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Benefits of Data Automation massive: Exchange Accountants

The word ‘Automation’ in today’s climate can spark fear in the hearts of many in the business community, worried about the coming of a ‘Rise of the Machines’-style reckoning, with AI-fuelled robots poised to take their jobs and make their services redundant. However, according to Gary Laverty, Accounts Director at Exchange Accountants (pictured), more and more businesses and sole traders in NI are finding that automation can be a much needed helping hand for managing their accounts.

“Data Automation has really lifted a load for a lot of our clients when it comes to staying on top of their accounts, and we’re finding that for small businesses and freelancers in particular, the ability to automate processes like tracking receipts and issuing invoices, can be an immediate time saver,” he said.

“In the past, traditional accounting practices required businesses and individuals to rely on spreadsheets and shoeboxes full of receipts which had to be kept safe and then carted into their accountants offices four times a year to complete their accounts.

Exchange Accountants
Now, with Data Automation and the growth of cloud accountancy packages such as Xero allowing those same businesses to just scan an invoice or snap a photo on their phone to see it appear in their completed accounts, we’re seeing that change,” added Mr. Laverty.

Data Automation allows businesses and individuals to streamline their accountancy processes via a cloud accounting software package, such as Xero or Sage, which can automatically upload bills and receipts, issue invoices, and keep track of expenses automatically for the user.

Belfast-based Exchange Accountants has been one of the earliest adopters of data automation and cloud accounting in the province, and the first accountancy firm in Northern Ireland to be recognised as a Gold Partner of popular cloud accounting software, Xero.

“The introduction of Making Tax Digital earlier this year means that most businesses have adopted some form of cloud accountancy software already, or are in the process of doing so. Once we explained how they can use that software to benefit from Data Automation, we’ve found that the majority of our clients think that it’s a ‘no-brainer’

“If you’ve recently moved to cloud accounting or think your business could benefit from automating aspects of your accounts, then we’d advise people to have a serious look at Data Automation,” he added.

Established in 2011 with offices near Belfast City centre, Exchange Accountants provides premier accountancy services and tax advice to a wide variety of locally based SMEs and individuals.

Over the past five years, the company has developed a specialism in digital and cloud accountancy services and was the first accountancy practice in Northern Ireland to be recognized as a Gold Partner with market-leading cloud accountancy software provider, Xero.