“Accountants—specifically accounting clerks and bookkeepers—appeared at No. 1 in a 2015 PwC study of which jobs are most at risk from automation in the next 20 years.” – Journal of Accountancy.
Back in 2015, I was a skeptic. However, in 2020, it’s not that hard to believe anymore. There are apps that automate AP, AR, revenue recognition, payroll etc. Every step in the accounting process is heavily scrutinized and AI is being inserted to intelligently replace accountants, one task at a time. However, even now, the main complaint that I hear from accountants that are leveraging automation technology is accuracy.
Automation works great if the inputs are accurate. If not, automation puts more garbage in faster and spits out even more garbage. Thus, the missing piece of journey to automate accounting is – Quality.
VERIFYiQ is on the frontier of creating a new category – Accounting Quality Automation. AQuA.
VERIFYiQ scans a Quickbooks Online (QBO) or Xero accounting file and identifies most of the common errors. This means that you can trust VERIFYiQ to be the sanity check when you have hundreds or thousands of apps pushing and pulling data.
This sanity check is extremely critical when it comes to automatic dashboarding and forecasting tools such as Fathom or Dryrun. These tools rely on 100% accuracy of the QBO or Xero. Any error, how matter how small, would throw off the dashboards and invite unwelcomed questions from clients/managers.
As your practice aims to implement more online tools, remember to tie it all together with an Accounting Quality Automation app.