Category: Business Automation

How to Simplify Your Bookkeeping

9/7/2021

Don't want to hire a bookkeeper or use outsourced Client Accounting Services (CAS)? That's okay. Here are some tips on how to simplify your bookkeeping if you are doing the bookkeeping yourself (hint: it's easier than you think). Be proactive, get organized, and create a simple system that works for your business.

1. Keep personal and business expenses separate

Suppose you're a sole proprietor or freelancer. In that case, it can be tempting to use a personal account for small business expenses like supplies or computer equipment that you'll deduct as home office expenses. However, it can take what feels like an age to separate out business expenses from personal items when tax season rolls around. Set up an account specifically for business expenses. A separate account will make things run a lot smoother. In addition, using this in tandem with accounting software can make tax season even easier to bear. Our overviews and reviews of accounting software is available on the website AccountingSoftwareWorld.com.

Once you upgrade to an LLC (Limited Liability Company), you'll have to keep your personal expenses separate from your business expenses. Many sole proprietors choose to register as an LLC as this protects your personal assets if someone opens a claim against your company.

2. Automate your invoices to simplify your bookkeeping

Sending out invoices can soon eat up a large portion of time each month. Switching to an AI-based automated accounts payable system can help cut the approval time of invoices by one fifth. You can still monitor the process at every stage but drastically decrease the time spent on verification and approval. Automation also makes it much easier to track payment cycle times, reduce duplicate invoice payments, and any other metrics you might want to measure. Suppliers like AvidXchange, Bill.com, Corpay One, and Vic.AI each have unique offerings in this area. More options are listed at our website AccoutingSoftwareWorld.com in the Accounts Payable section.

3. Track and file all business expenses right away

Rather than collecting a pile of receipts to capture deductions, get into the habit of tracking and filing these as they occur. Some accounting systems will allow you to scan a picture of the expense receipt and upload it to be processed, or you can store them in the cloud for processing in a batch later. Products like Zoho Expense, Tallie, Expensify, Nexonia, Concur, and more are all options. For K2, we use Zoho Expense today after using Concur for years.

It's good practice to keep hold of the paper receipts for auditing purposes but try to adopt a "touch it once" method. For example, take a photo, upload it, and file the receipt away as soon as you get a receipt. Dext and Hubdoc are classic tools for QuickBooks and Xero.

4. Use one payment gateway

If you're trying to keep track of multiple payment options, it can soon become extremely confusing when trying to reconcile your accounts. Having to trawl through check payments, cash payments, credit cards, and PayPal can feel like a huge challenge.

Instead, consider switching to an all-in-one payment gateway, collecting all deposits through one channel. Then, when it comes time to reconcile your deposits, you'll save a notable amount of time!

5. Keep your website up to date

Keeping your website up to date is just good business management. But it can also make bookkeeping much quicker and easier if you have an eCommerce store or online shop. In addition, using a headless Content Management System (CMS) can make it easier to keep track of payments from multiple platforms, including your traditional website, smartwatches, and any other platforms you use.

A headless CMS also makes it easier to update or add new products, helping you reach your customers quickly and hopefully increasing sales!

Wrapping it up

Bookkeeping doesn't have to feel like a headache. Hopefully, these hints on how to simplify your bookkeeping, if you are doing the bookkeeping, yourself provide some action items. If you need help, consider Client Accounting Services. Further, by taking some time to simplify and streamline your systems now, you'll be thanking yourself when it's time to pay your taxes.

Learn more about accounting software by choosing one of K2’s accounting software CPE courses, including the topics of accounting software, QuickBooks Online or desktop, small business accounting add-ons or in one of our Technology Conferences.

Randy Johston

4 Reasons Why AI Helps Customer Service

4/5/2021

Automation supported by artificial intelligence (AI) is already here. It is not in the future anymore. What are 4 Reasons why AI helps customer service? We will provide four reasons beyond the existing customer service automation. Even though AI customer service is not working flawlessly, automation already is. From food delivery to autonomous home devices and automatic check-ins at resorts to airport luggage check-ins, automation has slowly become an essential part of our everyday lives. This article will provide four reasons why AI automation will assist in customer service even more in the future.

What Does Survey Data Say About AI?

A Gartner survey predicted that soon over 80-percent of all customers would be handled by autonomous systems. Automatic AI-powered systems will benefit your clients/customers and help improve your support team and agents’ overall performance. In addition, your agents will now be able to save both effort and time. For instance, by letting virtual assistants go through rigorous information searches, they do not have to spend the time to research better solutions themselves.

Agents that use smart systems tend to get smarter themselves. And when you can resolve problems more accurately in less time, you are bound to save a lot on your business’s customer service. If that is not enough, some AI-powered systems can even handle specific queries on their own. For instance, handling the most common questions means that companies can fully automate their front-end support. Above all, the back-end teams can improve accuracy and performance by using the information that automatically comes to them.

Let us see a few other reasons why AI customer service systems are the way of the future. In other words, what are 4 reasons why AI helps customer service?they do not have to spend the time to research better solutions themselves.

