Robotic Process Automation: A perfect partner for Audit Professionals
January 14, 2020
Robotic Compliance- A Dynamic Change
January 25, 2020

How Automation Trends are changing Accounting Industry

Do you get tired of doing the same old job at home? How would you react to the same old job of making breakfast, cleaning the house or doing the same paperwork at your workplace? We all know the answer and the reaction. People tend to get bored easily. With the repetition of the same work, it is obvious that one person gets over a task over a period of time.

What solution do you suggest if you have to cook hot food every time for a family member? You will lose your patience and may show it someday. The solution to this is getting a microwave. You can keep cooked food and heat the food whenever required. Your manual work reduces and you are a happy person once again. This is one simple example of automation. 

What is Automation in Real Sense?

Automation is nothing but the utilization of tech-related gadgets and electronic devices or devices that are controlled by computers. In short, if you are able to replace any kind of human labor with a computer-controlled device for better efficiency, that is automation. It has been leaving its mark in almost every sphere of society.

To understand this better, let’s take the example of a car. There was a time when you had to drive a car with manual gear. It still is prevalent in some cars. Most of the car models and brands have stopped manufacturing those manual gear cars. The reason behind it is inconvenience and more efforts while driving.

With automatic gears, cars have become smoother and flexible. Anybody can drive a car. You need not spend months to learn driving skills. You have an automatic car. Get registered to learn driving and bingo! In a few days, you are ready to drive your car on the highways. Isn’t that a trend that is being followed? Even a kid would know what automation is with this example. Hence, it is impactful in today’s world.

Where is Automation Used?

Automation is used in almost every field nowadays. If we have to categorize, here is the list of industries where it is used extensively for better work culture and productivity.

  • Integration industry
  • Installation industry
  • Procurement industry
  • Maintenance industry
  • Marketing and sales industry

Now you must have a fair idea of how automation is on the verge of changing the way work is being done by employees. Everyone is in favor of the use of automation. Why not? Your job gets simple and the same old routine gets done in the most creative and effective manner without incurring any loss to any industry. The finance industry is also using automation to its full potential. You won’t believe that there are five major FinTech trends that are going to transform the finance industry for betterment.

Trends in Financial Industry

Trend #1: Digitalization of Payment Method

When was the last time you went for making a funds transfer to a bank? Do you really remember the day? It is quite possible that you don’t remember because who goes to a bank for making any transaction these days? Everything happens online within a few clicks. This has made our life so easy and quick that we can’t go to a bank anymore if the process has to reverse. This is one of the biggest examples of FinTech trend.

There is a huge competition among banks about providing better than the best services to the customers. It has become a race that everyone wants to win. The FinTech players are playing it big and crossing all the limits to make banking on a customer’s fingertip in the true sense.

Trend #2: Human Impact

The finance industry may sound extremely practical, but they have their humane side too. They know very well that the industry can’t be where it is today without its human employees. Therefore, they are making efforts in increasing the use of automation so that pile of work is streamlined. No one should be burdened.

This is happening to make the employees feel special in every way possible. When employees feel good about their existence, the job improves and productivity increases. Is there any possibility that one won’t be impressed by this effort of an organization? The answer is definitely No.

Trend #3: Chatbots

Do you surf through websites of different kinds? It may be related to any domain and specifically finance. When you browse through financial websites that share data regarding finance, accounting, personal finance and more, soon after some time, you get a chat box opening up and asking you, “How may I help you?” Do you think it is a human being asking you the question? It is not a human being but AI doing its job.

With so much that AI has shown in the past, you will find Artificial Intelligence snatching the charm of human beings. You find the chatbox appearing in front of you fascinating. This lures you to reply. Eventually, you tend to share a lot of information that may be used later to assess your financial details.

There are both advantages and disadvantages pertaining to this analysis. They may be able to help you by providing you a solution that is unique, or they will start bothering you by calling and sending you emails. They are both marketing tactics that big shots apply in their industries.

Trend #4: Integrated Voice Response

When you call a company for some kind of service, be it presales or post-sales, you may have to go through a number of departments and then get directed to the concerned department. What if there was no IVR or integrated voice response system? You would have been going round and round and things would have gotten to your nerves.

With this IVR system, when you call a financial institution, you get connected to the specific department you want to connect to. This saves time and also you don’t have to waste your energy talking to every department. The IVR system has become so customized that when you are connected with a person, they know who they are talking to without you even introducing yourself. That makes you feel privileged. Although you don’t show it you feel happy about the service.

Trend #5: Accounting

Every industry needs the department of accounts. After all, every industry deals with money. Without money, there is no business or motivation. Accounting has so many fields that one needs to look after. Not everything can be taken care of in stipulated time by a person. Therefore, certain tools are in frequent use these days. HostBooks is an example of such a tool.

Such tools help in doing the job of accounting like never before. A person, although not a commerce or accounting graduate can accomplish the task of accounting in a jiffy. That simple it is! Industry leaders are confident about this tool HostBooks and making it a part of their businesses. This has not only helped the leaders retain their employees but also helped them gain more productivity.

This was about the trends in the financial sector. If you have to talk about the trends in other sectors, it is more or less the same. Every industry has the above niche, and they need the help of automation.

How Are These Tools Beneficial?

