INDUSTRY OUTLOOK
Bookkeeping automation enables healthy data and should be the gold standard for businesses . It ensures there is accurate data from the outset , which then feeds the rest of the business and means bookkeepers and business owners can react quickly during times of change .
Legislation changes can also create a spike in workload , which requires greater capacity . This is where technology and automation also play a critical role . Leveraging automation tools for routine tasks like data entry of receipts , invoices and other paperwork systems , allows bookkeepers and business owners to spend more time on forecasting and planning . Accounting software can then be leveraged to provide real-time access to financial data , facilitating better decision-making .
Technology can also help businesses with compliance tracking . Automating payroll and tax compliance reporting , for example , reduces errors , saves time and reduces the stress of staying on top of multiple policy changes at once .
The potential for legislative changes creates fresh impetus for SMBs to modernise their approaches . Bookkeeping for too long has been behind the curve when it comes to innovation and many processes have become outdated . Real-time data collection equates to real-time reporting , and this powers real-time decision-making – and that should be the ultimate goal .
Given the central role bookkeeping will play in navigating the upcoming changes , now is the time to modernise accounting practices and the data foundations on which they are built and ensure they are fit for the future . �
Paul Lodder , Product Domain Expert , Dext www . intelligentfin . tech
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