5 Reasons to Automate Your Accounting Processes
Many businesses begin using manual accounting processes and continue to do so as they grow, often because of the appeal of maintaining the status quo. The problem is that at some point those manual processes can slow organizations down, hindering growth and innovation.
If you’ve been on the fence about transitioning to automated accounting processes, it might help to consider the following benefits of automating your accounting processes with Sage Intacct or other cloud ERP solutions.
- Save time
Are your month-end closes taking up most of the month? Have you missed payment deadlines? Manual data entry is tedious and time-consuming, with employees spending hours on mind-numbing manual tasks instead of focusing on strategic tasks that add real value to the business.
- Be accurate and consistent
Even highly skilled employees will occasionally make mistakes. Automation alleviates common data entry errors and ensures that every action is performed identically, so your customers, clients, and internal departments receive a consistently high level of service.
- Reduce costs
Manual tasks almost always take longer than automated tasks, which means they demand more employee hours every week, month, and year. Automation reduces those work hours and helps prevent errors that can lead to unexpected additional costs.
- Increase visibility
Using manual accounting methods, it can be extremely difficult to monitor, update, reconcile, and report on every internal process across the organization. When you automate billing, collections, sales, and other processes, you can automatically record and report on key metrics, in real time, so the information you need is always at hand.
- Reduce risk
Automated processes can help you reduce the risk that you are out of compliance with the latest regulations or vulnerable to data breaches and other security concerns. Automated, cloud-based accounting solutions are automatically updated to adhere to the latest guidelines, and top providers follow strict security guidelines to protect your business and its data.
Where to start?
If you’re convinced of the benefits of automating your accounting functions but overwhelmed by the challenge, remember that you can start slowly. For instance, you could automate your accounts payable workflows or audit documentation first, and move gradually to a completely automated solution.
Insero & Co. can help you weigh the benefits of automating your accounting processes and help you make the transition to best-in-class software. Contact us to talk about the relationship-based services we provide and how we can help you improve your processes to be more efficient and productive.