By Analytix Editorial Team
Automating essential functions, including financial operations of a business, is on the rise. The trend probably is a result of greater demands for transparency and higher quality expectations from clients. CPA firms and other accounting practices are keeping pace with this and choosing a double advantage: 1. Automating key financial operations and 2. Choosing to outsource the automation so as to access professional expertise.
More importantly, it makes perfect sense to automate processes and functions that need to be repeated without change and are prone to error, such as high volumes of numeric data entry.
Here are some areas within business financial operations that are best suited for automation:
Also referred to as CapEx, capital expenditure refers to the money spent on fixed assets that help to improve the business’s operations, such as building property, technology, equipment, etc. Keeping pace with these upgrades will eventually empower the business to deliver greater value to clients.
Automation assists capital expenditure decisions by providing information and helping speed up the process of approvals, without running the risk of hasty decisions made without the support of adequate information and knowledge of the financial condition of the business.
Almost all businesses need speed and accuracy for determining purchase order approvals. Automated purchase orders help users transcend physical distance by allowing them to be generated at any location, regardless of the physical presence of the business user. Furthermore, depending on the requirements, purchase orders can be made accessible by both the person who initiates the order and the person who will eventually approve the order. This enables greater transparency in the system.
Invoice management and processing are pivotal to sound accounting. Managing a clean paper trail is highly challenging even for an established business and can be overwhelming for a start-up or a growing company. Automation serves two purposes: maintaining a totally reliable record, and ensuring the figures eventually recorded are accurate and reliable.
Automating invoice processing is also the first step to ensure better management of cash and debt for the business by regulating billing, recurrent payments, and routing this data into the accounting system.
Report Making or Reporting
When choosing automation, check the report-generating capabilities offered by the software. Reports are critical to reviewing and understanding data and interpreting it to form insights which can then translate into a helpful catalyst for decision-making.
Ideally, check if your chosen automation vendor offers reporting capabilities or dashboards that can help access information 24×7.
At Analytix Solutions we help clients with customized solutions ranging from reliable accounting and bookkeeping to comprehensive and customized automation for businesses across diverse industries. Align with us to more thoroughly understand your business accounting and to witness how optimized automation can help grow your business. For more information on how we can assist your business, call us at 781-503-9004 or email us at [email protected].