Accounting is going to the cloud. And that’s good. But there’s a harsh reality about this trend that will impact all business owners – and the smart ones who recognize this reality will profit…and more importantly survive.
The Harsh Reality is that there is going to be a recession. It may happen in 2017 or 2018 or maybe sometime after that. But ask any experienced business owner who has been in the game for a couple of decades and she’ll tell you that economic peaks and valleys are routine. They’re like weather patterns and the change of seasons. They can’t be predicted. But they’re inevitable.
During the good times, we reap. We sell. We profit and we grow. But if you know what you’re doing then you know that the good times aren’t going to last. So you save money for a rainy day. And you invest in assets that give you a return in the future. Some people like to buy buildings or equipment because these assets will always be there, even during boom times and recessions. This is a good idea. Another good idea? Technology.
Just his past year Entryless entered into a partnership with Sage One accounting to integrate its payables management technology with Sage One’s data. Entry Less has been doing this with other well-known cloud accounting providers. If you’re a Sage One customer then this is something that you need to look at closely. Why?
Entryless converts your suppliers’ bills, which are scanned and emailed to a provided address, into data.
That data is then displayed in a web format for you to review, approve and then – assuming you’re integrated with Sage One – automatically bring into your accounting system. In addition, Entryless is building a network of suppliers – your suppliers – that will automatically be setup to send invoice information to you for quick approval and then automate not only the integration into Sage One but also automate payment as well.
What does this all mean? It means an answer to the Harsh Reality. It means that when the next recession absolutely, definitely and positively arrives if you have your Sage One system setup and integrated with Entryless, a significant part of your accounting operations will be automated. This is what retail stores, restaurants and gas stations are doing – they are automating the process of taking orders and receiving payments. That’s because the executives at these stores know that the lower the overhead, the more opportunity their business has to profit and the more flexibility their business has to weather the Harsh Reality of the next recession.
Yes, there’s another Harsh Reality. And that’s people. With an Entryless and Sage One integration you will need less people on your accounting staff to do the data entry work. Automation is taking over, and that’s a problem for low-skilled people looking for jobs. I have no answers for that problem. But it’s happening. Smart business owners are embracing the kind of automation technology that Entryless provides in order to keep their overhead low and to also weather the ups and downs of the economy. You must do so too. Your competitors are. And that’s yet another Harsh Reality.
Your accounting system is not an island anymore. Cloud based systems are designed to integrate with other mission critical cloud based systems. Smart business owners recognize that the Harsh Reality of the world is that the ones with the lowest overhead survives and wins – particularly in recessions. And they understand that automating data entry is one big way to address this Harsh Reality.