1. Solving customer service issues before they even arise

Steve Job’s understanding of what customers want is why he was able to make Apple so successful. He claimed you had to give people what they want because they do not know what they want themselves. Above all, AI-powered systems can bring this to life in the customer support part of a business.

Because AI customer service tools can track customer behavior at all levels, they can predict customer problems before they even happen with deep learning systems. Therefore, predictions can be made by understanding how your customers interact with your brand and vice versa. We have seen this in the Zoho Intelligent Assistant (ZIA) included as part of Zoho One and Zoho CRM.

Above all, the most significant benefit of having automated customer service systems is that they can audit incredibly long lists of websites and applications. An AI-backed automated system can determine the distressful or illogical elements a customer might face during the buying process. The system may also be able to preempt the situation and provide a resolution even before the query comes up.

2. People need practice. AI does not

Hiring and training support agents cost significant capital and time. One of the most significant challenges most call centers face is staff attrition. Staff attrition reduces the effectiveness or strength of a call center due to decreased staff strength. In other words, staff attrition will eventually force you to both hire and train new team members all over again. In addition, you will have to reinvest in resources retraining team members. When you combine this with increased client handling times, you get bad customer experiences.

When you compare the cost of setting up a physical call center against AI customer service systems that cost way less, the latter has economic advantages. As the technology improves over time, AI automation should become unequivocally superior. Similarly, even if you already have a competent staff, processes might get revised with improved AI automation. After that, your team might need retraining. On the other hand, the design of automated customer support centers copes with any changes. The worst-case scenario is the need for reconfigurations or staff changes.

3. Creating a defined sense of reliability

AI-backed, automated customer service can provide you with the support systems customers want. Many businesses are now dying to get their hands on these systems for improved customer service. One of the best things about using AI customer service systems is that they come with numerous personalization options with no emotions. Because emotions are a huge part of human existence, human representatives are likely to get biased sometimes. On the other hand, automated agents do not have such emotions and can cater appropriately to all kinds of customers.

However, if you wonder how you can cater to the customer with a complex issue that can only be attended to by a human, note that these AI-backed systems can typically transfer a query to a human manager/agent. The manager/agent chosen will then use the records and resources to address the customer’s problem. Therefore, with both the records and background of the complex issue, agents can solve problems much faster. Everyone should experience minimal frustration or the hassle that comes with handling simple calls from beginning to end.

4. Encouraging self-service processes to help customer service

The customer service space is changing faster than most businesses imagined it would. The need to reduce human costs while improving customer service and experience exemplifies what is in demand today. Millennials generally do not like being forced to interact with human agents. Nothing suits today’s consumers more than getting their issues resolved 24×7 by interactive systems that significantly outperform most humans.

The most crucial thing modern-day businesses should be able to do is effectively adapt to changing times. Those that do not adapt will eventually be outcompeted by those that do. As a business, you should be able to gauge what the current customer, as well as the upcoming customer, will need. The next generation of customers will have higher expectations and will be even more self-reliant. Therefore, developing automated, AI customer service systems now will be a competitive advantage in your near future.

How Can You Learn More About AI and Customer Service?

In today’s competitive, tech-savvy business world, you cannot expect sustainable growth if you do not consider AI customer service systems. AI automation can improve customer service, reduce costs, and provide more scalability. Hopefully, these 4 reasons why AI helps customer service have given you an insight into the future. Self-service customer support systems are now upon us, so do not be left behind. Agents and support representatives already have some automation. With AI improvements arriving, fewer people may be able to handle your customer service requirements. These systems are what the new generation of consumer wants. Hopefully, this article has helped show you why these systems are the future, as well as why you should start integrating them into your business.

Understand the latest in emerging technologies, including AI, in our Emerging Technology courses. Learn about CRM here, or attend our CPD courses on accounting and customer support systems in small business accounting with add-ons or mid-market accounting, which includes cash flow systems.

Randy Johnston

Authors

Ward Blatch
Ward provides consulting and training services as the Managing Director of K2E Canada Inc. He joined K2E Canada in 2005 and is responsible for the Canadian operations of this international consulting group, which provides professional development technology education for accountants across Canada and the US. Ward lives in rural Nova Scotia and can be reached at ward@k2e.ca.

Tommy Stephens
Tommy is one of the shareholders in K2 Enterprises, affiliating with the Firm in 2003 and joining as a shareholder in 2017. At K2, Tommy focuses on creating and delivering content and is responsible for many of the Firm's management and marketing functions. Tommy resides in the metro Atlanta area. You may reach him at tommy@k2e.com.

Randy Johnson
Randy is a nationally recognized educator, consultant, and writer with over 40 years experience in Strategic Technology Planning, Accounting Software Selection, Paperless, Systems and Network Integration, Business Continuity and Disaster Recovery Planning, Business Development and Management, Process Engineering and outsourced managed services. Randy can be reached at randy@k2e.com

Bernie Smith
Bernie coaches businesses to develop meaningful KPIs and present their management information in the clearest possible way to support good decision making. As the owner of Made to Measure KPIs, he has worked with major organisations including HSBC, Airbus, UBS, Barclays, Credit Suisse, Lloyds and many more.

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