Add Value Through Automation: The Entrepreneur Expedition Ep. 104. In this week’s episode, we will be discussing why your company is given additional abilities to add value by utilizing automation in your accounting and bookkeeping systems.
Hello everyone and welcome back to another week of The Entrepreneur Expedition. This is your host Alex Iglesias and this week we’ll be talking about modernizing your accounting systems.
Its 2018, guys! Let’s face it — let’s face the fact — let’s face the thing that no one wants to face right now. It is 2018. You can automate everything. I wish I could automate this podcast — ha ha — but I can’t. Just kidding. I don’t wish I could. These are fun for me to do.
Adding Value Through Automation: What Can Automation Do For You?
Anyways, it’s 2018. There’s Siri — there’s Alexa — there’s Cortana — um, there’s another one and I forget, but it doesn’t matter — there’s automation. There’s you know artificial intelligence. There’s Virtual Assistants. Why wouldn’t that be able to be found in accounting?
Well the answer is: it can be. It is, you know, it’s integrated — those types of things are integrated into the most popular accounting systems and beyond. Look at QuickBooks — you can link your bank account — by linking your bank account, it can auto populate every transaction that flows through whatever card or a bank account you link. You don’t even have to make those journal entries.
Honestly, you could you could swipe your card 300 times in the day and go through the next day and just click a data all table. All the line — you know it maybe takes a little bit of a second to look and say like, oh you know, I bought this. You need to do some stuff but that’s nothing — anyone can do that. My wife, who’s about to go to medical school, who knows nothing about fun, about money or finance, you know, she asks me every day about what’s this bill — you know knows nothing — she could do that job.
Adding Value Through Automation: More About Automation
So what I’m getting at is — and that just that’s really describing the surface — also on on the automated features. Just in QuickBooks, and the same features exist pretty much across the board on all the software by now, you can automate almost everything to where you don’t really need a bookkeeper. And again, I said this in my blog briefly, but keepers inherently do not add value. This is why some statistic — approximately fifty percent of small business owners hate paying bookkeepers. Most dislike bookkeeping as a whole and really obviously no business owner wants to do it, so it’s better to have someone else come in and do it if he can afford it, but the thing is anyone can do it.
Look into your money. Look into your salaries paid. Look how much you’re paying your bookkeeper. And then look across the board, across the internet, for in-house or outsource other accounting or finance or business development or business consulting services, and realize that you can add exponentially more value to your company by opting for one of those people or one of those services than you will from having a bookkeeper.
Adding Value Through Automation: Save Money and Sack Your Bookkeeper
Again, your bookkeeper does not add value — your bookkeeper tracks things that have already happened. Make sure they’re in the right place — make sure they’re compliant — and get you ready for tax season. That is not a thing. That’s nothing that most people can’t do when your software does it for you.
Essentially, so again, your bookkeepers not going to be able to analyze or project or predict your company’s future. Your bookkeeper is not going to be able to give you solid advice on how to be a manager — how to run your company from an administrative standpoint. Take the money you’re paying your bookkeeper and put it elsewhere. Add more value to your company and your company will thank you tremendously. Your wallet, your paycheck will, but your wallet will thank you tremendously. You will succeed more — you will grow farther — you’ll be able to scale because you will have the opportunity to add people into the mix that can help you more than that bookkeeper would.
And with that — that concludes my set of thoughts for this week. Once again, this is Alex Iglesias, and thank you for tuning in to The Entrepreneur Expedition.