Automation has become increasingly integrated into our daily lives. Accounting is a popular area where automation has transformed the field of business and finance. In fact, automation is expected to have a compound annual growth rate of 26% by 2026, a projected growth of $9 billion. The benefits of automation in accounting are major, but that doesn’t mean it can be done without some assistance. Below you will find the benefits and the human side of accounting automation.
The Human Side of Accounting Automation
Automation can help keep accurate books, handle reconciliations, provide quick access to data, in addition to accurate financial projections. In order to reap the benefits of automation, it needs to be properly implemented and effectively adopted. This requires human intervention in combination with the automation software for it to work effectively.
Properly integrating the necessary data is integral to your accounting automation. This includes payroll tools, inventory software, and bank accounts. This needs to be done at the outset to ensure your accounting software works effectively.
The most important factor when it comes to human intervention is providing accurate data. Implementing the right data is integral to the accounting automation process. Spot check your entries as you go to catch any potential errors. If you have a lot of data entry, consider implementing robotic process automation software. This can be beneficial to your business if you have a lot of tedious or repetitive tasks. The software can exceed the speed at which humans can do the specific task which can save you time, money, and reduce the potential for error.
Entering data into the system in a timely fashion is just as important as inputting the correct data. This is especially necessary for data related to accounts receivable/payable, expense reports, and sales data. Create a schedule based on your business needs regarding data entry. Whether daily or weekly, strictly adhere to the schedule to ensure timely entry.
Benefits of Accounting Automation Software
Accounting software can transform your business in a variety of ways. As discussed, the human element of automation can provide profoundly helpful information to you. You know your business better than anyone else so creating an automation dashboard that is unique to your business can come with a number of benefits. Curating the data that is helpful for your business can provide you with information fast. Having easily accessible key data can provide you with key metrics for effective and smooth decision making.
Integrating Automation Into Your Business
Automation can be a highly effective tool when it comes to your business finances. However, it is not a replacement for financial advice from a skilled professional. Automated accounting software can provide transaction-level bookkeeping. But, you’ll likely need additional software and services to meet your comprehensive business needs. This may include payroll software, a budgeting tool, and a general ledger. However, one of these alone or a combination of them cannot provide you with financial advice.
Quality financial and accounting services offer much more than just automation alone. Indevia Accounting can provide services when it comes to choosing the right software, implementing the software into your business, connecting the relevant accounts, and providing helpful measures for adopting the software.
Understanding the benefits and the need for human support when it comes to accounting automation can take your business to the next level. Indevia Accounting can provide a variety of services that can help organize, upgrade, and streamline your financial processes. From bookkeeping and financial statements to process improvement and automation, the company has helped countless businesses set up systems that helped them meet their financial goals. Contact their team today for support with your business!