Let’s face it - we owe a lot to handwritten ledgers and Excel spreadsheets. But, just like we would send a quick text message rather than write hieroglyphics on stone to communicate, innovation has paved the way for efficiency. Automated accounting software has brought accounting teams into the modern age, with the ability to streamline processes, reduce errors, and save time.
In an effort to help optimise your accounting procedures, we are going to share the best accounting software that you can use! But first, we will touch on how automated accounting software complements accountant skills.
Accounting automation is the application of software and technology to remove the need for manual processes. With accounting automation software, efficiency and optimisation are possible. Accounting teams typically deal with a lot of data-heavy, tedious, and time-consuming tasks.
Accounting automation software replaces the repetitive manual work and allows the computerised systems to do the heavy lifting.
If you’re wondering why you’d want to incorporate automated accounting software, consider the downfalls of manually executing accounting work:
There’s no doubt that it takes a lot of time. From collecting data from multiple locations to performing calculations to producing reports and documentation, manual accounting is a major time suck.
Along with wasting time, humans are prone to making mistakes, especially when dealing with numbers and figures that are constantly changing. Errors come from entering the wrong information into accounts, recording data backwards or twice, or transposing figures, for example.
Lastly and importantly, manual accounting leaves data unsecured and prone to loss. With the rise of security breaches and hacks, it’s of utmost importance to secure financial and accounting data. Paper documents or computer applications have little to no security involved.
On the flipside, let’s see how automated accounting software can resolve the aforementioned pitfalls of manual accounting.
For starters, it saves time because it is…automated! This means that processes are executed seamlessly and without delay. Plus, in the event something is missing or needs extra attention, the system will call for human intervention.
Since processes move faster, there is enhanced productivity. At the same time, when you are able to alleviate time-consuming and tedious tasks from your human resources, you open their time to spend on more high-level tasks. This can breed a more productive and satisfied workforce on the whole.
As mentioned, with automation comes less errors. Manual errors become a problem of the past as computer systems handle data without mistakes.
WIth all data stored and centralised in a local repository, everyone can access information when they need it. They no longer have to spend time tracking down data because it is pulled into a single system.
Accounting automation uses encryption technology and the most advanced security features. This way, your business doesn’t have to worry about making regular security updates because the system does it automatically.
Business owners will also be able to establish access control so that each individual will be assigned with the necessary level of access to sensitive data that they need to get their job done.
Additionally, with entire automation systems like SolveXia, the team gains transparency because data exists in the cloud, so it can be accessed on an as needed basis and from anywhere.
Automated accounting software integrates with other existing tools so that you can still make use of your systems. Software like SolveXia can even integrate with legacy systems using APIs.
When you replace the need for your team to be stuck performing manual and repetitive work, you open the door to new possibilities for them to grow and develop professionally. Automation helps accountants to add more value in the organisation as they can then allocate more time to strategy, oversight, and management rather than data entry and calculations.
Tax season is always a stressful time for businesses, but accounting automation software can ease the stress. The frenzy of bookkeeping is instead replaced by organised and standardised processes. In turn, your records will be up-to-date and ready for tax filings without hassle.
Accounting automation software also offers a suite of analytics so that your team can review how the company is performing. It makes it possible to execute process improvement and find areas ripe for innovation and ready for change.
All this talk about automation often breeds fear, especially on behalf of accountants as they wonder whether or not the machines will replace their jobs. Accountants are still the most important part of any business’ accounting team - the automated accounting software is intended to make their lives easier!
Accountants and CPAs get to spend more time becoming more proficient and skilled while automation reduces the repetitive nature of their work.
As such, human resources will lend themselves to understanding and explaining accounting analysis, in turn, adding more value to the organisation through strategy, suggestions, and decision-making capabilities.
The introduction of accounting automation software starts with the decision to do so in an effort to reap the many benefits!
While it may require some change management, it doesn’t have to be so overwhelming. With a no-code solution like SolveXia, you can essentially deploy the system and be ready to run it without any IT or technical support.
