Finance Automation…What’s the Big Deal?
Accountants’ jobs are tough enough. Between handling large amounts of data and reconciling accounts in a short window, it’s no wonder so many of them experience frustration, leading to unfulfilled efficiency and high company turnover. So, how can things like Robotics Process Automation (RPA) and finance automation software save the day for accountants and their companies the world over? Read on to learn about the processes, people, and technology that can drastically improve the effectiveness of your organization.
Continuous accounting can leverage automation software by matching transactions daily across all Point-of-Sale (POS) systems operated by a company. In large enough organizations, this can mean thousands of spreadsheet cells needing to be matched to thousands of transactions. Allowing technology to assume this burden mitigates the bottleneck effect at the end of the reporting period by reconciling accounts on a daily basis. Additionally, accountants need only address exceptions or unmatched transactions in real-time, improving accuracy, efficiency, and employee morale.
These new and improved accounting teams provide a myriad of new benefits:
- Fraud detection
- Data Analytics
- Strategic Contributions
Freeing up accountants to identify and analyze trends, as well as improve workflow processes offers them the opportunity to have more stake in company success, which ultimately drives overall productivity.
Five Steps to Finance Automation
- Streamline by identifying the manual tasks that are at the most risk for error, and can be adjusted quickly.
- Select the transaction solution most fitting to your business needs, ideally something suited to handle large amounts of data while maintaining sufficient flexibility.
- Automate most-to-all reconciliations at the account level. Some accounts may require different rules. This aids in both customization and reconciliation volume.
- Increase visibility by cutting spreadsheets. They’re outdated and inefficient.
- Integrate with your current systems. Enhancement is better than overhaul here, as restructuring your entire system requires IT assistance and can be expensive.
Utilizing automation software and RPA allows accountants to detach themselves from daily monotonous tasks which only occupy precious time and human capital. This optimizes company workflow, reduces error, and maximizes employees to perform at their highest level.
To read the full article “The Power of Finance Automation,” click here.