Automated Accounting Software: 7 Options (With User Commentary) | Glasscubes (2022)

Automated Accounting Software: 7 Options (With User Commentary) | Glasscubes (1)

Will bookkeeping be automated?It’s a question many accountants have asked for some time. The entrance of automated accounting software in the market answered this question years ago: a resounding yes.

Granted, not every part of bookkeeping and the broader accounting sphere has gone the way of automation—there are plenty of higher-level tasks that still require judgement and expert assessment. But tools in the automation space have significantly reduced the manual nature of more mundane accounting work.

From saving time to aiding in compliance, automated accounting has produced a number of benefits. But what exactly is automated accounting, and what kind of software fits into this space? Keep reading to learn the answers.

Breaking Down Automated Accounting

What is automated accounting?

Automated accounting, or accounting automation, is the practice of using technology to automate tasks and processes that accountants typically handle manually. Tasks that may be large time-suckers—such as requesting (and re-requesting) files from clients and keeping track of what you’ve received—can be addressed easily with the right software solution.

What does automated accounting software need to be considered valuable?

All accounting automation solutions aren’t built equally. Depending on their feature set, some may work for you, and some won’t be a good fit. Regardless, any worthwhile solution will have:

  • A low learning curve. The last thing you want in any automation tool is for it to be difficult to use. Automation is supposed to make work easier, not harder. Usability should be designed into the solution so that new users can quickly grasp how to accomplish their desired accounting tasks without lots of training—whether the users are your staff or clients.
  • Great reviews. What better way to tell how good a tool is than looking at reviews from current and past users? Be sure to check third-party review sites to see unbiased perspectives. Collectively, the experiences of multiple users can help identify whether an automated accounting system lives up to its claims and, if it falls short, where. You can use these comments to inform your choice of solution.
  • Collaborative capabilities. Whether it’s working with colleagues on client accounts or interacting with clients themselves, your automated accounting software should enable and support collaboration.

What tasks can you automate with automated accounting software?

With automation in accounting finance and auditing, plenty of tools are available to simplify and enhance accounting tasks like these:

  • Client document requests
  • Payroll
  • Expense reporting
  • Invoice processing
  • Tax preparation
  • Cash flow forecasting
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7 Automated Accounting Software Solutions To Try

1. Quickbooks Online

Quickbooks Online is an accounting software tool used mainly by small and medium-sized businesses to accept business payments, manage and pay bills, and perform payroll functions.

Jae Jun, founder of The Crown Choice, uses Quickbooks for his company’s accounting needs. “Its rule-based logic helps us easily assign transactions into the correct category. For recurring and common transactions, the rule-based automation has eliminated 80% of the work we would normally do with manual reconciling.”

Capterra rating: 4.3 (4,500+ reviews)

2. Gusto

Gusto is an HR platform that provides businesses with a single system of record, compensation tools, payroll functionality, and more.

Jun also uses Gusto in his business to manage payroll and related HR matters. “These operational aspects can be time-consuming and expensive. We used to spend several hundred dollars per month to keep up with processing and filing payments. Now, we’ve automated these tasks with Gusto, which means we save money and can focus more on growing the business.”

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Capterra rating: 4.7 (3,100+ reviews)

3. Expensify

Expensify is an expense management system that handles receipt scanning, reimbursements, bill payment, and more.

Gerrid Smith, CMO of Joy Organics, says the app’s receipt scanning feature makes it easy to record important data, which can then be uploaded in a “user-friendly manner directly into accounting software programs, allowing for fast reconciliation. It also allows for automatic expense coding and the generation of real-time expense reports.”

“We were wasting time and resources going through receipts and invoices before turning to this automated accounting software,” says Smith. “Even though these jobs take a long time, they don't necessitate a lot of competent human input. By automating these areas, we've since been able to focus our attention on more complex accounting activities and provide outstanding service to our clients.”

Capterra rating: 4.4 (800+ reviews)

4. Glasscubes

Glasscubes is a client portal and collaboration solution that enables clients to seamlessly work with team members and clients alike.

“Using Glasscubes has been helpful, especially post Covid when people have had to work from home with little interaction,” says Eness Mutsvangwa-Sam in a Trustpilot review. “With Glasscubes, it’s as if people are occupying the same office. It makes it easier to collaborate and review and share ideas on different documents.”

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Capterra rating: 4.6 (200+ reviews)

5. Fathom

Fathom is reporting, analysis, and forecasting software that integrates with leading accounting platforms.

“Automated technologies can assist your accounting firm to acquire a better understanding of its financial performance and provide clients with value-added reporting services,” says Rameez Usmani, tech and security expert at Code Signing Store. “Fathom, for example, assists firms in examining profitability, cash flow, and growth, as well as other important performance indicators, so they can make better decisions.”

Capterra rating: 4.8 (6 reviews)

6. GoCardless

GoCardless is a solution focused on making it simple to collect recurring and one-off payments.

Nicholas Rubright, founder of New Reach Marketing, says if you want to ensure your clients pay you on time, automation is key. “Online payment platforms like GoCardless can be used to collect regular direct debit payments from clients, cutting down on staff time spent on debt collection and boosting your cash flow. We've automated the collecting of clients' recurring payments, and operations are better because of it.”

Capterra rating: 4.0 (24 reviews)

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7. Xero

Xero is online accounting software that connects you to your bank, accountant, bookkeeper, and other business apps.

Emily Johnson, head of target="_blank" rel="noopener"LiveWire Leads, says Xero is her go-to solution, primarily because she works with small to medium-sized businesses, which Xero caters to. She praises the platform for its bookkeeping, payroll management, invoicing, and live bank feed. “Plus, firms and solo professionals can easily study the financial position of their business using Xero's exceptional dashboard display.”

Capterra rating: 4.3 (2,000+)

Choose Automated Accounting Software That Keeps You Connected With Your Greatest Asset: Clients

One of the most pertinent automation tools your accounting firm can take advantage of is a client portal. Glasscubes is one such tool—it streamlines collaboration internally and externally, organises and prioritises workloads, and automates the mundane administrative activities that accountants deal with day-to-day.

Consider a few areas you can automate with Glasscubes:

  • Approvals. Do you need approvals for client files, employee expense reports, or other key documents? You can build an approval workflow in Glasscubes and loop in as many people as you need for approval. The workflow moves information to the next responsible party as soon as the current one signs off.
  • Payroll. Instead of emailing back and forth with your client, use an information workflow to create a more seamless payroll process. Create a form, have clients complete and submit it, and then watch the form be routed to various parties for task handling and approval according to your directions.
  • Audits. When performing an audit, you often need tons of information from clients. Document requests can easily reach into the hundreds. Instead of hunting down and tracking receipt of each file, automate it with a file request. Clients receive an email that links to a file upload area—and if they don’t respond in a timely manner, they automatically receive reminders.

In addition, our solution helps everyone stay in the loop on the latest updates and share what’s most important—all while keeping work moving efficiently. Use threaded discussions to keep conversations in context, whether discussions deal with client tasks or important project files. Plus, secure file sharing and task management ensure your accountants, auditors, and clients stay on the same page.

Keeping Your Data Secure

Dealing with sensitive financial data requires a robust security approach for every solution you implement. At Glasscubes, once data reaches our servers, it is immediately synchronised and distributed across a minimum of three different physical locations within the UK. In addition, access to our client portal software uses the highest level of SSL encryption to ensure the transfer of your data is secure between you and our servers. Further, we encrypt all data at rest for ultimate peace of mind.

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Beyond providing a secure infrastructure, Glasscubes also enables you to assign varying levels of access to each client’s portal so that different user roles (e.g., partner, relationship manager, administrator, etc.) can access data relevant to those roles. You can even restrict access to individual files and folders.

If you’d like a demonstration or want to see how other accountancies are using Glasscubes, learn more here.


FAQs

What is automated accounting system? ›

Automated accounting involves the use of software to automate important finance operations. Accounting operations like accounts reconciliation, updating financial data, and preparing financial statements can be completed without human interaction using accounting software.

