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From self check-out at the grocery store to the convenience of ATMs, many of us have come to appreciate technology that makes our lives easier. If you’re a business owner and in the market for a bookkeeper, there’s new technology available to make your life easier too! That is, if you’re informed and make the right choice. We encourage you to consider why many business owners are embracing automated bookkeeping tools, as apposed to hiring a traditional “human” bookkeeper. Here are some pros and cons to consider:
The DOWNSIDE to traditional bookkeeping
- Bookkeepers are one of the unregulated professions in Ontario, so it’s hard to know if you have hired a good one – until it’s too late.
- Many bookkeepers limit their role to simply balancing books, and then walk away. A good bookkeeper should help you keep a pulse on the health of your business, keep you CRA compliant, ensure you have the proper reports to make sound business decisions, and more.
- Some bookkeepers shy away from technology viewing it as a threat to their job, as apposed to an opportunity to help you grow and manage your business.
- Qualified bookkeepers are out there, but they are few and far between and almost impossible to secure because all the good ones are maxed out. Then, if you can find one, they’re not cheap!
- Many business owners lack proper communication with their bookkeepers and aren’t kept in the loop with what’s going on with their finances. This has resulted in poor business decisions.
The UPSIDE to embracing automated bookkeeping tools
- Automation tools are cloud-based, so you can access your data anywhere that has an internet connection and from any device.
- Allows you to easily grasp what is going on with your business in real-time.
- Routine tasks (i.e. bank reconciliations, accounts payable and receivable processing) are automated to the click of a button, eliminating the many hours of mundane, repetitive data entry.
- Helps you keep CRA compliant, is always current and secure which saves you many IT headaches.
- Automation of data-importing ensures data completeness and reduces the risk of other human errors.
- These tools are easy to navigate and allow for real-time reports at your fingertips anytime, anywhere.
- Add-on tools mean you can migrate to a paperless retention of important back-up documents quite easily.
Certainly, bookkeeping is evolving for the better. Understandably, you may have many questions. How easy is the transition to a more automated bookkeeping platform? Does that mean you won’t need a bookkeeper? How much does it all cost? Call us today to get your questions answered and see the many ways we can assist you in making your life easier!