Automation of Accounting Function
As in most functions within the business streamlining and automating the accounting, the function has been a hot topic in recent years. Most companies and top management consider accounting function nonvalue adding and it is the first place of glance during a business process re-engineering. As head of re-structuring and process management, I have been part of this process in various roles in both multinational manufacturing & Service Companies. Automation is the most used term during most of these restructuring processes.
Its critically important to review the entire accounting lifecycle, not just one part of the process. This means that the entire accounting process, the capturing, manipulating, and interpreting of transactional data, is done by software, with less dependence on manual transactional entries by people.
Modern Software has given a great opportunity for accountants to be pro-active and work closely with businesses to automate the day to the day accounting process. Accountants who still rely on day to day manual data & transactional processing will be counting days now. All Accountant should have a greater appetite for automation and the latest technology. By automating the day to day processes, it allows us to focus on moving our traditional responsibility of record-keeping to a financial advisor or facilitator to the senior management in providing financial insights into the decision-making process. Real-time information will be key, and this cannot be achieved if we are relying on manual data entry.
The biggest benefits of automating accounting
- Time and Cost Savings
- Higher Productivity
- Data Accuracy
- Fast Data Retrieval
- Secure File Storage
- Cloud and Multiple Access
- Real-time Integration
- Creation of value addition by actively involved in Decision making
- Forward-thinking vs reporting the past
At Outsourced ACC we continuously invest in the latest software and processes. All our clients are migrated to the latest Cloud accounting software which we include as standard as part of our engagement. We work with all major providers and ensure we recommend the right software based on the client’s business and requirements. All software allows cloud access to our clients, Integration with the banks, Accepting card & direct debit payments, Invoicing, Cashflow management and many other real-time reporting features. We also work with Leading data processing software which eliminates manual data processing.
Clients also have access to our online secured portal to view all their documents and download when required.
All these automation have innovated our business model to focus on the client’s business and work closely with their directing and steering all financial objectives of the business.
If you find your accountant still stuck in the 19’s and need a fresh look at your processes, please get in touch with us. We will ensure it’s a smooth and streamless process for you.