Take a look around and you’ll likely see self-driving Tesla’s and computerized cashiers in grocery stores. If you need to ask, “Will accounting be automated?” The answer is - it already is. Accounting automation continues to transform the lives of individuals and businesses in the realm of finance.
Every organisation shares the need for accounting, and with automated accounting, organisations are revelling in cost savings, efficiency, data analytics and enhanced accuracy.
By understanding how accounting automation works and its benefits, you can be better equipped to choose the software solutions that are designed to meet your needs.
Accounting automation uses computer software, RPA and programming to conduct the manual tasks of accountants and finance teams. Accounting automation software can crunch numbers, track transactions, manage processes, transform data and share information to necessary parties.
Rather than being bogged down by spreadsheets, the automation tools can pull data from various sources, integrate it all into a centralised location and transform it into insights. While accounting automation software isn’t something new, it once required much more manual intervention than it now requires.
It’s led to a digital age where finance teams can now spend more time being partners and advisors to help make big business decisions.
In an effort to best understand how automation technologies work and have evolved, it’s helpful to know these key terms:
Commonly, these three technologies will be working simultaneously to carry out accounting automation processes.
Automation tools continue to push past their own boundaries, both with and without humans taking any action.
So, how did we get to this accelerated point?
Let’s take a quick look at some big milestones in the history of accounting automation:
Every financial team already uses at least one form of automated accounting software, and that’s very likely to be at least an Excel spreadsheet. But, when you take your automation a step further with specific finance automation tools, you can easily maximise your team’s productivity.
By deploying a human analytical finance automation software, like SolveXia, your organisation will undoubtedly experience many benefits. Here’s a look at some biggest reasons why automation accounting software should be considered a necessity rather than an option:
For example, consider the massive amount of work and time it takes to complete the financial close process at the end of each month. This time could be much better spent focusing on business objectives and strategies. With automation tools, repetitive tasks no longer require manual effort.
Additionally, you can remove the risk of employees storing sensitive files directly on their desktop, instead directing all information through the cloud or on-premise with encrypted systems that boast bank-grade security.
But, with automation tools, you can process such transactions automatically and expedite approvals. Then, you’ll be able to leverage the data and analytics through the software’s easy-to-read visualisation tools, like dashboards and charts. These insights inform business decisions.
Should a report show otherwise, it can be a quick fix. You can leverage the software to test a new process or alteration and then roll it out across the organisation to drive forward the optimal solutions at every turn.
Additionally, this could even mean they have some extra time to attend workshops and/or learn new skills. But overall, automation tools can contribute to boosted employee satisfaction and unleash creativity/spur new ideas as employees are no longer stressed and overworked by manual tasks. This helps your team members grow as professionals and contribute more within the organisation.
Accounting Automation Examples
Ready to see automation in finance and accounting in action? Check out these common examples:
As there is a long list of benefits from automation software, so is there a long list of options in the marketplace to choose from.
Take the following into consideration when finding the right tool for your organisation:
Still not sure what tool is right for you?
Here’s a look at three software tools that are worth learning more about:
Automation is becoming essential across industries, but accounting automation is of utmost importance because the mental load can quickly become exhausting for finance professionals. Getting stuck in numbers and data that can make and break a business’ entire existence is stress-inducing.
With the limited number of hours in a day, accounting automation makes it possible to get all the work done in a timely manner. This way, finance professionals can easily meet deadlines and use their time optimally to help drive business forward.
You’ve used Excel before, so you know the power that automation brings to the table (no pun intended). Advancements in technology with AI, ML, RPA and the like are helping to transform finance departments into powerhouses within organisations.
As soon as you deploy an accounting automation tool like SolveXia, you will be able to witness your ROI. The best part is many of these automation solutions offer a free demo, so you can test them out without cost or risk.
Book a 30-minute call to see how our intelligent software can give you more insights and control over your data and reporting.
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Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
Download our data sheet to learn how you can run your processes up to 100x faster and with 98% fewer errors.
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