Accounting Automation Ideas To Grow Your Business
The accounting profession is employing virtual bots with clients as a cheaper, faster and often more accurate option to repetitive tasks. How many people like repetitive, process type work? Not many. In the world of accounting, automation is coming on strong. The accounting profession is employing virtual bots with clients as a cheaper, faster and often more accurate option to repetitive tasks.
Bots replicate the actions of humans to complete tasks across multiple computers and systems. In some reports, fifteen minutes of human activity equals one minute of bot activity. From scanning invoicing to attaching as an email and inserting data into a spreadsheet. The speed of connectivity that automation can create is impressive.
Transactional accounting work may be greatly reduced. In fact, according to reports, up to 40% of that work could be eliminated in the next couple years. Even if that is half true. That is amazing.
Allow Humans to Focus On Higher Level Tasks
It might years down the road, but automation bots will be as common as Excel. The reasons are many. Along with the accuracy and accountability, automation allows for more data to be analyzed for risk, audits and even predictive analytics. If you are a larger organization, you won’t need to employ a small army of data entry personnel in a foreign country. Digital workers will save business money.
Expand Your Business and Keep Costs Under Control
Doesn’t every business want to improve margins? Automation can not only keep costs under control, it can increase capacity to grow the business without additional cost. And don’t worry, we’re not worried about losing our job to a bot. Automation needs to be checked and verified that it is working and set up correctly. Plus, in some ways, it may create more value-added positions for people.