What accounting tasks can be automated? ›

Simply put, automation the accounting process involves using software to automate essential tasks related to finance and accounting. These tasks can include, but are not limited to, accounts reconciliation, updating financial records, and creating financial statements with minimal human intervention.

What is the most commonly used accounting software? ›

QuickBooks Online has become one of the most widely used accounting suites on the market today, and QuickBooks Desktop is the legacy accounting software. The Enterprise Solutions Suite offers the same as Online or Desktop, but with the capacity to handle accounting and finance for the large businesses.

What are two popular computerized accounting systems? ›

Examples of accounting software packages designed for small businesses include QuickBooks, Sage (or Peachtree), and Bookkeeper.

What is automated financial software? ›

Accounting Automation software is used by finance teams to automate tasks like invoice updates, validation, processing payments, and creating accounting reports in real-time.

What are the 4 types of accounting information? ›

These four branches include corporate, public, government, and forensic accounting.

Is QuickBooks automated? ›

Examples of automated business tasks

Automating payroll: QuickBooks accounting software allows you to automate payroll, streamline your AP department, and integrate your banking information to monitor spending.

How does automation affect accounting? ›

Accounting automation takes the most manual elements of an accountant's work day and does them automatically, often instantly. Also known sometimes as computerized accounting software, these systems do the number crunching and transaction tracking for you.

Is QuickBooks automatic? ›

QuickBooks offers a number of ways to automate and manage your accounts receivable, including setting up: Recurring invoices: The customer automatically receives an invoice on a predictable schedule. Recurring credit card payments: The customer's credit card payment is automatically processed on a predictable schedule.

How many types of accounting software are there? ›

Types of Accounting Software
  • Billing/ Invoicing Software. Accounting software in the operational field of invoicing/billing takes care of companies' basic billing activities. ...
  • Payroll management system. ...
  • ERP Systems.
20 Nov 2019

How many accounting softwares are there? ›

There are more than 100 accounting software and web applications providing accounting services in India. A comparison of the above mentioned software is given to help you choose the right application for you and you can also read our article to know which is better Accounting Software or Online Accounting Application.

What are the main features of a Computerised accounting system? ›

(A) ADVANTAGES OF COMPUTERISED ACCOUNTING SYSTEM
  • Speed.
  • Accuracy.
  • Reliability.
  • Efficiency.
  • Security.
  • Up-to-date information.
  • Real-time user interface.
  • Automated document production.

What is the importance of computerized accounting system? ›

Computerized accounting increases accuracy by eliminating human errors in calculation. Manual bookkeeping processes are prone to making a lot of mathematical calculations inaccurately early in the process which would have a great impact on the end balance.

What are the features of accounting software? ›

The 7 key features of accounting software
  • Security.
  • Cloud-readiness.
  • User-friendliness.
  • Integrations.
  • Bookkeeping capabilities.
  • CRM capabilities.
  • Financial reporting and projections.

What are the process of automation in accounting process? ›

7 Steps to Automate Your Accounting Process
  1. Step 1: Take stock of current accounting tools and processes. ...
  2. Step 2: Choose a core accounting software. ...
  3. Step 3: Move your data and allow for an adjustment period. ...
  4. Step 4: Identify additional automations. ...
  5. Step 5: Integrate and test additional automations.
30 Apr 2018

What is automated accounting transaction recording and reporting? ›

Automated Accounting Transaction Recording and Reporting System (ATRRS): The ATRRS is a software designed in the Treasury to capture all financial transactions in all the MDAs and other arms of government. Its primary purpose is to file accounting returns to the office of the Accountant-General of the Federation.

What do you mean by automation of accounting process class 11? ›

When accounting functions are done by computerised accounting software that is known as automation of accounting process under the automation of accounting process human activity is less but accounting software is more used. So, accounting functions like posting into ledger, Balancing, Trial Balance and.

