How to get started with accounting automation tools
- 10 Nov 2021
- AP Automation
The past few years have proved the importance of working in the cloud to remain productive. Accounting automation tools increase productivity, reduce costs, minimize fraud, and support remote workers in crisis and flexible working situations.
Companies with partial or non-integrated automation still face frustrating gaps necessitating tedious manual labor and a paper chase. Businesses need the proper accounting automation tools based on current use, integration, and expectations. Discover why getting started on the right foot is crucial for continued success.
The need to remain productive
From vendor vetting and invoice matching to month and year-end reports, manual processes are time-consuming and tedious. After hours of manual entry, inevitable human errors occur. Accounting automation tools eliminate manual processes and eliminate the confusion of paper. Removing manual tasks improves accuracy and efficiency by streamlining operations.
Plus, working in the cloud supports remote workers with collaboration in real-time. Greater visibility means a higher level of security by eliminating opportunities for fraud. In addition, automation saves time, enabling companies to use the AP team for revenue-boosting work, such as negotiating with vendors for discounts for early payment.
Productivity improves with the ability to collect and analyze financial data as it happens for optimum reporting. Access to data in real-time helps increase the speed of making strategic financial decisions. This level of access is a selling point for AP to encourage the C-suite to invest in a total automation solution to eliminate error-prone manual processes. Begin with an internal audit or a “report card” to determine the efficiency of current operations and where to make improvements.
Taking the first step
Once everyone is ready to adopt accounting automation tools, the C-suite must work with the AP team to establish a budget. Again, working with a strategic partner ensures a smooth and fast transition. The goals are to eliminate manual processes and paperwork by achieving total automation.
With a myriad of options, cloud-based AP automation remains the most beneficial for companies of all sizes. The benefits of cloud computing include quick implementation and integration with interactive training. As a result, businesses start realizing bottom-line boosting advantages immediately, such as faster lead times.
In addition, system updates are automatic with cloud automation to ensure optimum efficiency with minimal input. A streamlined AP process leads to benefits such as early payment discounts and improved vendor relationships. Plus, audits are easier with intuitive software offering greater transparency to reduce errors and fraud. Finally, automating procurements helps companies get necessary supplies on time and at the lowest cost, supporting production and visibility every step of the way with vendor documentation.
Prepare for the future with accounting automation tools
In the past, non-cloud-based software meant partial automation without the ability for remote collaboration or automatic updates. However, with an eye to the future, robotic process automation is gaining attention as AP professionals realize the need to stay ahead of technology.
With all that in mind, cloud accounting automation tools remain the top choice because of affordability, security, quick implementation, and real-time collaboration. With that in mind, features to look for in accounting automation tools include:
- Remote accessibility in a secure environment to support real-time collaboration from any location and device
- Automatic upgrades to maximize the software’s potential at all times
- Ability to support multi-users with privacy options to assign various permission levels to users to protect financial information and prevent data security breaches
- Scalability to support business growth and build strong customer and vendor relationships
- Instantly reveal payment dates, revenue contributions, and other critical data to support timely financial decisions.
As the industry and technology move forward in leaps and bounds, businesses need to adopt accounting automation tools today to support the constantly evolving global marketplace tomorrow. The ability to make real-time financial decisions helps companies adopt crucial changes to remain competitive rather than get left behind.
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