Where You Want to Automate and Why
You automate app updates and backups. You automate lights, sound, or even thermostats at your home. You even automate your payments to services like Netflix or Amazon.
So why not automate your accounting?
Accounting automation uses technology to offset highly manual accounting processes. In exchange, businesses gain back valuable time and transparency without sacrificing control or security.
Whether or not you're aware, you’ve already had positive experiences with automation! Think about placing an order via voice command. Or letting the car move into a tight space without having to touch the wheel.
Accounting automation accomplishes the same level of convenience and consistency for businesses. It eliminates drawn out, redundant tasks and replaces them with efficient, streamlined, and mobile processes.
Here are three financial areas in desperate need of automation.
How long does the invoice process take you? How about cutting that time in half?
Most business owners use an entirely paper-based invoicing process or a hybrid one that mixes digital and paper. For example, they may create the invoice electronically, then print it and mail it to the customer. Even if the method relies entirely on electronic tools, it still includes spreadsheets, emails and separate data repositories.
Simply put, it’s inefficient.
Automated AR draws from your company’s information and your customers’ accounts to create and populate invoices with remittance information and amounts due. From there, you can have them sent immediately to recipients via email notification. Customers can then view the invoice via a personalized and secure online portal, as well as access past invoices or share questions or notes with you. When ready, they simply click a button to pay online, and their ACH, EFT, or eCheck hits your account immediately.
2. Payment Collection
Imagine not having to wait 30 days or longer for payment. What if your payments arrived automatically in your bank account?
Accounting automation allows your customers to authorize recurring, automatic payments to your company. You send the invoice, and the payment is sent back to you immediately. No waiting. No follow up calls. No anxiously struggling with cash flow. It’s already in your bank account.
3. Bill Payments
Accounting automation also plays a valuable role in AP. Bill payments tend to be tricky in a business environment, as the process normally includes multiple reviewers and stakeholders. It can be drawn out—risking late fees or impairing relationships with your valued vendors.
When you add automation to the AP process you transfer the grunt work to your accounting system. And no, that doesn’t mean you have robots doing the work for you! Instead, the entire process migrates to a digital format. The system takes the electronic bills and initiates the proper workflow for them. Each reviewer is alerted and each activity they do in the system is tracked. They simply click on a link, review the bill, and approve it from any PC, laptop, or mobile device.
Are you ready for automation?