Automation is changing the face of business in many sectors and nowhere is it more apparent than in the field of accounting. Automated accounting refers to automating routine, high-volume financial and accounting tasks that are prone to human error and consume valuable staff resources.
To assist business growth, accounting and finance are continuously being compelled to cut back on costs while increasing productivity. Automated accounting is one of the ways businesses have been able to do this. By putting an end to mundane tasks, they enable their teams to apply their key skills to larger issues that support strategic business objectives.
Automated accounting has revolutionised the area of reporting. Technology and artificial intelligence are free of human bias and are not distracted, which can lead to typos and rounding errors. Since all the calculations are handled by software, automated accounting results in reliable financial statements and reports that can be generated instantly at the click of a button.
An additional benefit to automated accounting is the ability to expediently share information. Information relating to a business’s accounts can be independently entered into an automated system by multiple authorised parties. In addition, financial statements can be emailed from one colleague to another in just a few seconds.
By applying automation to repetitive, manual and time-intensive processes, a business’s key thinkers are freed from mundane tasks that lower engagement and inhibit their ability to focus on driving business growth. With more time for analysis, instead of implementation, businesses can become more agile in the face of increasing demands and complexity.
Automated accounting processes start with a focus on the accounts payable process and invoice management. Automated accounting allows business to securely capture and route invoices and move them through the system efficiently with real-time approvals.
Paying invoices quickly is key to managing a business’s costs. By managing the payment process more effectively, you can eliminate late payment fees and take advantage of early payment discounts from suppliers.
The Aberdeen Group notes that bottom performing businesses capture only 18 percent of early payment discounts. Top performing businesses on the other hand capture 90 percent of early payment discounts – nearly twice the industry average.
Xero accounting services have recently introduced batch payments that allow organisations to facilitate faster payment by simply bundling multiple bills into one payment file. You can then export the file and upload it to your online banking or other payment services. Your bank then processes the file and pays the bills in the batch.
Real-time automated reports provide an accurate and complete view of incoming and outgoing expenses over a particular time frame. With detailed accurate reports and financials, businesses can ensure they are in touch with the day-to-day financial activities of the company and what the year has to offer. Businesses are able to create accurate cash flow projections and notice any projected cash flow dips. Knowing these in advance enables your business to take evasive action including cutting expenses or seeking additional financing.
At GGD we use the most innovative automated accounting services to give your business the agility to compete in today’s competitive workplace. Our team of financial professionals provide a whole suite of services including monthly accounting, annual financial statements and financial management services.
Our Xero accounting services offer businesses the latest in cloud accounting convenience including automated real-time reports and online access from anywhere in the world. If you require in-house assistance with your own automated accounting software, we offer experienced consulting services that include software assessment, installation, training and on-going support for all Sage Pastel Products.
For more information about our accounting services, contact us today.