How to Leverage Accounting Automation – Small Business Guide
                     How to Leverage Accounting Automation? – 
Small Business Guide
https://www.imprezz.in/ | Imprezz
Coming up with small business ideas and making it requires you to take 
actions. There’s a lot of thoughts that go into taking that call of making it 
happen. The success of your business is inversely proportional to the 
number of sales you crack every day. It involves a lot more than just 
trading goods for money. 
Emerging technologies have been remarkably helping businesses succeed, 
and it is high time to understand how to leverage accounting automation.
As a business owner, you need to puzzle out product merchandising, stock 
control, market research, advertising and marketing, customer service, 
negotiation and more. It doesn’t end there. You need to understand 
small business accounting; cash flow, taxes, payroll, tally,  ledgers, 
purchase orders, and other accounting tasks need to be tracked carefully. 
You don’t want to let an entry slip away through the cracks.
In simpler words, the key to run a successful business is to keep detailed 
records, and that is where accounting automation software can help. This 
article is a part of our comprehensive small business guides – here’s how 
you can leverage accounting process automation in 2021.
What Is Accounting Automation?
Manual processes consumes most of an accountant’s workday. Accounting automation can 
complete the significant financial tasks automatically, or instantly. The concept of 
automation for small business in accounting is not entirely new; there have been different 
forms of computerised accounting systems since the late 1800s (source: 
https://www.accountingnotes.net).
Until recently, accounting automation tools were unable to work without human 
intervention. Accountants mostly operated them, and the manual operations still took a 
tremendous amount of time. 
Modern accounting automation has successfully removed these hassles by eliminating the l
east effective financial tasks
. They provide more time for accountants to work on analysis, accounting strategies and 
other crucial business operations.
Automated software systems are advanced in crunching numbers and tracking each real-
time transaction of a business. They have erased the need to build complex ledger files and 
countless rows and columns of data entry. Computerised software has built-in formulae that 
help create and send reports with the click of a button. AI in the field of finance strives to 
streamline the overall business operation by automating accounting processes.
Impact of Automation on Accounting
Several business organisations have been continuously seeking efficient 
results through fair use of accounting automation tools and services. 
According to one of the recent surveys, the accounting automation statistics 
suggest that a more significant number of transactions are being processed 
and reported automatically by AI machines (source: 
https://www.researchgate.net/). Modern AI software work alongside humans 
to make financial operations more effective and productive.
Several CFO’s are concerned about the impact of automation on customers. 
Recent reports estimate that more than 50% of the back-end functions can 
be potentially automated; except roles related to knowledge-base 
management and shared services (source: www.ibanet.org). That is 
professionals, including the data scientists, cognitive tech geeks who can 
convert insights into meaningful communication.
Several big businesses and CFO’s are now focused on utilising this 
opportunity by identifying individuals who are passionate to learn and 
expand their skill sets in the process of becoming the real business-minded 
partners. Today’s business world needs the next generation leaders capable 
of driving changes that can reshape how accounting operations are done.
What Is Accounting Automation Software?
The practical results of implementing accounting automation are beyond 
learning accounting or cloud accounting. Automated accounting is more 
potent than the traditional computerised system. Employing 
an automated system rids accountants from performing manual data entries 
or 3-way data matching
.
Business automation tools automate a significant part of small business acco
unts
 payable processes. It automates everything from recording each transaction 
to GST returns filing procedures. Accounting automation software might 
require humans to intervene only when there are certain exceptions or need 
a higher level of thinking.
What Are the Benefits 
of Using Automated 
Accounting Software?
Automation in finance 
resolves the manual 
accounting hazards through 
smart software solutions that 
can instantly take care of the 
problem. If you are a small 
business wondering 
how accounting automation c
an benefit your enterprise
, here’s a curated list that 
answers all your questions.
Strategic Management of Cash Flow
Mismanaging cash flow is one of the primary reasons why businesses go 
bankrupt. Cash flow crisis mostly arises due to inadequate accounting 
protocols that are unhealthy to a company. These protocols limit an 
enterprise from scaling and expanding their business. On the other hand, 
automation focuses on strategically managing cash flow that immediately 
provides a clear picture of business funds.
