What are the six excellent benefits of accounting automation?

The success of business firms are due to the collaborative nature of its supportive divisions such as HR, Supply Chain, Finance etc. who partake in its undertaking. The Accounting and Finance division has an ostentatious presence as it handles funds, business reports and briefs management of its financial standing.

For centuries, financial accounting was done by the dedicated team of staff who manually perform all the work. In the process, the strength of work and accountants increased. Despite their undivided attention to timely, accurate and reliable deliverables, they became a ‘Sacrificial lamb’. The reason being, no one can vouch for the accuracy of the records presented, due to anomalies in the data submitted. The growing demand triggered overburdened accounting staff, making them vulnerable to errors due to stress.

The new wave of accounting automation diverged from the traditional accounting and scripted businesses for a new prose. Business cycle excessively depends upon prompt & accurate payments and ever available & reliable services. This mindset of the new business narrative needs to be complimented by accounting automation bots.

Accounting automation is one of the bounties received from Robotic bots and machine learning techniques. They coalesce in these vital tasks of accounting such as;

• Extract data from the various bank statements and posting in the exact location.
• Data entries of various structural documents like invoices, accounting statements etc.
• Classification of the data into charts of accounts.

Also read“Accounting Process Automation – Benefits and challenges”

What are the top benefits received through accounting automation

1. Cost effective and budget friendly:

All firms function with a constrained budget and ensure cost effective practices in their business ecosystem. Robotic automation bots are accessible within the framework of any firms. Further, there is a provision to start automation to selective areas, assess its worthiness and scale accordingly. The firm can utilize the saved funds for other useful purposes.

2. Time and resources friendly:

Firms invest in new technologies as they are recommended to save operational cost and reclaim unproductive time. Automation emerged from the shadows to provide this benefit to business firms. Once robotic bots are programmed to automate the structured and repeated nature of tasks, it pursues the tasks efficiently and produces extraordinary results. Firms HR teams are saved from the trouble of new recruitments reducing time and resources.

3. Customised reporting friendly:

Timely data collection and analysis is both time consuming and has shortcomings. Robotic accounting automation software provides a customised and user friendly dashboard to display your firms’ requirements on ‘live data’. The CFO can provide management instantaneously reporting based on their requirements like unpaid list of suppliers, list of customers with due balance etc. There are well equipped spreadsheets or templates from where data can be extracted and reproduced as envisaged.

4. Rapid vendor and customer payment friendly:

Sustainability in business repeatedly calls for promoting an untainted relationship with both the customer and vendors/suppliers circle. With accounting automation it is easy to figure out the outstanding invoices for goods supplied by vendors. Therefore, a timely payment helps them get favourable discounts and better quality products.

5. Data security and compliance friendly:

Manual filing has possibilities of all forms of security breach, it can be either from human’s side or natural calamities like fire. Any form of security compromise leaves the firm in dire straits due to its consequences.

On the other hand, accounting automation enhances the security of the firms’ records and other confidential information. The storing is done in a server or cloud and not all are given access. Even if they are given them, it will be very much layered, giving them access only to limited visibility. When a firm publicises its security mantra, it gives confidence to the parties dealing with the firm.

6. Retrievability and bio-friendly:

Accounting automation dissuades manual filing not just for security reasons but retrieval of information and eco-friendly. Every firm follows a distinct method of filing and archiving techniques, any new employee will be unable to retrieve information. Further, time spent on looking for confidential information and the rummage over the area is a waste of time, increase in avoidable operating expenditure in the form of (stationery, furniture & rental). Further, historical data is helpful for learning, contemplating and analysis for betterment of firm growth.

Also read: How robotic automation supplements value to your business:

If you are an accounting firm looking for accounting automation solutions in your firm, we have options to suit your business requirements. Please call us for a free consultation or drop your details, our representative will help you find the suitable solution.