The new face of accounting automation

The new face of accounting automation

Ilya Kisel, the COO of Synder by CloudBusiness, discusses how digital transformation and global automation trends are changing the work of accountants forever

The last few years have marked the dawn of the global digital transformation trend, and accounting services have not remained untouched. For thousands of accountants and professional bookkeepers in the UK, government incited transfer from offline accountancy into online has been either shocking, liberating, challenging or exciting – anything but unnoticed.

The course to ultimate accounting automation will only continue gaining pace, confirms Ilya Kisel, the COO of Synder:

“We have been working on our software product for accounting automation for a few years, and we only see the demand rising. The interest in smart technology solutions for accounting tasks is growing, not only from the side of entrepreneurs, like e-commerce businesses with thousands of transactions to account for monthly. We are happy to see that people providing professional accounting services have become our loyal customers as well.” 

When we talk about digitalising accountancy, technological progress is about making people’s lives easier – simplifying and streamlining processes that would take more time and effort to complete otherwise. Implementing the right automation technology is the crucial step in the evolution of the industry. It is all about progress, about becoming better, more efficient and profitable in the long run.

We can speculate for a long time about the reasons behind the technological evolution of accountancy, whether it was forced by the official incentives like Making Tax Digital. Or, on the contrary, the digitalisation trend caused such programmes to appear. One thing is clear, what is happening today is the natural course of global economic development. As a result of being an integral part of the financial system, accounting services can’t stand avoid these wider trends. Automation is here to stay. What this means for accountants is yet another question worth discussing.

“In Synder, we pay special attention to working with accountants, to their needs and problems that they need to solve daily doing their jobs. We want to make sure that these problems can be solved easily by our software.”

The best part about automation is that it virtually eliminates the need to repeatedly do mundane tasks manually, such as data entry and reconciliation. All these can seamlessly be performed by our product, which is just a tiny part of its capabilities, and of what it can do for accountants.

“Our team is on top of the data synchronisation market. We are parsing almost every transaction detail. The precision is incomparable to any other solution you can possibly use. What is even more important to highlight, our product is working for you, not instead of you. That is the right mindset for the professionals to start embracing technology.”  

Internal research shows that, despite the elevated comfort and convenience of using software for monotonous tasks, some people are still somewhat reluctant to adopt technology in their day-to-day life.

Understandably, it can be difficult to accept change. Especially when you have been working in a certain way for decades and are accustomed to it. Suddenly, you have to shift your whole perspective and the way you know how things work – it is not easy. But it is what needs to be done to stay afloat.

“I would say that it is what the pandemic has taught us. Every challenge, every obstacle comes with an inquiry for a change. This change brings in the potential for new opportunities, innovations, and new solutions that help us become even better than we had been before.” 

One of the greatest concerns, of many who have been doing accounting by hand, is how to get years of data online without losing anything or creating a total mess in the records. But don’t let fear stand in the way of transferring your accounting data into an online system. Synder is the product that can help initiate this transition smoothly.

Synder has an actionable solution to help accountants achieve digitalisation in the most untroubled and safe manner. If you have been working in Excel, there is a simple way to import all the data from spreadsheets into accounting software when using Synder.

It doesn’t matter how many clients you manage or how many connected payment platforms your clients have. Synder is superior in synchronising data from multiple sources simultaneously without creating duplicates or missing transactions.

If your client is selling on Shopify with PayPal, Synder will reconcile it correctly. It is not a problem to convert currencies for international sales and calculate sales tax either, and you will never get a duplicate with it.

It will become surprisingly easy to manage even the most difficult tasks in Synder. You can save hours of work time and loads of effort once you delegate the data processing duties to the machine.

Accountants can take advantage of such features as smart rules, automatic categorisation, itemisation, and reconciliation. All of which you can have ready in Synder with a few clicks. Generating detailed financial reporting (accurate P&L’s, balance sheets, income by customer statements) becomes a matter of seconds.

Case Study: One of our long-time clients, Anne, an accountant with five years of experience, came to us with the request to upgrade her reporting routine. She needed to streamline the tax calculations and the preparation of financial statements. For this task, we offered Anne to test our upgraded Per Transaction Synchronisation feature. Anne was a bit sceptical at first, because she had tried Per Transaction Sync once before, but with a different tool, and it didn’t work well at all. Moreover, she got pretty used to Daily Summary reports and didn’t want to get swamped under the loads of data. What we knew for sure was that Daily Summary reporting would not solve her problem at all. Instead, we offered her a free trial to try how Synder does it. When she saw how neat and detailed her Income by Customer reports and tax calculations became, she changed her attitude towards detailed sync immediately. No other tools allowed her to categorise and classify data with the desired level of accuracy before.

The machine accuracy guarantees a stable, predictable and forecasted accuracy in the calculations. The automation can distinguish the gaps, the duplicates, the missing data and help avoid discrepancies.

There is no sound reason for a professional to stay away from the technological changes that are happening in the industry today. Modern software has developed into a smart and helpful assistant, humbly working 24/7, delivering the best results so that accountants can focus on providing a top-notch service, fulfilling analytical, managerial, and consulting tasks for your clients.

Synder helps you feel comfortable in this role, supporting the automation of your accounting processes and transferring clients’ data online most efficiently and securely. Don’t postpone this transition, as the solution is right here.

Synder is FREE to test and has no time limits for your trial period. Sign up now and try the best solution for accounting automation for yourself. 

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