrated system that meets your company’s needs. Remember the proper business processes will free up time and energy to focus on the things you love to do.
Isn’t that why you got into business?
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Contact us to find out how we can help you work through this process.