Bookkeeping and accounting processes are crucial in business management. They enable businesses to track financial transactions and business documents such as invoices. These financial and accounting records can help them create authentic and accurate financial reports that can allow business owners, along with their accountants and bookkeepers, to know their enterprise’s financial health and determine if it has enough cash reserve. Consequently, financial and accounting reports also enable business owners to monitor their enterprise’s progress – showing whether their business is improving and achieving its goals or not. This allows them to develop strategies that can help their companies increase the likelihood of success and improve their competence Traditionally, businesses gather paper transaction receipts to keep track of their financial records. But storing paper documents is time-consuming and costly. In addition, this process also adds to paper waste and pollution. Thanks to technological advances, tedious business processes can now be automated; as a result, the use of paper has been reduced. Furthermore, automation of business operations improves employees’ productivity. Businesses utilize different business process automation tools to streamline various business tasks. For instance, they use small business bookkeeping app programs to automate their accounting and record-keeping processes. Free accounting software for small business hasmore possible uses. It can automate the invoicing process, which means employees can expedite the creation of digital invoices, send these invoices to customers, make follow-ups for the invoices, and accept digital payments. Apart from invoicing process automation, accounting software programs can also track and sort sales, inventory, purchases of customers, employee payroll, and assets and liabilities. Keeping track of these records can enable employees to create current and descriptive reports and collaborate with every department to analyze how they can further grow the business. To know more about the different functionalities of cloud accounting software programs, see this infographic from KIPPIN.