Automation allows business owners to quickly estimate their profits; where is 
the business spending the most, when can the company expect income. 
They no longer have to create manual reports to know their financial 
position. It provides visibility that contributes to making critical decisions 
when necessary.
Saving Time Through Automation
Automation is generally known to save time and manual efforts across 
various industries. Likewise, in accounting, automation allows accountants to 
conveniently work on ledger entries, client information and other financial 
details. They no longer need to spend countless hours trying to interpret data 
or matching them.
Automated accounting systems auto-updates each record and relates the 
existing data in no time. Further, the systems also generate structured 
financial reports and install accurate timestamps on the related data. 
Soon, automated accounting software might replace the need for manual dat
a configuration as well
.
Advanced Cloud Access
Businesses using cloud programs can never settle for anything less. It is 
much easier to work when data access and document sharing is just one 
click away. Accountants and business owners can immediately process 
transactions and analyse each document anytime, anywhere. Cloud systems 
like Imprezz makes it easier to work as a team with shared data access.
Cloud accounting software is comparatively much secure to manage 
accounts payable; it is purpose-built for professionals with round the clock 
data access. They strive to provide the highest safety and enterprise-grade 
data security standards to keep the business operations streamlined.
Flexible Features & System Functionality
Supreme quality accounting software provides features that are adaptable 
enough to sync with various business requirements. Implementing an 
accounting system that can adapt to the everchanging business environment 
is crucial for enterprises to succeed amid challenging competitors.
An integrated software system like Imprezz allows standard formatting and 
provides customisable templates to formulate different business ledgers. 
These are some of the vibrant features and functionalities that make 
accounting software highly flexible for a wide range of businesses and 
industries.
Cloud Storage & Data Organization
Automated accounting platforms are capable of elevating businesses beyond 
their current capabilities. Data organisation becomes easier with accurate 
data entry, processing and storage. Business operations become significantly 
convenient when you know where to locate specific information precisely.
Automated accounting software guarantees streamlined data. It 
automatically saves the details by immediately identifying the information 
entered in the database. Advanced computerised systems like Imprezz
 offers secure cloud accounting that helps perform automatic, regular back-
ups to prevent businesses from losing crucial data.
Enhances Data Security
On the dark side, the internet of things has made it difficult for businesses to 
survive. Although there are various advancements in today’s technology, the 
chances of being harmed by cyberattacks are equivalently high. Accounting 
automation is built with encryption technology that offers advanced security 
features to ensure maximum business data protection.
Alongside protecting businesses from being hacked, automated platforms 
enable business owners to control the shared data access, allowing them to 
share what is necessary. The feature helps maintain the confidentiality of 
ledger information by preventing the unauthorised employee from accessing 
the information.
Quick Data Recovery
Physical storage of paper files can be a daunting task; data storage can 
slowly turn into countless records. The thought of retrieving or reviewing 
physically stored data can haunt accountants. They have to search for each 
document, sometimes piled in different rooms to match them and interpret 
the data.
Accounting automation is a boon to accountants; it is effortless to find 
records online. Instant location of files, entries and records has never been 
this easy before. Automated systems are programmed to make ledgers and 
document reporting easier to categorise and store safely.
Comprehensive Data Analysis
Besides offering data security and organisation, modern accounting 
platforms also supports quick presentation and distribution of financial data. 
Analysed files can be accessed by any individual working in the enterprise; 
making reconciliation of audits and records much more manageable.
Furthermore, analysing trends becomes easier with accurate means to check 
variances and predictability feature offered by the software. It enables 
accountants to make data-driven, smart business decisions by providing 
access to readily available reports.
Tax Compliance & Deductions
The advent of the GST regime in India has made returns filing mandatory for 
registered businesses. The recent tax relaxations have led to confusion. 
Business owners are struggling with sales tax deductions during the tax 
seasons. Running errands with tracking receipts and expenses might lead to 
mistakes that can have severe consequences.
