By adopting software that automates tedious accounting processes, accountants and bookkeepers can streamline operations, cut costs, and reduce tasks that waste time and cause frustration.
While old-school processes and spreadsheets get the job done, they tend to be time-consuming and often do not provide visibility into your spending. And when these processes are slow and menial, it can add to the tasks that you already juggle with. Constant sifting through paperwork also makes the entire process error-prone. For example, even if your supplier invoices have no calculation mistakes, you can still make mistakes while manually transferring information from the invoices to your accounting system.
According to PwC’s Finance Benchmarking Report 2019-20, 30-40% of time can be reduced with finance automation and behaviour change. Automation software helps to unlock the full potential of accountants, bookkeepers, and finance teams. These tools take away the most manual parts of their daily work. For example, help with the number crunching and tracking and removing the less efficient aspects. This leaves more time for data analysis, strategy, and human interactions, especially with clients. With accurate, updated data on hand, they can become the trusted business partners and advisors their clients need.
The most tangible benefit of adopting automation is the amount of time it saves. By adopting automation you can either reduce the time spent or eliminate manual data completely and hence will have more time on your hands.
For accountants, automation is the greatest time-saver, especially during financial closing. If your team has been using these tools properly, your information should be updated across the board. The majority of the data should have been checked, copied, and can be easily exported to your accounting tools. Manual tasks that originally take days or weeks can be done within minutes.
With time savings, you can do more important and value-adding tasks.
Automation tools open up more time for you to do what you should be doing - to guide and advise your clients towards better financial health. And you can now do this more frequently, for more clients.
For example, you can fully focus on preparing your client’s business plan, cash-flow projections, budgets, and trading forecasts and also provide insights like key cost areas and methods for cost reduction.