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Adopting new technologies and accounting trends in the business helps them embrace the new remote work culture, which is one way to stay sustainable for extended periods. As the year 2023 starts, CapActix, the top accounting outsourcing agency , lists a few accounting trends to help businesses grow faster and improve profitability.
Statistics say that in 2023 alone, the global accounts receivable automation market was valued at $3.81 Managing your business Accounts receivable and payable is tough! This country led to a huge revenue share of 31% in 2023. In addition, manual dataentry and human errors often create costly mistakes.
Skilled in-house professionals can let the outsourced team keep track of all dataentry tasks and simply oversee the completed records to ensure they’re error-free. What data security measures do they employ to protect sensitive client data? How long will onboarding take?
AI algorithms ensure data accuracy and readiness for review Seamless integration of transaction information from diverse sources into the ERP, facilitating accurate and timely payments. Automated expense recognition and classification, reducing manual dataentry and GL coding efforts. Sources: [link] [link] 7.
| Examples of AP Automation | Advantages of AP Automation Ninety-four percent of accounts payable (AP) professionals would use a tool to automate the most repetitive parts of their job according to our 2023 AP Career Satisfaction Survey. This reduces the need for manual dataentry.
Regardless of the accounting proficiency, Xero’s intuitive interface empowers outsourced accounting firms to efficiently oversee your business finances. With Sage Accounting, a user-friendly online accounting solution, CPAs can efficiently oversee their clients’ bookkeeping requirements.
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