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COVID-19 has led many businesses to adapt digital processes, including introducing online processes for transactions with customers. While the first wave of adaptation happened last year, with businesses introducing contactless transactions, the trend continues in the current year. It is expected that digitization will increase further this year and in the time to come.
A recent article on the Nasdaq website quotes a research study that indicates 82% of small businesses surveyed embraced digital technology by the end of 2020. Accounting process automation can be a first step toward leveraging these trends and preparing your business for a future that may be leaning more towards online transactions.
Manage bookkeeping more efficiently
Diligent bookkeeping is the foundation for reliable accounting and financial management. However, if you manage a startup or a busy CPA firm, you probably have experienced the need to multi-task, at times missing out on critical tasks.
Automation of accounting processes helps manage time-and-attention heavy tasks. Automating reduces the overall administrative burden because of limited resources. It allows the appropriate people to engage in activities including financial planning with the help of automated reports and data.
Reliable accounting information; empowered decision-making
Accounting and bookkeeping are the bedrock of financial management for any business. Automating accounting and bookkeeping processes enables businesses to ensure timely and error-free accounting reports. These can then be utilized to make critical business decisions, including purchases and investments. Reports and data, generated by automated accounting systems, can help empower in-house resources by keeping them informed about the financial health of the business.
Automating also helps track cash flow by managing key bookkeeping functions including accounts payable and receivable. This helps businesses stay informed about funds due or owed. Automation facilitates this important planning and informed decision-making.
Leverage benefits of cloud computing
An INAA report says that 67% of accountants believe cloud computing will help them perform their roles in the future. An accounting survey, by cloud provider Sage, revealed that 53% of participants have embraced cloud technology to enhance project management functions.
Cloud computing helps businesses harness the power of a connected infrastructure without compromising local work. Automating processes can help a business adapt to software usage. As automated systems take on high-volume and numeric data, cloud computing can help produce more efficient and accurate processing of this data while helping the business adapt to digitization needs faster.
Setting up automation is vital to realize the benefits of cloud technology, which is fast becoming essential to businesses adapting to online operations management.
Empowering in-house resources
With automation expected to increase both in the short and long term, a greater number of accounting and bookkeeping processes will be automated. For employees, this can be helpful in terms of allowing freedom from repetitive tasks. Managers can focus their time and skills on more insightful inputs, including business building.
Automation, when done judiciously and with company needs in mind, can help businesses streamline operations while ensuring better organization and profitability. Accounting services are an integral business function and automation should be undertaken after assessing needs and existing capabilities, including human resources and staff.
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