Do You Make This Common Bookkeeping and Financial Mistakes?

Long ago, Artificial Intelligence (AI), robots, and machine learning (ML) were thought to be the only ones found in sci-fi films.

Industries, including manufacturing, retail, agriculture, and customer service, have already replaced some job positions with AI, so workers are scrambling to find new career options.This AI revolution is unlikely to slow down anytime soon.

As this technology evolves and becomes more powerful, professional, white-collar workers, including accountants, begin to worry about what the future holds for their careers and if AI will make their job obsolete.AI in AccountingIn basic terms, AI technology is intelligent machines that can perform repetitive, mundane tasks in a time consuming and highly accurate manner.

Many leading accounting software providers, including Zero, Intuit, and Sage, have incorporated AI technology into their software to perform basic accounting tasks such as bank reconciliation, invoice classification, risk assessment, and audit processes, cost submissions, and invoice payments.These standard tasks take a long time, and many accountants around the country are concerned about how emerging AI technology is affecting their billable hours.

An even bigger concern is that AI technologies are replacing the need for companies to work with accountants.AI Will Not Replace Transform AccountantsThere is no doubt that AI technology can handle most standard accounting tasks faster and more efficiently, or that these capabilities will grow over time, which does not mean the end for accountants.

Companies always need accountants who can analyze and interpret AI data, as well as provide consulting services.

Of course, not to be taken literally, but it means that you need to feed your troops to get the best performance.

Make sure that they're paid the right amount, with the correct deductions, EVERY SINGLE PAY PERIOD!It's no less crucial for a successful enterprise than it is for an army.Now the Payroll Process isn't that complicated, but it's time-consuming and tedious work that no one wants to do- unless that's your job!

Or if you're not using one, maybe you should consider it.Managing complete payroll processing, in addition to your core business processes, can be overwhelming.

Outsourcing payroll management services to a payroll processing partner will permit you to focus your time and energy on your core business functions.

Here are some of the things a top-ranked BPO can do:Calculating Paychecks and Tax Obligations based on Employee Time SheetsProviding Management ReportsEmployee Self-service FeaturesTime off TrackingPayMasterTax LiabilityLabor AllocationAccrual BalancesWage Garnishment Administration servicesCustom Payroll Management ServicesCheck Stuffing/Signing, Printing, and Delivering ChecksW2 Forms and Tax Returns FilingPayroll Tax ReportingOnline Benefits EnrollmentPay RegisterDepartment SummaryJob CostingWorkers CompOutsource Payroll Processing.Save Time, Money, and Your Sanity.You wouldn't be reading this if you didn't require what Outsourcing Payroll Processing can do for you.

So let's get down to the details.Time and Cost Savings: Outsourcing payroll allows employers to concentrate on their core business and frees up the owner, human resources, or accounting personnel to work on strategic tasks that could ultimately affect the success of the ventureAvoid Mistakes and Penalties: Payroll errors become audits and penalties - a place no business wants to be.