Do you struggle with auditing problems, manual errors and redundant data entries?
If you’re a
Here are five good reasons why your company should have automated financial processes.
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Saves you time and money: By improving accuracy and the quality of data, audits and statements, automation can reduce the time to produce financial statements by nearly 50 percent, according to a study by the Cloud Accounting Institute. Automation contributes to an overall “cheaper, faster, better” financial operation.
Remember, top-level financial executives can actually get more done with their current staff by letting technology handle the everyday tasks. Furthermore,
operations throughout the company speed up because people aren’t waiting on approvals. At the end of the day, faster invoicing means more money in the bank. -
Helps small-but-growing companies become decentralized: Cloud accounting software enables these kinds of businesses to benefit from automated, secure business processes that are removed from a top-down chain of command. Centralized command systems tend to suffer from bottlenecks and lengthy approval times. Many accounting systems let companies easily maintain internal controls by extending access to other departments.
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Reduces human errors and redundant data entries: When executives — or anyone, for that matter — no longer have to take time to rectify errors or duplication, they are free to pursue projects throughout the company. This saves staff time and company money while also increasing staff efficiency and productivity.
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Enhances accounting consistency and reporting accuracy: So often, redundancy results in inaccurate financial statements and requires additional time and expense to rectify. Automated financial processes can ensure transactional data is accurately and consistently tagged, so that companies can have confidence in their results.
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Facilitates scaling: A system with automated financial processes allows companies to better manage increased volume. You want to make sure you reduce the strain on your finance or accounting department and free up their time for
management and analysis. Flexibility and scalability are critical for companies that are growing.
It’s important for companies to consider how much is lost by hanging onto manual processes. At the end of the day, companies need to make sure their current and future accounting efforts avoid auditing problems, manual errors and redundant data. Their accounting system must provide reliable data to make sound business decisions.