3 reasons to automate accounting and finance

Accounts Payable is increasingly seen a strategic department that is key to the success of the whole organisation and boosting investment in accounting and finance processes will lead to greater efficiencies and growth.

Here are 3 reasons to automate accounting and finance.

1. Increase efficiency

Data entry, checking and verifying invoice data, sending files to the correct approver, chasing up employee expense claims, sharing information with other departments to name a few. All of these tasks are time-consuming and tedious and can be handled by technology. Processes can be standardised and tailored to your day-to-day business rules (things that must happen either legally or work well currently). These processes can be controlled using a workflow and automation solution. This will ensure the processes are carried out the same way, regardless of personnel changes or an increase in workload. This is also an advantage if the business gets audited regularly and shows the process is 'airtight' and less settable to errors.

Removing mundane tasks also has a positive effect on mental health and job satisfaction resulting in a happier, less stressed team.

2. Freeing up time

Automation frees up valuable time allowing the team to focus on the more enjoyable parts of the job including activities that add value to business, building better supplier relationships, building better relationships within the business, increasing awareness of the finance and accounting role within the business, training and improving skills, CPD, keeping up to date with latest developments. Employees become proactive instead of reactive.

3. Better insights and visibility

Using technology and automation makes it easier to track metrics such as the number of invoices received, the average time taken to process an invoice, the number of overdue invoices, the suppliers you spend the most money with, the average cost per invoice, discounts captured. Teams have visibility of an invoice or order status in one click.

Audit trails can be used to tighten internal controls, e.g. time taken to approve an invoice or for analytical purposes.

With more information easily available, teams can make better, faster decisions, operate more agilely, plan, budget and forecast more accurately, identify where savings can be made, and negotiate better deals and payment terms.

The future is digital

Using the right technology will transform the accounting and finance departments, giving them the tools to excel in a rapidly changing landscape. Automate manual processes, reduce data entry, work faster and more accurately, access and share files easily and securely, reduce fraud with 3-way matching and verification, improve visibility and control.

Removing the frustrations and challenges caused by manual processes results in a happier, more productive department. Take a proactive approach to resolving issues so that your team can use their knowledge and experience on important tasks that can add value to the business.

If you would like to find out more about automating accounting and finance in your business, get in touch with Jack Wright, Sales Director at YourDMS. Call 01285 810606 or email [email protected].

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