What is automated accounting?
Automated accounting is a feature provided by neobanks/accounting softwares to help business owners simplify accounting. Businesses can
automate repetitive tasks in accounting like data entry, reconciliation, generation of bookkeeping reports, etc.
Automated accounting means that you let technology do mundane yet important accounting tasks for you. This way, you can focus on scaling
your business while the platform/software does all the heavy-lifting for you.
The advantages of automated accounting are many. For example, accuracy of your books of accounts can be improved by doing away with human
errors that are unavoidable in traditional accounting.
The best part is that by automating accounting, you can free up bandwidth for your finance team to focus on your business’s growth.
What are the benefits of automated accounting?
Automated accounting benefits small businesses who spend hours juggling between multiple tasks on a daily basis. The advantages of
automated accounting are:
• Saves time by eliminating data entry for every single accounting transaction
• Reduces complexity & redundancy in day-to-day accounting
• Simplifies accounting with auto-reconciliation & bookkeeping reports
• Improves accuracy of your books of accounts
• Simplifies tax filing for your business
• Improves cash flow management
How Open’s automated accounting system helps businesses?
Open’s automated accounting module is built for small businesses who switch between multiple interfaces for banking, payments,
expense management & accounting.
With Open, businesses can login to one platform to make & receive payments - with multiple payment options. And every single transaction
on Open will be automatically recorded in the accounting section on the dashboard.
As a result, businesses can save countless hours spent on bank reconciliation with UTR numbers. Business owners can also stay on top of all
their account receivables & account payables anytime, anywhere.
To know more, sign up & experience Open’s automated accounting yourself.