Automation tools are beneficial because they make human labor simple. If you know the definition of a simple machine, it is exactly like that. Simple machines make human efforts reduce by a great difference. In a similar manner, with the help of automation, one can change the way one work is done in a great manner. These tools also are mobile in nature. When we say mobile in nature, we don’t mean, there is a mobile phone with that name. Just Kidding! You can use the software on smartphones. This makes your task even better.

How Does Mobility Improve Your Task?

Suppose you are somewhere else and you have forgotten to carry your laptop or maybe your desktop you work on is at home. How can you access important data that you need urgently to interact with clients? You never know. Clients may demand interaction at any time they wish to. When they do so, you are bound to respond in a positive way. You can’t say that you can’t. By saying yes every time, you are creating an everlasting impression.

Wherever you may be, HostBooks can help you in responding to a client’s query related to accounting at any time of the day. Everything is accessible online. You just need to enter your user Id and password and you are good to go. It is so simple that even if you don’t know to account, you can work on the software.

Another simple way it can help is letting you be stress-free. If you are out and there is a crisis and you are supposed to be at work for getting a job done. With this software, without going to work, you can get the work done. This way, you also maintain a work-life balance.

Manual Invoicing Versus Automation

Most industries work on invoicing. When a vendor completes and task or project and submits the data, in the end, they need to also submit their invoice. The invoice states the expenditure and what they are owed. After the invoice is sent, it took days for it to get processed as the person involved in getting this done may be on leave or isn’t efficient enough. This lags the process.

With automation in use, software such as HostBooks makes use of customized invoicing in order to get the job done in just a few clicks. What would take days to complete, get completed in a shorter span? The time frame reduces. This has made many vendors and companies use the software. It helps both parties. When a person invoicing is happy, there is more productivity. With more productivity, the employer is happy.

What Can You Expect Out of HostBooks?

HostBooks has proved to make the lives of many industry leaders easy. It has taken over the manual labor task to a different level. Now, there are no second thoughts that a particular task can’t be done if someone is on leave. The business runs as usual. That is the biggest merit of introducing automation in industry.

It is undoubtedly the only language that businesses are using for their benefits. No more looking back at those days when accounting looked like an uphill task. Now, it is as simple as anything you can think of. The best part is that no one has to be a professional to learn the software. It is that simple.

Features of HostBooks

It is a cloud-based software that gives you online access to everything related to accounting such as-

  • Expense Management
  • Inventory Management
  • Invoicing
  • AI-based Reconciliations

HostBooks’s features are such that they will compel you to take it seriously and get it implemented in your work. Read on and know about those features.

Smart Work with HostBooks: There is always the need for smart work although hard work matters too. What is the use of hard work when you can get things done in the blink of an eye with the help of this amazing accounting software?

Feature #1: Manage Expenses

Being a company, your employees may spend funds for various reasons. Instead of going through several logs and entries made, HostBooks will help you get a close look at those expenses. With proper analysis, you can manage those expenses in the future.

Feature #2: Manage Inventory

Have you faced problems in the past managing the sales figure, stock level, etc.? If yes, there is a solution that can help. HostBooks paves the way for making your life simple. It, not only does several accounting chores for you but also manages inventory-related tasks for you. You need not appoint someone who has been playing around with numbers. You can view your numbers anywhere, anytime.

Feature #3: AI-based Reconciliations

If you are big business, you may have several transactions, not necessarily with one bank. Keeping a track of those transactions and making a customized banking experience is necessary. This software helps your bank to categorize and reconcile your bank transactions.

Feature #4: Financial Report

Keep your boring and paper print financial report at bay. Now, you can get all your financial reports in one platform that too without any mess. You simply click a few buttons and there you are.

Feature #5: Accounting Like Never Before

Accounting is not everyone’s cup of tea. Even if you find someone who is good at it, there will be some loopholes due to the repetition of work. HostBooks allows you to get the task of accounting like never before. You get smart help for smart solutions.

Feature #6: Manage Clients

Managing clients is one of the biggest needs of any business. They are the bread giver. If you neglect them, you may meet a downfall. In order to get those meetings with clients possible, no matter where the client is based, HostBooks is the answer.

Final Words

Everything on this planet is evolving or going through a drastic change. The finance industry and other industries are going through several changes too. These changes are required to ensure that the tasks at hand are done in a given time and productivity increases by many folds.

Forget those days when everything was done manually. Now is the time when automation is on the trend. Everything is getting automated. Every industry is using tools that are automatic and require less human labor. This is changing the way people have been working and also bringing about a big change in the profits of an industry.

Various industries such as construction, startup, retail, nonprofit, e-commerce are using HostBooks automated accounting software to get their processes right. There may be more but the names listed have been using automation at a greater level than others.

Startups need automation more than any other industry because startups don’t want to spend on hiring people. They want the same job to be done without much expenditure. Nothing like a cloud accounting software that does the job while you enjoy the benefits of appointing a smart professional. With easy to use features and support that you can get six days a week, your startup can already taste the life of a successful business. Any day, you won’t feel the need for a human accountant.

The most important part of any business is money. How you are getting the money and how your money is going, you need a track. This is one of the biggest features that a business will want. HostBooks is your ideal software for accounting that allows you the freedom of travel and work from anywhere. Not just one account, you can manage several accounts with one software. That makes the software dynamic than a static one.

Let automation be the drive to drive your business to a different height so you can be where you want to be soon.

Leave a Reply

Your email address will not be published.

6 + 2 =