Today’s accounting software uses AI to generate detailed reports and anticipate business needs. Learn more during the America Digital Congress
Accounting applications were born several decades ago to fulfill an important function: to keep accurate records of a company’s financial data.
The most important are purchases and sales, which must be kept under control at all times.
Undoubtedly, this is an important and vital task for the growth of any business.
However, with the consolidation of cloud software and new technologies, such as Artificial Intelligence, these solutions have begun to integrate new functions.
Those help to understand the accounting reality in real- time, optimize the company’s performance, increase sales, and quickly pay obligations.
They also allow for the advancement of electronic billing processes, calculating taxes, or easily managing projects.
In this context, Zoho will present its new solution: Zoho Books, during the 8th America Digital Tech & Business Congress Mexico 2023.
In the conference, he will talk about Zoho Books and what features organizations should look for in their next generation accounting applications.
You will also be able to learn more about this solution at booth E26 on the show floor, where the Zoho team will explain more details.
Accounting software: how to choose the best
“Artificial Intelligence plays a more important role in automating accounts payable and expense management.
“This can be seen in the extraction of information from receipts and invoices, the detection of fraud and duplicates, and the automatic routing of invoices to the next stage of processing, which eliminates manual data entry processes”.Prashant Ganti, Head of Product Management Global Tax, Accounting and Payroll Solutions for Zoho Corporation
According to the executive, there are several characteristics that organizations should look for when choosing a platform to manage their finances.
Here are some of those key factors:
In addition to support for traditional and electronic invoices, accounting applications should create recurring profiles for regular orders and schedule automatic shipments whenever orders are placed.
They can also configure automatic reminders based on invoice due or payment dates, as well as track those that are outstanding for payment to send reminders to customers.
Compliance with local regulations.
A good tool has to comply with Mexican tax regulations and facilitate tax filing, especially when there are various tax rates.
It also provides a better understanding of taxes through summary reports that help keep things organized and be ready for the time of payments.
Accounting reports allow entrepreneurs to understand financial trends and analyze the growth patterns of companies.
“The most advanced and recognized solutions in the world already use Artificial Intelligence to consolidate data, enter formulas, and generate detailed automatic reports, which help make business decisions quickly”, says the executive.
Along with the three crucial financial statements that an organization should know (cash flow, income statement, and balance sheet), they now compile information on other aspects such as sales, purchases, taxes, inventory, and projects.
A modern accounting solution integrates various digital gateways that offer customers fast and secure ways to pay online, through various payment methods such as credit and debit cards or bank transfers.
Likewise, with clients worldwide, these applications are prepared to manage all kinds of currencies but keep accounting in pesos.
This eliminates discrepancies and additional calculations in foreign transactions.
By connecting bank accounts to accounting software, companies automatically obtain their statements, can customize banking criteria and rules to categorize and automatically match transactions.
With this simplified function, the business is ready for year-round auditing.
This is an essential requirement to ensure product availability and provide better customer service.
With this function, the company has the possibility to track the location of its items, as well as account and generate reports.
The accounting software helps with the registration of stock codes (SKU), adding item images, creating packages, and tracking the movement of items by serial number or lot.
When receiving an order, the solution can be used to register it, convert it into an invoice after payment approval, and associate the corresponding taxes, for example.
Take advantage of ‘Cloud’
Being based in Internet, new accounting systems are always updated with the latest accounting standards, and data has permanent backup in centers that meet high standards of privacy and security.
This also represents savings, by paying monthly and only for the number of users required.
To top it off, business owners can now review and manage their company’s finances from their smartphones through mobile apps.
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