The rise of automation in bookkeeping has eliminated the hassles of GST 
returns filing. Accounting platforms are now capable of updating records 
immediately as the transaction is processed. Accountants need not enter 
information as real-time accounting systems auto-update transaction data. 
They need to have an eye on these details to make sure if the information is 
accurate.
Automated GST accounting software like Imprezz are capable of figuring the 
deductibles. It allows the business owners to understand and estimate the 
tax preparation time immediately after processing the transaction.
Professional Development & Expert Learning
Any job role requiring manual, repetitive work can be replaced with the right 
tools and automation. In finance, accountants can easily replace their 
traditional, regular-basis work through automated accounting systems. It 
enables accountants to be more productive as they are free to focus on 
personal development and other efficient tasks.
Despite all the advancements, accounting platforms do require human 
intervention. Accountants must ensure that these applications are working 
accordingly from time-to-time. Automation has been a turning point in the 
career of every accountant. It helps enrich their employment experience, 
improve their value within an organisation, and share their knowledge.
Implementing an ideal accounting platform can eliminate the most tedious 
and frustrating accounting tasks. It must allow business owners to better 
focus on other crucial business operations, such as managing the bank 
accounts, developing business and accounting strategies, and better 
communication with the employees.
How to Select 
Best Accounting 
Automation 
Software?
Automated accounting systems aren’t just for accounting. Business owners 
must know how to leverage accounting automation by integrating various 
business functions under a single platform. Instead, they should look up for 
software programs offering integrated business intelligence tools that help 
manage other aspects of the business.
For instance, Imprezz integrated system allows businesses to 
leverage invoicing and quotation maker feature as a marketing tool. The 
software also integrates various essential tools like tally, purchase order 
management, import functions under a single platform.
Here’s a curated list of 
what to look for when you decide to purchase accounting software.
1.   Does the software work well for your business requirements?
Before taking the call on buying software, make sure if the accounting 
system is designed to make ends meet for your business. You can refer to 
online forums and detailed specifications to understand the functionalities of 
the software.
2.   Does the software offer multiple access levels?
As discussed earlier, it is best to 
implement different data access levels for owners, managers, employees an
d other authorities
. You don’t want all your employees having easy access to your accounts 
data.
3.   Is the software capable of recording transactions and managing 
the payroll system?
Although any accounting platform is capable of recording transaction, not 
many systems offer payroll management. Most software offer payroll as an 
upgraded feature. Please check for the features before you purchase the 
software.
4.   Does the software offer inventory tracking?
Only some software features include inventory tracking; others don’t. You do 
not want to link other tracking apps to your main accounting software. It will 
just multiply the amount of money you will have to spend on automating your 
accounting processes. Do thorough research about the software features, but 
what is useful for your business. Do not pay for unnecessary features.
5.   Is it a cloud-based software?
We have already discussed the detailed benefits of cloud system in the article 
above. If the software is cloud-based, it will provide remote access. You will 
have the freedom to work from anywhere. It also offers lower support costs, 
automatic back-up facility and hassle-free integration for payment and other 
applications.
6.   Is the software extensible and scalable?
Small businesses have a greater scope of expanding with time. Thus, it is 
crucial to implement a scalable remote business accounting system, a 
software that can grow as the business does. Scalable software feature 
enables businesses to add new users as they expand. Wherein, the extensible 
feature allows users to purchase new add-on applications.
Regardless of which accounting software you choose to purchase; ensure you 
always keep your essential files archived. Do not share the access for your 
data concerning sales records, bank information, loan statements and tax 
data. These crucial documents play a vital role in formulating tax returns and 
business audits.
Quick Tips for 
Successful Small 
Business Accounting
Using your accounting 
software to accomplish 
your regular business 
operations will help you get 
the best results. Here’s a 
list of quick tips, make this 
your daily accounting 
small business checklist, so 
you don’t miss out on 
anything.
