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One industry leader has tipped the presence of automation in digital bookkeeping to be the "biggest trend in business" as the new financial year begins.
Clive Barrett, executive chairman of Australian bookkeeping franchise First Class Accounts, has attributed his franchise's 12 per cent growth over the past financial year to a focus on the new accounting technologies that have graced the marketplace.
"The future of small business management lies in automation," said Mr Barrett.
"Our franchisees have embraced this new direction for bookkeeping and are encouraging clients to switch to automation as soon as they can; and their clients are rapidly reaping the benefits."
According to Mr Barrett, while it may seem counter-intuitive for a bookkeeper to recommend technology that does their job, he believes it is the way of the future.
"I see bookkeeping, as a profession, transitioning away from the traditional grunt work and focusing on more important aspects of the business like reporting and cash flow – things that can really make or break a business."
Mr Barrett stressed that the time-saving benefits of automation far outweigh the initial start-up costs, and allowed business managers to be more analytical with the finances and less process-driven.
"I see the bookkeepers of the future spending more time working on the business, and less time working on it. They can devote more of their time on financial strategy, identifying ways to rein in costs and improve profitability."