Businesses have become more digitally driven throughout the past several years as commerce, operations and the workforce demand that technology take center stage in corporate strategies and policies. Because of how interconnected consumers and companies have become, even slight missteps in operational or brand management can lead to poor stature in the market, and this often relates back to the technologies that are either in place or lacking.
Some of the simplest tasks in the workplace can be dramatically streamlined through the use of automation tools, including e-invoicing and procure-to-pay requirements. A business owner might be surprised at how quickly implementation of automated tools can impact their workflow management, employee morale and general efficiency, while those who balk at these technologies are likely putting themselves in a precarious position from a competitive standpoint.
Expert lists indicative shortfalls
Bill Kennedy, CPA, writing for CPA Practical Advisor, recently listed several indications that businesses have not yet stepped into the modern era of accounting management, while many of the suggestions tie back to a lack of automation for core reporting needs. Remember, organizations will often benefit from taking a highly targeted approach to automation implementation, working to identify the areas of operations that are best suited to the software.
According to Kennedy, companies that are still using manual spreadsheets, have shortfalls in reporting or have to deal with a breadth of inaccuracies within those records are likely still using traditional – and now somewhat antiquated – methods to complete accounting management tasks. It is not necessary to struggle with these matters anymore, though, as automation tools can eradicate many of the inefficiencies and inaccuracies contained therein.
The author went on to affirm that when accounting crunches take place regularly at the end of the month, quarter or year, this is also a tell-tale sign that the firm is in need of some form of an upgrade. Finally, Kennedy noted that a disengaged staff or excessive overtime can be avoided with the right tools.
Why automate accounting?
Studies have indicated that manual data entry, especially when it is highly repetitive and mundane, can hinder morale and productivity among staff members responsible for the tasks while simultaneously bolstering the rate of errors and inaccuracies. All different types of responsibilities in these frameworks, including invoice processing, data and document capture, expense report management and imaging can be improved through the use of automation tools.