 Record Each Transaction
 Check & Reconcile
 Review the Difference b/w Incoming & Outgoing Cashflow
 Collect Required Tax Data
 Cross-Check the Defined Ledgers
 Keep Your Ledger Entries Updated
 Get an Outside Perspective from Your Financial Advisor
 Create Regular Reports
 Keep a Trail of Paper Records (Receipts & Invoices)
 Do Not Intermix Your Personal Accounts & Business Accounts
 Stay GST Compliant – File Returns On-Time
 Watch Your Business Cash Flow
Combination of Automated Accounting & Smart 
Spending Software
By now, the reasons why your business finances require automation must be 
pretty clear. Accounting software saves time, avoids manual errors, and 
keeps business documents at your fingertips. There’s no excuse for not 
implementing accounting software.
Alongside enjoying the benefits of implementing accounting software, have 
you considered leveraging automation to track your expenditures? While 
giving your finance team a customised control over your finances, you can 
also deal with your expenses in the same manner.
Combining accounting and expense tracking features makes your business 
operations more efficient, accurate and help confidently deal with your 
accounts at the end of every quarter. But the question remains; how to 
combine both functions? If you do not know where to start, consider 
implementing Imprezz accounting software, a complete package of business 
intelligence tools—leverage automation in every way possible. The software 
offers features that can help beyond your accounting needs.
Will Automated 
Accounting 
Software 
Replace CPA’s?
Automation replacing accountants in the near future is a mere myth. As we 
advance, businesses are still going to require accountants to ensure cost 
efficiency and effectiveness. Although automation simplifies a large role of 
accountants, it cannot entirely act like an accountant. Instead, it is the 
modernisation of the traditional practices of accounting which allows 
accountants to make exceptional advancements in their profession.
Automation in accounting has increased the scope for accountants. It has 
eliminated their need to spend enormous time doing the tedious yet essential 
accounting tasks; enabling them to limit their errors and provide accurate 
results. Accountants can now work on their vital roles as financial officers. 
They can further become finance consultants who create strategies, budgets 
and advice the CEO’s to help increase their organisation’ overall profits.
The emergence of advanced technology does not mean businesses can do 
away with employing humans. They still need bookkeepers who can 
understand the fundamentals of accounting, analysing and explaining how 
finance works for an enterprise. Businesses do require individuals who are 
capable of doing more than just interpreting financial data. Accounting 
software has transformed CPA’s into custodians of financial information.
Most people believe that AI (Artificial Intelligence) and machine learning will 
take over employees’ roles. However, it is far from the truth. In accounting, 
businesses will always require an expert to keep an eye over software 
functionalities. All-in-all, AI has increased CPA’s efficiency by enabling them to 
deal with numbers much faster and in more accurate ways. The process of 
strategic decision making is now easier than ever for CPA’s.
Business Automation Guide – Cut Short!
Having known the basics of accounting automation, here’s a list of new 
strategies working great for businesses in 2021.
 Automate transaction accounting tasks (bookkeeping, payroll, purchase 
order, etc.)
 Automate your business cash flow, tax calculation, planning and tax 
research.
 Automate accounts and records under GST.
 Leverage AI right away and save yourself loads of time.
 Auto-verify data to keep up with the quality.
 Become an automated and fully outsourced accounting professional for 
your clients (forecasting, financial modelling, business planning and more).
 Pick financial service providers who offer most accounting automation 
features and capabilities.
Conclusion
Technology has enabled business owners to manage their enterprise more 
efficiently. As a result of automation, the business now has an easy means to 
perform improved data analysis and reporting. Ideal accounting platforms 
enables business owners to see the overall business performance. If your 
company still adheres to manual accounting processes, you are running last 
in the race.
Automation enables you to keep your fingertips on the pulse of your 
business, helping you to meet the everchanging demands in the 
marketplace. We hope this guide to accounting automation – 2021 was 
helpful for your business. Now we leave it all over to you.
Do you want to install strategic accounting software for your business?
 Implement Imprezz, pioneer of 
business intelligence software for small businesses in India. The company 
has been helping MSMEs in India succeed despite the everchanging business 
environment. The platform has been helping several small businesses sustain 
despite the economic crisis caused due to COVID-19.
We offer a 14 days free trial software program. Login to automate your 
transactional works and financial advisory right away!
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