Accounting tasks you need to start automating

Even the most diligent human accountants are prone to errors, especially when dealing with repetitive, data-heavy tasks. Miscalculations, incorrect data entry, and overlooked details can lead to inaccurate financial records, impacting everything from tax filings to client billing.  

These seemingly minor issues can snowball into major setbacks, impacting your cash flow, client relationships, and overall business success. It's time to break free from the time-consuming, error-prone accounting tasks that hold your business back. 

You need to start automating your accounting tasks. The cost of manual processes is too high. And for start-ups and sole traders, these inefficiencies can be the difference between thriving and merely surviving.

What is accounting automation?

Accounting automation is like getting a super-efficient helper for all your financial tasks. It's about using special software to care for those boring, repetitive accounting chores that consumed your time. This way, you and your team can focus on the big picture stuff.

How does it work?

• Optical character recognition (OCR): Have you ever scanned a receipt with your phone? Well, OCR is like that, but way smarter. It looks at your receipts and pulls out all the important numbers and details, so you don't have to type them in by hand.
• Robotic process automation (RPA): Imagine having a little digital worker who never gets tired. RPA can do all those repetitive tasks, like logging into systems, copying and pasting data, and creating reports - without you having to lift a finger.
• AI and machine learning: The real magic happens when artificial intelligence and machine learning come into play. These technologies can learn from your financial data patterns, helping you identify potential errors, predict future trends, and make smarter decisions.

What accounting tasks can you start automating now?

Expense management

Picture this: employees rummaging through wallets, drawers, and car glove compartments for crumpled receipts. On the other hand, you, the accountant, spend hours manually entering each expense detail into spreadsheets, trying to decipher faded ink and illegible handwriting. This is not to mention the constant back-and-forth with employees to clarify missing information or questionable purchases.

However, with automated expense management features like Thriday, employees can snap a photo of their receipt with their phone. Then, the software extracts all the relevant data – date, vendor, amount, and even category – automatically. No more chasing receipts, no more data entry errors, just a smooth, efficient process that saves everyone time and frustration.

Payroll

Manually calculating payroll was time-consuming and error-prone. Accountants spent hours crunching numbers, double-checking their work, and hoping they didn't miss anything. Printing and distributing paychecks or manually processing direct deposits added another layer of complexity. 

Automation simplifies this entire process. The software handles all the calculations, ensures accuracy, and processes payments with just a few clicks. 

Bank reconciliations

Bank reconciliation used to be a tedious and time-consuming task. Accountants would spend hours poring over bank statements, meticulously comparing each transaction to their accounting records. 

Manually identifying and correcting discrepancies was a painstaking process. Automation revolutionises this by automatically importing bank statements and comparing them to your accounting data. 

As a matter of fact, Thriday securely connects to your *bank accounts, automatically importing transactions and statements. This eliminates the need for manual downloads and uploads, saving time and reducing the risk of errors. Thriday also employs algorithms to match imported bank transactions with your accounting records. This significantly speeds up the reconciliation process.

Account receivables

The traditional accounts receivable process was a constant struggle of creating invoices, sending them out, and then endlessly following up for payment. Manually tracking each invoice, sending reminders, and dealing with late payments consumed valuable time and resources. 

Automation streamlines this entire process. The software generates invoices automatically, sends them to customers, and tracks their status. It even sends automated reminders for overdue payments, eliminating the need for manual follow-up. You gain better control over your cash flow with a clear view of who owes you money and when it's due.

Accounts payable

Managing accounts payable used to involve mountains of paper invoices, manual reviews, and coordination across multiple departments. Tracking down approvals and ensuring timely payments was a logistical challenge. Automation brings order to this chaos. All your bills are collected in one central location, making them easy to review, approve, and pay. 

Tax compliance and financial reporting

Tax season used to be a dreaded time for sole traders, business owners, and even accountants. It was filled with long nights and weekends spent gathering data, crunching numbers, and preparing tax returns. Manually compiling financial reports and trying to make sense of the data was daunting. Automation transforms this stressful experience into a strategic one.

The software automatically calculates your tax obligations and generates financial reports with just a few clicks. You gain clear insights into your business performance and can even use the data to forecast future trends and make informed decisions.

Thriday: Level the playing field for your small business

Thriday puts powerful accounting automation tools in your hands, which were once only accessible to large corporations with dedicated accounting teams.

How Thriday helps you:

• Compete with the big guys: Thriday streamlines your financial operations, giving you the efficiency and insights to compete with larger businesses.
• Save on staffing costs: No need to hire additional accounting staff or outsource tasks. Thriday handles the heavy lifting, saving you money.
• Take control of your finances: Even without a dedicated accounting team, Thriday's intuitive interface makes it easy to understand and manage your finances.
• Focus on what matters: Free up your time from tedious accounting tasks. Focus on growing your business, serving customers, and pursuing your passions.

With Thriday, you can:

• Automate invoicing and payments: Get paid faster with automated invoice creation, payment reminders, and online payment options.
• Simplify expense tracking: Say goodbye to lost receipts and manual data entry. Capture expenses on the go with a simple photo.
• Reconcile bank accounts effortlessly: Automate the matching of transactions, identify discrepancies, and keep your books accurate.
• Gain valuable insights: Access clear, easy-to-understand financial reports that help you make informed decisions.

Experience first-hand how their automated accounting can help your business. Book a demo or try their free trial!

The final word

Small businesses can't afford to be held back by outdated, manual accounting processes. The risks of errors, inefficiencies, and lost opportunities are simply too great. Embracing accounting automation isn't just a smart move; it's a necessity for staying ahead. 

Tools like Thriday put the power of streamlined expense management, automated payroll, simplified bank reconciliations, and efficient invoicing right at your fingertips. 

This translates into more time for you to focus on what truly drives your business forward: innovation, customer relationships, and strategic growth. It's time to break free from the shackles of manual accounting and unleash your full potential.

Frequently asked questions

Is Thriday suitable for all types of businesses?

Yes, Thriday is designed to cater to many businesses, from freelancers and solo traders to small and medium-sized enterprises. Its intuitive interface and customisable features make it adaptable to various industries and accounting needs.

How secure is my financial data with Thriday?

Thriday prioritises the security of your financial data. They employ robust encryption protocols, secure data storage, and regular backups to protect your information.

What kind of support does Thriday offer?

Thriday provides comprehensive support through various channels, including email, phone, and live chat. They also offer a knowledge base with helpful articles and tutorials.

How do I get started with Thriday?

Getting started with Thriday is easy. Simply sign up for a free trial on their website and follow the onboarding process. Their intuitive interface and helpful support team will guide you through setting up your account and automating your accounting tasks.