5 Best Accounting Automation Software: How to Choose

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There’s “the way we’ve always done it,” and the “way we should be doing it” when considering automation in accounting and finance. Accounting automation software helps to streamline your key business processes, prevent errors, reduce fraud, and alleviate your financial department’s workload.

As a guide on your financial automation journey, we’re going to look at the best accounting automation tools and review how to choose one.

Coming Up

1. What is Accounting Automation Software?

2. What are the Challenges of Manual Accounting?

3. Why Use Accounting Automation Software?

4. What to Look for in Accounting Automation Software?

5. What are the 5 Best Accounting Automation Tools?

6. What Areas Can You Automate with Accounting Software?

7. The Bottom Line

What is Accounting Automation Software?

Accounting automation software is technology that removes the need for manual labour and repetitive tasks. With such software at play, your team no longer has to spend tedious hours handling tasks like:

  • Manual data entry
  • Bank reconciliations by hand
  • Making one-by-one invoice payments to suppliers
  • Looking for documents from clients and vendors
  • Creating financial reports in spreadsheets

Accounting automation software handles the many repetitive tasks that fall under the responsibility of  accounting and financial departments.

What are the Challenges of Manual Accounting?

While manual accounting was once the golden standard, time’s have changed. All that can be done manually can be performed in a fraction of the time (and with greater accuracy) with accounting automation software.

Manual accounting has its share of challenges, including its:

1. Time-Consuming Nature

Accounting processes, especially those based on a high volume of transactions, take a lot of time to manage. Along with the transaction matching and calculations aspects, there’s the data collection requirement, which can sometimes take the most time.

2. Likelihood for Errors

With manual data entry comes the risk of manual errors. No matter how talented your team is, manual errors are inevitable and can end up causing huge issues, especially over time.

3. Lack of Security

Storing key financial data and customer information across computer applications isn’t the safest of options. The same can be said for paper documents that can be displaced, ruined, or lost.

4. Key-Person Dependencies and Bottlenecks

When accounting processes are performed manually, there are usually key persons involved. If (and when) these responsible parties are out sick or on vacation, the process may come to a halt. Deadlines don’t wait for anyone though, so it’s best to prevent key person dependencies in the first place.

Why Use Accounting Automation Software?

Accounting automation software enables your business to overcome any of the challenges associated with manual accounting. With accounting automation software, you gain the benefits of:

1. Accuracy and Timeliness

With a proper automation tool in place, you immediately overcome the risk of manual errors. Since accounting depends on accurate and timely information, accuracy is always the holy grail. Timeliness is just as important, so without bottlenecks and key person dependencies, your financial needs are taken care of seamlessly.

2. Speed and Agility

Of course, automation works at a pace that humans can’t match. Not only does it execute tasks more quickly and accurately, but there’s no need for down-time. That means that you can do your deliverables and reports faster and can make sure that deadlines get met.

3. Improved Customer Service

At the end of the day, no matter what department you run or work in, the main goal is to service customers as best as possible. While it’s not the most obvious benefit of accounting automation software, it turns out that it can also aid in providing optimal customer experiences.

With faster results, accuracy, and efficiency, your team is able to focus on customers’ needs and strategise ways to improve customer service through products, services, and offerings that support them.

4. Satisfied Workforce

Without the requirement to handle tedious, monotonous, and repetitive tasks, your team has more time to focus on the work items that excite them and add great value to the business overall.

This could potentially result in lower turnover rates and reduced employee absenteeism as automation software supports a happier and more satisfied workforce.

5. Security

With a centralised system for data and the ability to pull data from disparate sources (as an automation tool like SolveXia can do), you can rely on bank-grade security.

Say goodbye to spreadsheets stored across employees’ laptops and desktops and welcome in a new era of updated and secure automation solutions that put data protection at the forefront.

What to Look for in Accounting Automation Software?

The benefits are surely enticing enough to want to make the move towards automation. In order to keep up with the competition, accounting automation software has become a “must-have” rather than a “would-be-nice” consideration.

So, when you’re shopping for your own financial automation tools, here are a few things to keep in mind:

1. Cloud-based:

Cloud-based solutions grant the ability to work from anywhere and still have access to the data you need. This is increasingly important as many teams operate remotely. It also allows for business growth with flexibility.

2. Support:

Given you’re implementing an entirely new tool, it’s best to find a software solution that offers support and experts who are available to help.

3. Easy-to-use:

The goal is to not have to rely on IT teams or analysts when it comes to deploying automation solutions. The idea is that the solution democratises capabilities for the whole business, so ease-of-use should be a top priority.

Additionally, the simpler the interface, the less time you need to train people how to use it, which translates into capturing its ROI even sooner.

What are the 5 Best Accounting Automation Tools?

Given the growth and need for accounting automation, there are many accounting automation software options available to choose from.

Let’s take a look at five of our favourite (and most popular) accounting automation tools:

1. SolveXia

SolveXia is a fully-loaded, cloud-based, and no-code accounting automation software that is multi-functional.

SolveXia allows you to connect all your data (even from legacy systems), automate finance processes, and grants you with deep analytical insights to make the most informed and impactful business decisions on the spot.

With its capabilities, you can automate processes such as: account reconciliation, expense management, regulatory reporting, rebate management, revenue management, and more.

Along with secure data storage, SolveXia provides audit trails, customisable dashboards and reports, and ensures data governance so that your business remains in compliance.

With drag-and-drop functionality and no coding knowledge required, anyone can run the system that takes less than 30 minutes to deploy and has the ability to 10x your team’s productivity.

2. BlackLine

BlackLine is another end-to-end automation solution that helps to improve operational efficiency. Commonly used to automate account reconciliation processes, BlackLine grants transparency and visibility into business processes to those who need it.

As long as each user is able to follow best practices and is trained properly, the tool can be an immense time-saver.

3. Xero

Xero’s accounting automation software is best for small businesses, accountants, and bookkeepers. The tool automates accounts payable, accounts receivables, and is able to be accessed on-the-go with its Xero accounting app.

4. Netsuite

Netsuite’s business management tool offers a cloud ERP that automates processes. Its capabilities include accounting, global business management, financial management, warehouse and fulfilment, and more. As part of its accounting software, the system helps to expedite the month-end close process.

5. Microsoft Dynamics

Microsoft Dynamics applications pair with existing systems to connect data from different sources. For finance teams, it provides maximum financial visibility and supports workforce transformation with financial reporting, AI-driven insights, and analytics.

What Areas Can You Automate with Accounting Software?

Accounting automation software are jam-packed with capabilities to ease your day-to-day tasks and overall financial goals.

With accounting automation tools like SolveXia, you can streamline and optimise your key finance functions, like account reconciliation, regulatory reporting, rebate management, APRA reporting, expense analytics, and more.

Accounting software can help businesses manage their journal entries and chart of accounts, accounts receivable, accounts payable, cost management, cash flow, reporting, and KPIs.

Depending on the features offered, you have the ability to set recognition rules, devise custom reports, set up easy-to-read dashboards, and forecast.

For finance departments, CFOs, accountants, and controllers, accounting automation software provides greater internal control, transparency, and efficiency.

The Bottom Line

Accounting automation software is the way forward for any business. Rather than being stuck in the past ways and relying on disjointed spreadsheets and hours of manual labour, you can maximise your team’s productivity with the aid of technology.

Ready to get started? Request a SolveXia demo at your convenience!

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