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The technology landscape in accounting is broader than ever. For those just starting with accounting automation, knowing where to begin can feel overwhelming. That’s why we’ve broken it down. Below, we highlight the technologies you can adopt at each stage of the accounting cycle—and how BookWell helps you and your clients achieve accuracy, efficiency, and compliance.
• Accounting process: Identify and record transactions
Technology’s solution: Data extraction and classification tools
Most bookkeeping workflows begin with transaction identification and recording. It’s a tedious, detail-heavy stage that also relies on clients sending in receipts and bank statements on time.
With BookWell’s receipt and bank statements processing capabilities, this step becomes almost effortless. Clients simply upload invoices, receipts, or statements via mobile or email, and the AI extracts all the relevant information. With features like line by line transaction categorisation and supplier recognition, BookWell ensures accurate coding, freeing you from repetitive manual entry.
• Accounting process: Deadline management
Technology’s solution: Smart task and compliance alerts
Deadlines are critical in accounting—whether it’s BAS lodgments, GST submissions, or internal reporting cycles. Missing one can be costly for both clients and firms.
BookWell simplifies this with built-in ABN and GST alerts alongside task tracking. The system flags upcoming obligations and integrates seamlessly with calendars, making compliance proactive rather than reactive. Teams can view progress, spot bottlenecks, and ensure that no submission slips through the cracks.
• Accounting process: Tax accounting
Technology’s solution: Tax automation software
Tax work requires accuracy and foresight, from preparing returns to ensuring clients meet ATO benchmarks. Manually handling this increases risk and eats into time.
With BookWell, automation handles the heavy lifting. The platform cross-references ATO Benchmarking criteria to identify anomalies, builds trial balances quickly, and generates insights into potential liabilities or credits. This not only streamlines tax preparation but also supports better planning for clients.
• Accounting process: Client management
Technology’s solution: CRM and collaboration tools
Clients expect more touchpoints and proactive communication than ever. Managing these interactions can feel scattered without the right system.
BookWell centralises financial data and communication, ensuring you can track client activity from a single dashboard. Whether you’re addressing missing receipts or providing advisory, it enables structured, timely conversations that show clients you’re always on top of their numbers.
• Accounting process: Advising clients
Technology’s solution: Advanced analytics and reporting
Advisory thrives on high-quality, real-time data. Without automation, extracting and analyzing this data consumes valuable hours.
BookWell elevates advisory through its three-layer learning model. First, it digests all receipts, invoices, and bank statements (BASIC DATA PROCESSING). Then, it learns your client’s unique business logic (BUSINESS LEARNING). Finally, it adapts to you and your accountant’s working style (TEAM WORKFLOW LEARNING). With this layered intelligence, you gain actionable insights, trend analysis, and anomaly detection—helping your advice become sharper and more relevant.
Check out what BookWell can help you and your clients. Start a free trial now!
