Accounting information is one of the most important types of data in any business sphere. It’s where all of the data for every transaction is kept. It doesn’t matter if you’re buying stationeries for employees or entering into a contract to build airplanes. Every piece of financial information has to be collected, organized, and stored. Believe it or not, a lot of businesses still use paper tracking their profits and expenses. What if you’re making a hundred transactions, a thousand transactions per month? Maybe more? There’s always someone, whether that’s one person or an entire department managing a business’s finances drowning in physical files and receipts.

The typical situation without accounting automation

How do your employees process financial data now? Most likely, they work in old programs and fill information in manually. Unfortunately, this is a highly inefficient process, which leads to multiple problems.

Really, the problem starts right after choosing an outdated software or platform. They have a poor design, interface, search engine, and work slowly. Consequently, these programs require a lot of time to learn how to operate and are inconvenient.

Furthermore, as you understand, working with a massive amount of data and routing it between multiple systems of record aren’t the most exciting duties. Let’s call it what it is. These tasks are boring and monotonous. As a result, employees in charge of managing them get distracted, lax their diligence, and start making mistakes in documents such as identity verification forms. That means that the risk of human error is high, and errors in finance and tax forms are bound to happen. We all understand the cost of unaccounted for money, and nobody wants to run into any problems with the Internal Revenue Service, so you hire more and more people to handle your transactions. After that, you hire more and more managers to help your army of accountants work conveniently. Most likely you’re spending a lot of money on unnecessary human labor for managing receipts!

If you want to develop a powerful business that operates and grows sustainably, you have only one way — implementing workflow automation. Consider starting with accounting automation to free one of the most important people in the company from routine actions.

What benefits will you get by implementing automation for the finance department?

The first and most important benefit of automation is reducing the congestion of your employees’ document workflows. In addition, automating the finance department reduces the need for an excess of employees; keeping the department staffed with only those crucial to managing really important stuff.

When all your accounting information is collected and systematized automatically, your employees don’t have to spend so much time doing routine tasks like filling out loan application forms. It increases their attentiveness, leading to fewer or even the absence of mistakes.

This improvement brings freedom. Finally, it restores order and controls your assets, liabilities, and equity. Everything you hate about managing the financial aspects of your business will become much easier.

What’s the best workflow automation software to use?

Usually, when businesses hear about automating accounting or any other department, they think that it’s too expensive to be accessible. If this was 2015, they’d be right. Hiring software architects and developers is expensive! Additionally, the cost of maintaining in-house software can get out of control.