Accounting Automation: 5 Ways to Save Time and Money
What is Accounting Software and Automation?
If you’re like most small business owners, you’re always looking for ways to improve operational efficiencies so that you can save money and focus on your core area of expertise. One way to do this is through accounting automation, with software that helps take the guesswork out of accounting. In this blog post, we’ll define accounting automation and discuss the benefits of using financial software to help manage your business finances.
So, what exactly is accounting automation? Through the use of technology, you’ll be able to streamline and automate many financial tasks that are traditionally done manually. This can include anything from invoicing and tracking expenses to preparing financial statements and filing taxes. By automating these processes, businesses can save time and money that would otherwise be spent on manual data entry and bookkeeping.
How Can Accounting Automation Benefit Businesses?
Accounting software can help businesses avoid errors and keep better track of finances.
By automating accounting processes, companies avoid the hassle of trying to do it all by hand, which can lead to bookkeeping mistakes.
Furthermore, since many cloud-based financial platforms have been designed to work synergistically, multiple data sources can be seamlessly brought together under the main ledger. This ability not only saves time, but can lead to better financial predictions and outcomes.
Some 43% of accountants in a recent study said they believed the integration of technology has already made them more productive. Only 6% said they don’t believe automation can help with any business tasks at their firm.
5 Ways Accounting Automation Saves Time and Money
When all of your financial information is entered into one software program, it’s easier to see where your money is going and make informed decisions about how to best manage your finances. Accounting software can help you generate financial reports and produce budgets that update in real time, which provide valuable insights into the health of your business.
1. Streamlines your processes
By enabling various platforms to speak to one another and the main ledger to pull in data from external sources, accounting automation can simplify data entry and enable cross-platform collaboration.
2. Reduces time-consuming tasks
By automating data entry, basic calculations and the creation of budgets and financial reports, employees can shift from base-level tasks that consume a majority of their time and focus instead on skills and strengths that help companies scale.
3. Helps keep budgets on track
Automation helps companies keep better track of their budgets because business leaders can work off the most up-to-date and accurate account data.
4. Lets CEOs delegate to experts
By delegating certain accounting tasks to AI, CEOs gain the confidence that bookkeeping is being conducted with expert precision.
5. Creates transparency into financial processes
Accounting software provides clarity about the financial process. This can help CEOs get instant temperature reads on areas that are excelling and others that are struggling.
Top Accounting Automation Technologies We Recommend:
There are many different types of accounting software available on the market, so it’s important to choose the ones that meet the specific needs of your business. Here are a few of our favorites:
- QuickBooks: A popular accounting software choice for small businesses that offers a wide range of features with a friendly interface.
- Expensify: A mobile app and software for seamless tracking and management of employee expenses.
- Bill.com: An accounts payable and receivable software that helps companies automate invoicing.
- Sage Intacct: Another popular cloud-based accounting software for small businesses that delivers clear snapshots and insights of financial data.
No matter which software you choose, accounting automation can improve efficiencies at your small business and make it easier to manage your finances. Choose one that meets the specific needs of your business and start reaping the benefits of accounting automation today!
Let the A Team Help You Get Started
The A Team’s expert financial professionals can help you migrate to accounting software that automates business bookkeeping. Our team of Fractional accountants, controllers and CFOs are well-versed in the most popular accounting software and can be hired on an as-needed basis. They can also create customized templates and workflows for your organization on a variety of software platforms. Contact us today for a free consultation!