- Paperless Bookkeeping \u2013 What Does it Mean?<\/a><\/li>
- How Do Paperless Bookkeeping Tools Work?<\/a><\/li>
- But My Staff Isn\u2019t Trained for a Digital Revolution\u2026<\/a><\/li>
- Adapt or Perish<\/a><\/li><\/ul><\/div>\n\n\n
In 2024, with groundbreaking technologies revolutionising business, digital is the new way of life.<\/p>\n\n\n\n
The paradigm shift of the global accounting industry towards digitalisation in recent years is evident from a 2023 recent survey<\/a> by Top 10 accountancy firm Johnston Carmichael.<\/p>\n\n\n\n
The research revealed that 26% (more than a quarter) of the respondents plan to focus on digitalisation in the next 12 months, followed closely by automation (25.7%).<\/strong><\/p>\n\n\n
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The above numbers clearly show that digitalisation is the global future of accounting.<\/p>\n\n\n\n
Recognising the potential and need for a digital revolution in the accounting world, the HMRC, too, has begun taking steps in that direction. With the imminent launch of the Making Tax Digital (MTD)<\/a> initiative, it is only wise for accountants to switch to the modern paperless way of working.<\/p>\n\n\n\n
Paperless Bookkeeping \u2013 What Does it Mean?<\/strong><\/h2>\n\n\n\n
Let\u2019s face it \u2013 bookkeeping is a dreary job. Keeping track of every transaction, managing and filing receipts, and keeping the books updated at all times is not only cumbersome but also time intensive.<\/p>\n\n\n\n
However, with technology and digitalisation, this tedious task is now set to undergo a revolution. Paperless bookkeeping is a simple and highly efficient way of maintaining your books minus the hassle of managing and retaining every transaction receipt for future use.<\/p>\n\n\n\n
There are several handy digital tools that let you upload, track and review business records anytime, anywhere, for your convenience. One such example is MyWorkpapers<\/a>, an intelligently crafted end-to-end paperless accounting and bookkeeping tool.<\/p>\n\n\n\n
How Do Paperless Bookkeeping Tools Work?<\/strong><\/h2>\n\n\n\n
Paperless bookkeeping software is very simple to use.<\/p>\n\n\n\n
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- Take a snap or scan your transaction receipt to upload it to the software.<\/li>\n\n\n\n
- The tool allocates the receipt to a transaction from your bank statement and stores the data on the cloud.<\/li>\n\n\n\n
- You can access and review the data anytime, anywhere, and make real-time changes.<\/li>\n<\/ul>\n\n\n\n
But My Staff Isn\u2019t Trained for a Digital Revolution\u2026<\/strong><\/h2>\n\n\n\n
We get it \u2013 digitalisation is a newer trend, and your staff may not welcome the idea at first. One of the biggest reasons for this is the long-held misconception that technology kills jobs. While changing your team\u2019s outlook is a task in itself, training is also a time-consuming process.<\/p>\n\n\n\n
One of the surefire ways to deal with this challenge is to outsource your bookkeeping. Alongside the ongoing technological revolution, outsourced bookkeeping services constitute a rising trend in the post-pandemic world.<\/p>\n\n\n
\n<\/p>\nA 2024 study<\/a> revealed that the number of accountancy firms choosing to outsource their accounting and bookkeeping services grew notably in the last five years, with about a 40% increase in global spend<\/strong> and a 20% surge in interest<\/strong>.<\/p>\n
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Outsourcing offers a specific advantage to accounting firms aiming to integrate the latest technology into their processes. Outsourced staff is skilled and extensively trained to work on multiple bookkeeping tools and software so that you do not have to bear the additional costs and hassle of training your internal teams. This not only ensures higher efficiency but also increases turnaround times and your firm\u2019s capacity to scale.<\/p>\n\n\n\n
Several recent studies have also shown that accountants and accounting practices in the UK prefer to outsource bookkeeping to India owing to its cost-effectiveness. Hiring offshore accountants and bookkeepers in India not only helps you save big on their salaries but also offers the advantage of unmatched technical and communication skills.<\/p>\n\n\n\n
REQUEST A FREE TRIAL<\/a><\/p>\n\n\n\n
Adapt or Perish<\/strong><\/h2>\n\n\n\n
The accounting industry is currently battling several challenges all at once. On the one hand, accountants are facing a massive shortage of skilled personnel to join their team, while on the other hand, the competition to attract clients and drive business is augmenting each day.<\/p>\n\n\n\n
It’s no secret that, in 2024, accountants find it difficult to keep up with the growing demands of clients. Amidst this challenge, the last thing you want to do is spend time on cumbersome core tasks and miss out on growth opportunities.<\/p>\n\n\n\n
Adopting digitalisation is a great way to simplify tedious tasks such as bookkeeping. Additionally, you can also opt for bookkeeping outsourcing in India<\/a> to reap the benefits of offshore outsourcing for your firm.<\/p>\n\n\n\n
It is a well-known fact that technology and outsourcing yield the best results when put together. To facilitate this advantage for accountants in the UK, QXAS<\/a> has partnered with MyWorkpapers to provide a smart, technxologically fueled accounting outsourcing solution. The solution aims to take the tedium out of accountants\u2019 jobs and facilitate greater productivity and efficiency.<\/p>\n\n\n\n
- How Do Paperless Bookkeeping Tools Work?<\/a><\/li>