The Data Automation Company

The Data Automaion Company helps bookkeepers automate their data entry work to allow them to finish their work in less time. The Data Automation Company uses artificial intelligence software to allow bookkeepers to scan their clients’ paperflow and the software will extract the line items from each invoice.

Once verified by the bookeeper, the data is pushed into their accounting software quickly and accurately, saving them up to 20 keystrokes per invoice.

Using the Value Pricing Model, bookkeepers can continue to charge their clients for the work that is being done even though they are able to complete it in a fraction of the time.

So, bookkeepers are now able to take on more clients, which means more money for them and their companies.

Data Automation Software Explained

In this video, you’ll learn about a high level overview of how the Data Automation software works. This software has been developed to help bookkeepers and accountants and business owners who want to get their data into their accounting system in a more efficient way.

3 Components to how the Data Automation Software collects data:
1. Quickbooks Database – includes Quickbooks Desktop USA, Canada, UK and Australia.
2. Source Documents – includes all receipts, supplier invoices, PO’s, bank statements, etc.
3. Digital bank and credit card feed

The Data Automation Software pull data from all these components up to its cloud system. This thus allows bookkeepers and accounts payable people to focus on individual line items in each of the data sources.

How The Data Automation Software Can Reduce Bookkeeping Costs For Business Owners

Do you have an example that you can give me on how you reduce the bookkeeping costs for business owners?

There’s one particular client that we’re dealing with. They had two retail stores and a construction company. And the way they did their payroll is they simply entered all the data on a whiteboard and then they enter it to an excele spreadsheet and then they entered it into their accounting system.

And so what we’ve put in place is a web-based app that the staff can have in their phones and they simply entered the hours each day and there’s a management interface with the management’s approval of those hours and it automatically connects to the system and the staff gets paid.

We then pull down the electronic file from the server and then import it to Quickbooks. So, that saved a lot of time a month that were spent around payroll.

Bookkeeping Tool Analysis Cost Savings

Welcome to the quick tool we’ve built to help bookkeepers calculate what sort of cost savings they can expect by leveraging cloud based technology by leveraging offshore staff, in this instance Canadians and Americans living in Mexico. It could be Europeans living in Africa or Australians living in Southeast Asia. Basically, we call it expat shoring, so it’s people of your same nationality and culture and your same time zone but simply living in a different geography.
The way this tool works is you simply enter in your hourly rate. In this instance I’m going to put in $20 per hour, the number of cumulative hours that your staff would spend working for you. In this instance I’m going to say we have two full time bookkeepers. We’re going to say there’s going to be 320 hours per month, because they’re both working 40 hours per week. The other thing we advocate is when you have cloud based computing, you don’t necessarily need an office. This isn’t for everyone, but I’m going to put some rent costs in here just because that’s the way we run our company, and it is actually possible, but it’s not for everyone. We’re going to put in some IT support costs of $250 a month. When you migrate to a cloud based system, you can access all your applications from a browser, there’s simply less need for IT support than if you have a traditional client server network. If you want more information about that, you can always chat with us in the lower right hand section in our screen, and we can talk to you about some of the advantages and some of the processes involved.
There’s a cost associated with how we facilitate this, and we digitize all the paper that comes in for bookkeepers. It runs about ten cents per piece of paper, but we firmly believe in digitizing all the data. There’s a value to the client in that this data that is digitized, your invoices and receipts can be used for the IRS and the CRA, the different government organizations for auditing, but it also is a great way to be able to facilitate extracting data out of the PDF for remote workers and also for software. This will simply calculate, once I enter that number, roughly what your monthly savings will be. This savings about $3500 a month, $3600 a month, if you leverage our staff, because the hourly rate of our staff to you is about $11.54 an hour. These are all trained staff that simply don’t reside in your country but are of the same nationality, language, same timezone as well.
If you decide to add in some data automation, then you can increase that monthly savings to about $5400 a month. What data automation means is extracting data out of pdfs and pushing it into your accounting system. There’s some tools we’re developing to do that, and it can auto assign GL codes to specific vendor invoices based on the historical transactions. If a particular invoice was coded a certain way, our system can actually take a look at how it was coded and apply that same GL. This whole little tool is supposed to pique your curiosity, and we actually have a set process, like a how-to, like steps 1-5, here’s all the things you do to leverage all the latest technologies to grow your bookkeeping business without getting swamped under with work. We’ve built all this.

The Data Automation Value Pricing Tool

Our Value Pricing Tool is a tool we built to allow bookkeepers to better understand their costs when doing bookkeeping for clients. What we do is we look at the last two years of transactional history for a client in the database. All the accounts receivable transactions, all the accounts payable transactions, the number or items per AR and AP invoice, and we also take a look at the credit card and bank accounts to look at the volume of transactions. We map that out in a graph over twenty-four months, so you can the number of transactions, the volume of transactions, are they seasonal. What it’s designed to do is simply allowed you to estimate a cost per transaction, so that you can make sure that you’re going to be pricing your services. Especially if you on XP or a value-based prices, you can actually make sure that you’re making a good margin on the services that you’re offering to your clients. It’s a tool for them to be able to understand their costs a little bit better. It’s not going to give them all the information, because some clients are harder to deal with than others. Those are subjective and harder to measure. It’s supposed to be another tool that they can use to make sure that’s it going to be a good margin of a particular client. The thing that’s unique about it is it actually works QuickBooks Desktop, ProPremier, and Enterprise, as well as QuickBooks online and XERO. We’ve integrated product with all these platforms. The other thing I want to mention too is we understand that bookkeepers, or the one’s I’ve talked to, are extremely busy. We’ll actually go set up this tool for them, because we actually have onsite, or we actually have technical staff to help them to do that. We take that pain away, and we’ll actually go and help them get all set up so they can leverage that tool.

How Can Bookkeepers Leverage Cloud Computing While Using Quickbooks Desktop

Our software provides all the best that cloud computing has to offer – artificial intelligence, data extraction from receipts, digital bank feeds from bank and credit card statements as well as general ledger, vendor and customer information from their own Quickbooks database – mashed up in the cloud, wrapped in artificial intelligence to allow them to code transactions up to 50% faster.

That’s really what our platform does, so we get all the advantages of cloud accounting software like Quickbooks online, Xero and Sage One but for the Quickbooks Desktop client.

Benefits of the Value Pricing Tool

The value pricing tool is a tool available to all of our clients allowing them to hook up to their accounting software, change the dates within a two year period, and be able to view quickly the number of transactions, number of items, vendor invoices within an accounts payable. Number of items in the invoice count in accounts receivable, and the overall volume of transactions that have occurred. In this particular example it’s through their checking account. By being able to do this you’re better able to understand how many transactions are being processed on a daily, on a monthly, or even on a yearly basis.

Viewing Transactions Using The Value Pricing Tool

In this training video, you will learn about the Value Pricing Tool that The Data Automation Company offers to its clients to allow them to look up to their accounting software and quickly view the number of transactions within their accounts payable.

The Data Automation Company offers accounting software that has all the advantages of cloud computing that could be easily integrated with your desktop accounting solution. Visit their website at http://www.thedataautomationcompany.com/ to learn more about their software or to leverage their artificial intelligence platform.