What are the 7 types of accounting? ›

Types of accounting
  • Financial accounting. Financial accounting is primarily concerned with the process of compiling information for financial reports for external reporting. ...
  • Managerial accounting. ...
  • Cost accounting. ...
  • Auditing. ...
  • Tax accounting. ...
  • Accounting information systems. ...
  • Forensic accounting. ...
  • Public accounting.

What are the 3 accounting systems? ›

A business must use three separate types of accounting to track its income and expenses most efficiently. These include cost, managerial, and financial accounting, each of which we explore below.

What does automation mean for the accounting profession? ›

What is accounting automation? Accounting automation takes the most manual elements of an accountant's work day and does them automatically, often instantly. Also known sometimes as computerized accounting software, these systems do the number crunching and transaction tracking for you.

What is automated accounting transaction recording and reporting? ›

Automated Accounting Transaction Recording and Reporting System (ATRRS): The ATRRS is a software designed in the Treasury to capture all financial transactions in all the MDAs and other arms of government. Its primary purpose is to file accounting returns to the office of the Accountant-General of the Federation.

Will automation replace accountants? ›

Will AI Replace Accountants? No, it is unlikely for Artificial Intelligence to replace accountants. It may reduce the need for accountants to do process-driven or repetitive bookkeeping tasks, but not higher-value accounting tasks.

How is automation changing accounting? ›

It reduces processes that might have taken two weeks to two days, and from two days to two hours. This is a significant resource saving, but automation also speeds up the ability to then process that data (management accounts, tax reporting, year-end processes, and payroll).

Why accounting automation is important? ›

The biggest benefit of accounting automation is that it makes it easier for accountants and bookkeepers to review their clients' financial data in real-time. This makes it easier for them to make informed decisions about tax planning, billing and other important aspects of running a business.

What is the impact of automation on the accounting industry? ›

Technological advancements within the field of accounting and finance have significantly increased the efficiency, reliability, and accuracy of complex accounting operations. Key issues that have influenced current preferences for automation include the need for information confidentiality and security.

When did automation start in accounting? ›

The punched card system was the first automated accounting system created in the 1960s. This mechanism allowed businesses to input their financial data into a machine, then compute and output reports.

How robotic process automation can be used in accounting? ›

You can use RPA to automate Accounts Receivable processes, including customer data setup and management, data extraction, sales quotation, and invoice generation and distribution. RPA solutions with robust features can improve cash flow and eliminate cash gaps.

How do you automate a bookkeeping business? ›

Use an accounting app

There are many apps to choose from such as QuickBooks, FreshBooks, Xero and Expensify—and many of the best integrate with Zapier so you can automate many of your bookkeeping tasks. Choosing accounting software comes down to personal preference, but we've put in a lot of research.

What are three benefits of using technology in accounting? ›

9 Advantages to Using Computerised Accounting Systems
  • Automation. To make sure that all calculations are correct and accurate it is important to use something other than pen and paper. ...
  • Data Access. ...
  • Accuracy. ...
  • Reliability. ...
  • Speed. ...
  • Security. ...
  • Scalable. ...
  • Visuals.
16 Jan 2017

Is accounting safe from automation? ›

According to their findings, accountants and auditors are the second highest at risk field of job automation, coming in only behind telemarketers.

What are the advantages of AI in accounting? ›

AI can help financial managers keep better track of transactions that are time-consuming and tedious. AI will allow you to extract data from receipt images and classify it automatically based on the spend category. It then populates reports so they can be analyzed in one place. Reduce the risk of fraud.

WILL accounting ever be automated? ›

Conclusion. Human accountants do not have to worry about being replaced by AI technology and automation. Yes, your duties may change and you may have to adapt, but that is part of every job. AI technology can actually make your job easier in some ways.

What does the term automation mean? ›

The dictionary defines automation as “the technique of making an apparatus, a process, or a system operate automatically.” We define automation as "the creation and application of technology to monitor and control the production and delivery of products and services.”

What can service automation improve? ›

Automation can improve service asset performance, and service utility and warranty: Automated resources can have their capacity adjusted easily. They don't need human intervention, so can be available across time zones or service hours. Automated systems can be measured and improved.

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