The drag-and-drop user interface makes it simple to use and easy to customize workflows using pre-existing action steps. Should you need any support, we’re always ready to help.
When you do implement any new software, it’s always best to start by introducing it on a small scale. You can start by automating accounts payable or audit documentation, for example. As your team sees the benefits, you can continue to expand the use cases for your accounting automation software.
With the wide array of accounting automation software in the market, you’ll also want to choose your tool wisely.
Here are some considerations to keep in mind when shopping for your software of choice:
Take a look at what the accounting software offers at its core. There are some non-negotiable business processes that must be executed, so it would be great to find a software solution that can enable their automation, such as: invoicing, time tracking, expense tracking, and a daily dashboard, to name a few.
The rising trend of having a remote workforce isn’t going anywhere. In turn, it’s required that your accounting automation software can work in the cloud so that it is accessible for any person who requires access. A cloud-based automation solution like SolveXia also means that security upgrades are automatic and the workflows are easily scalable.
You likely won’t be the first business implementing the software solution of your choice. Take some time to read reviews and understand what the vendor’s reputation is in the industry. This way you will know what to expect.
It’s recommended to find a vendor that offers robust support. For example, SolveXia offers a wide array of resources and available customer support to help you to set up your automated processes. Users can choose from a library or pre-set actions or ask for help to customise their own workflows.
You can choose an accounting automation software that only handles accounting processes, or you can look for a financial automation solution like SolveXia that is able to execute a broad array of processes.
As your business grows and transactions explode, you’ll want a solution that will grow alongside you instead of needing to be replaced or upgraded. That’s why it’s useful to look at the big picture of what you wish to accomplish as a business rather than focusing on the day-to-day operations alone.
When searching for the best automation accounting software, you’ll come across multiple lists ranking them.
We’ve compiled five of the best automated accounting software that often make headlines for their wide range of capabilities and features.
SolveXia is more than an accounting automation software. It can be thought of as a human analytical financial automation solution. SolveXia’s no code solution allows you to connect all your data, transform processes into automated workflows, provides advanced analytics for informed decision-making, and also offers audit trails and data governance.
The solution will completely radicalise your accounting and financial department’s abilities, accelerating business value and allowing for your organisation to be more adaptable and resilient to changing business environments.
BlackLine is an automated tool that is focused on credit card management and reconciliation processes. It helps businesses to spot fraud early on using its “continuous accounting” approach. BlackLine is a cloud-based solution that provides its services through its Modern Accounting Playbook designed to aid in the financial close process.
Xero accounting software is intended for small businesses, bookkeepers and accountants. The solution enables automatic data capture and an accounting app for access from anywhere and at any time.
Its features include the ability to track and pay bills online and review cash flow, claim expenses with expense manager tools, accept payments, track projects through its job tracker software, and connect to bank feeds, to name a few.
Intuit’s Quickbooks offers an automated accounting software solution that provides a dashboard to track spending and revenue over time, get payroll done, get paid online, prepare for tax time, and more.
Quickbooks also integrates with your current apps. The software also offers advanced accounting features like the ability to gain deep insights from batch transactions, manage employee expenses, and benefit from automatic data back-ups.
Netsuite is a business management solution that provides a cloud ERP. Its accounting software can be used to optimise accounts receivable, automate accounts payable, oversee tax management, and transform your general ledger into a digital one.
With all the benefits in mind, it should be clear to see why automated accounting software is a crucial ingredient for any business’ success in today’s day and age. While spreadsheets and manual labour have their time and place in accounting teams, the vast volume and speed of data has made it impossible for accountants to keep up and businesses to scale without the aid of technology.
Accounting automation solutions streamline processes to maximise efficiency and reduce error, all the while saving businesses money, time, and opportunity cost. If you’re ready to see what financial automation software can do for your organisation, feel free to request a demo with SolveXia’s experts who are ready to help you work smarter, not harder.
For any balance sheet reconciliation example, we’ll uncover how automation software can streamline the process and improve accuracy.
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