5 Accounting tasks you should automate in your organization
There are various repetitive tasks your employees perform, which tend to become tiring and monotonous. It is a well-known fact that after a point of time, the employees lose interest in work, which seriously lowers their productivity levels. No business would want that.
Thankfully, modern technological advancements have given us the solution to the problem, which is called “automation.” Automating repetitive and tedious business tasks can help your business flourish in unimaginable ways.
For the ease of your understanding, business automation is defined as the use of technology to eliminate manual labor from daily business operations. For example, accounting automation, email management, purchase order, invoice matching, etc.
Business automation software is extremely beneficial in almost all areas of business. It significantly reduces the amount of time spent on redundant tasks and assists productivity improvement.
Losing receipts and misfiling are the most common things happening with receipts! But with mobile apps and software, you can just click a picture of the receipts as an expense and it gets instantly submitted.
Not only this, you also get reminders to submit missing receipts or documents for any expense. With this, the system automatically enforces the company spending policies, which discards the need to remind everyone to follow the policies.
Related read - Benefits of receipt tracking app for small businesses
Your finance team must be spending hours and hours on just shifting data from one system to another – even the sound of it is tedious, they aren't exactly working to the best of their potential.
By automating your accounting system, the ledger automatically gets synced to the system and your financial team member can then invest their energies in performing greater valued tasks like financial planning and analysis. The vulnerability towards error or faults also decreases.
Any glitch or error in the accounting or financial tasks can significantly impact the business and everyone involved. Continuous and regular tracking of your finances is an essential task through which you get the idea of whether your business is generating revenue or incurring losses.
If your invoice and billing details are still filled and tracked manually, errors will absolutely happen, and you cannot afford to have any faults in this area.
According to the accounting manual, automating your business finances is the very first thing you should do to get the best from your employees and make your company run smoothly and efficiently.
Check this out - 10 advantages of invoice approval automation
Once you shift to using spend management software, the time invested in tiresome reconciliation like credit card statement reconciling, purchase order reconciliations, etc., can be invested in other important tasks.
With this, your month-end bank statement can easily be synced with the ledger, and all the transactions can be checked automatically. Imagine how relieving it would be for your team when they wouldn’t have to enter each transaction in the ledger and reconcile it with other documents. It will be music to their ears.
A smart spend management software takes over the reviewing and categorizing process. This means that the AP team does not have to waste time adjusting expense categories.
The system automatically enters the expense request under the valid category while using an automated approval system. This is done so that if there is any error, it can be resolved before spending money.
You will be surprised to know how much more productive your employees can be if they are relieved from their email duty. A major percentage of employees spend their time merely receiving, replying, and shifting emails.
Once you automate your emails requests and management, instead of manually responding and organizing the emails, employees can simply automate the process, which automatically organizes, responds, and categorizes emails. Inbox automation can help the workforce focus on more important emails and do more productive work.
Business runs with data. Any breach or loss of data can immensely hamper your business. Without an automated data backup system, your website or company becomes vulnerable to cybercrime which can destroy your client base.
Data backup can be made much simpler with automation as there will be no chances of human error or ways of breaches. However, AI may still be new to you, and you may still need help in understanding how it can be applied to your business, but there are expert consulting services that can be beneficial.
Most entrepreneurs spend more than half of their time working in their business. However, we all know that it’s said that “work ‘on’ your business, instead of working ‘in’ it.”
Business process automation can help you take away a lot of extra load from your shoulders. With automation software, you can easily coordinate your tasks between different apps, set up specific folders, and schedule reminders.
Automating the claim process with accounting automation software will save you from the whole complicated process of looking at reimbursement slips, checking their validity, looking for the employee who needs to be reimbursed, and sending money to that particular employee’s bank account.
With automation, you can either assign company cards to the employees so they spend the company fund and set a limit on the card or you the employee can simply scan and input their receipts. The system will automatically send the amount into the employee’s account after the approval is done.
Accounting automation is your ultimate resort to remove all the monotonous and tiring tasks from your daily work. To make a difference in your spending and make judicious use of your money, comprehensive spend management software is the key and better than Volopay.
Volopay is an all-in-one automated accounting software that can easily take over all your company's repetitive and tedious tasks and do them in an excellent and precise manner. From task management to emails to data backup to invoices and billing automation and much more, we do it all.
Along with this, the new accounting triggers feature significantly reduces your manual work of individually allocating accounting fields to each transaction, once you set triggers, the process becomes easier.