Just as ATMs free bank tellers from handling many routine tasks and allow them to focus on customers’ more complex needs, automation and artificial intelligence in accounting and bookkeeping can redefine skilled workers’ jobs and save your business time and money.
In fact, as much as 45 percent of the routine activities people perform in their jobs today can be handled instead by current technology, consulting firm McKinsey & Co. reports. Technology won’t replace entire occupations, but it can allow accountants, bookkeepers, and even CEOs to tap their higher-level skills and help home service businesses grow and prosper.
If your well-paid, hard-to-find accountants and bookkeepers are still opening envelopes and typing data line by line into computers, you’re missing out on the cost savings, accuracy, and consistency that artificial intelligence and automation offer. Consider putting these professionals’ real talents to work by letting any of these three types of software take over lower-value tasks like sorting, inputting and filing:
- Fetch-and-file applications.
- Automated inventory programs.
This software helps speed up the tedious task of recording purchases and managing inventory. Home services businesses buy many different items from many different suppliers, so having accurate inventory counts can boost sales and your financial picture. With software such as AutoEntry, you can email or upload records of your purchases, and the software reads the document line to input each item’s description, unit price, and quantity. This can also be used to properly classify items by supplier and applicable tax code. Again, your expensive professionals can spend their time reviewing data for accuracy, completeness, and improving the quality of your financial statements.
- Business intelligence software.
This includes programs such as Spotlight Reporting, which makes it easy to create the business forecasts that too many owners find hard to do and, unfortunately, neglect. It integrates with your financial and operational software, extracts data to create reports for Excel spreadsheets, applies Excel’s formulas, and creates the customized, user-friendly tables and charts so helpful in developing budgets and forecasting cash flows.
Tools like these aren’t gee-whiz, futuristic frills – they are artificial-intelligence advantages you can use right now to make your business more efficient and overcome the shortage of skilled accountants and bookkeepers. Turning routine tasks over to software makes these professionals more productive because they then can use their critical skills for reviewing and recommending – tasks that help you drive growth and sales and help you work on your business, not in it.
Service Roundtable is dedicated to growing your bottom line and helping your business maximize its full potential. These group of contractors work together to assist you with marketing, sales, business, and so much more. Twice a month, seminars around the United States and Canada are held to network and further assist your business. Visit Service Roundtable.com to see if there are Success Days in your area!