The days of sprawling spreadsheets, extensive manual data entry and trays full of printed export reports are swiftly disappearing. In their place are modern processes designed to increase productivity and accuracy all while saving time. What’s the key to this improvement? The answer is simple: automation.
Here is a brief look into how financial operations of all shapes and sizes are automating their practices and the advantages of doing so.
The Numerous Benefits of Process Automation Software in Accounting
Handling pile after pile of paperwork requests is tedious and time-consuming. With modern automation software and other innovative tools at your disposal, that doesn’t have to be the case. In fact, timesaving is one of the chief benefits of accounting automation, alongside a host of others.
Designed to replace manual, slow-moving and repetitive tasks, automation practices can free up time for important and more-relevant work. Financial analytics dashboards can help automate your financial office by providing insights into financial data and trends. When accounting professionals and team members within a financial organization have such free time, it could lead to greater productivity and improved outcomes across the board. How so? Rather than busying themselves with less impactful tasks, they can now add value to client interactions and other central aspects of the company.
Implementing automation processes can also lead to a higher level of accuracy. Although someone may have years of experience, mistakes are still possible — especially if there’s unending documents to process. Advanced software, however, has been constructed to handle the burdensome load and complete copious tasks without error.
Furthermore, process automation works to reduce employee stress as well as support them in honing valuable skills. It does this by incorporating more challenging responsibilities and helping them gain experience with the modern tools. The Pega Framework can be used to automate tasks and streamline processes in a financial office, such as accounts payable and receivable. As these tools quickly become necessary across the industry, the demand for proficiency with these tools will, in turn, grow.
Accounting Tasks You Can Automate
Infographic created by DFIN, a financial compliance software company.
Modern automation tools can improve several areas of accounting and financial operations. This is achieved by factoring in the key steps in an organization’s workflows and optimizing the processes to be more cost-effective, accurate and quick. When workflows are simplified and human labor is reduced, efforts can be extended elsewhere.
Two areas in which this technology has proven effective are accounts payable (AP) and accounts receivable (AR). Using an automated system for these aspects could see result in benefits, as it handles invoices, manages approvals and processes payments. What’s more, implementing the streamlined functionalities of certain AP and AR automation software programs can even help to prevent fraud and increase security through a behind-the-scenes system of computerized controls.
Speaking of security, ensuring a system that handles finances is highly secured should be one of your top priorities. Many of the tools available could not only generate quotes and manage invoices but could also do so in a secure, cloud-based setting. While you may be new to cloud-based storage (and possibly be wary of it), the truth is it’s safer than storing data on a personal computer or MacBook. It also has several convenient features to make work and client relations easier. Automating your financial office can help you improve work-life balance by freeing up time to focus on more important tasks.
What Are You Waiting For?
In this ever-expanding digital age, company accounting is only one sector of many experiencing a technological overhaul. If you don’t want to be left behind by the competition, consider making the investment in automation software.
Before jumping in feet first, however, spend some time researching the right tools to fit your needs or consult a solutions provider for guidance through the variety of process automation software on the market.
For more information on automating your financial office, please see the accompanying resource.
