Understanding accounting automation:
What mid-market businesses need to consider.
What is accounting automation?
Small and mid-market businesses know that to be successful, they need to be agile and focused on the core of their business. This means keeping product/services, client engagement, and new business opportunities at the forefront of the priority list. However, these priorities often fall to the wayside when your team is inundated with administrative tasks that slow them down, especially when using entry level or legacy applications within your accounting team.
Accounting automation represents a unique opportunity to increase productivity in your accounting department. With the right technology and processes, you can streamline operations to help your accounting team deliver more value to the organization.
The benefits of accounting automation
By eliminating the time spent on repetitive tasks, accounting automation can save time, cut costs and ultimately drive better financial performance for your business.
Some of the biggest reasons to invest in an accounting system with automation capabilities:
Eliminates manual tasks so accountants can focus on higher value work
Enhanced financial reporting delivers key business insights and trends
Reduces errors and limits risk to the business
Up to date, accurate data across all platforms
Improved data visibility by connecting your accounting software with other business systems
Ultimately saves your company money!
According to a Deloitte and IMA survey of
800 finance and accounting professionals,
75% report that
their accounting processes
are currently very manual.
What accounting tasks can be automated?
Accounting professionals need the flexibility to focus on higher value initiatives within the organization. The manual, redundant, time-consuming responsibilities they typically manage are prime tasks for automation.
Here are some of the top processes to automate:
How accounting automation software makes your life easier
Few things in life have an “easy” button, but accounting automation software comes close.
Accounting automation is becoming more common as technology evolves, giving accountants more time to focus on financial strategy instead of spending the majority of their day on routine, mundane tasks.
Unfortunately, many accounting professionals still have too many repetitive tasks slowing them down.
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How to boost automation
These days, there's an application for just about everything. You probably use a few of the business applications types below. But are they integrated with your accounting system?
Streamline data migration so information is always accurate and up to date by integrating your accounting system with core business applications such as: