The Advantages of an Automated Approach to Financial Management
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Manual accounting is tiresome and tedious as making financial reports requires more effort. Since recording financial entries is not attractive, employees make most of the errors that lead to inaccurate financial data. Some organizations still depend on inconsistent, manual reporting to decide how to improve or optimize the already automated processes. Few companies don’t know how to measure KPIs, so they lack visibility and strategic oversight. These conditions are harmful to the reputation and revenue of the company.
So, what is the solution?
Online software was invented in the 20th century to reduce all workplace issues. Online, web-based software or automated bookkeeping is the fastest-growing term in companies as figures state that the market size of the bookkeeping service industry will be $61.3 Billion in 2023. Most companies are hesitant or scared to acquire automated bookkeeping services, but it is really a game changer. Surprisingly, automated accounts payable can save 80% of company invoices. Who really doesn’t want to acquire automation services after analyzing all the benefits it provides?
What is Automated Bookkeeping?
Automation transforms tedious manual tasks to save labor hours, increases productivity, and produces accurate financial results. The accuracy and reliability of financial books support the CEO in forecasting their future goals. With the right web-based software, employees can use their spare time that can be utilized to work on more necessary tasks.
Perks of having Automated Bookkeeping Software in the Company
Automation is a great way to lower costs, increase productivity, and can lead to greater profitability. It keeps all the business tasks and processes on the right track so that the company can utilize its resources wisely. Let’s discuss the perks of automation that businesses can enjoy.
AI Supports, not Replace Employees
Many employees consider that automation will cutback their jobs but it is not the right perspective. Along with all the benefits automation provides, it also supports employees by providing accurate financial figures. Now automation tools alert companies when they are out of budget, forecast revenue and handle the budget. AI is the mandatory ingredient to true autonomy- the turning point between digitization and accurate, efficient automation without human interference. AI algorithms continually self-correct and learn, constructing a positive feedback twist that makes the system accurate and more intelligent over time.
No Room for Errors
Humans are prone to errors due to multiple factors such as stress, redundant, time-consuming, and effortful tasks. Manual reconciliation of financial books can create higher chances of bringing in human errors. In order to be able to add financial figures to the financial books, it’s imminent to bring in automation. However, automated drip campaigns are completely reliable and produce accurate results that have no room for errors. Companies should consider adopting technology as 72% of data breaches are caused by human mistakes. But make sure to use more accurate software that tends to produce accurate and reliable results.
Automated Accounts Payable
It encompasses all vendor payment invoices, employee reimbursements and distribute payments in an accurate, timely and absolute manner. In large businesses, most employees are involved in the accounts payable process, while only a few employees are in small businesses. It is why a survey suggested that 47% of employees in the AP department are swamped with tedious and time-consuming tasks. This originates innovation in the IT departments to bring in automated AP processes.
But the question remains, what is AP automation?
“AP automation” is an automated software tool that allows users to eradicate manual processes and bring in comprehensive processes. With this, businesses are able to automate approximately every step in the purchasing process. On top of that, businesses can enjoy added benefits by enhancing the procurement and payment process. Companies need to ensure that their online systems should incorporate all payment procedures from issuing checks to bank remittances and international payments. It should make automated payments to save even more time.
Optical Character Recognition(OCR)
Undoubtedly, financial documents are the building blocks of every company. Retrieving most of the data stuck in documents is extremely important for businesses. OCR facilitates employees with “automated software” to unveil valuable information from financial documents. When we reconsider the future of the financial department, OCR is where it all begins. It is an online identification process that assists in digital coding or even a handwritten manuscript with a scanner and distinctive software. Phenomenal data extraction from passport documents, computer receipts, mail and business-related cards etc.
OCR commonly covers three steps:
- Open a document in the software
- Recognize the essential documents
- Save the document
If any company wants to avail all the advanced technology, it must contact Recordme.
Leverage Cloud Automation
Centralizing data management through web-based technology lowers costs and reduces waste by improving collaboration and communication. Transparency enhances as data silos are disassembled, and data quality and quantity arise rather than fall.
Similarly, automated bookkeeping services reduce costs and strengthen efficiency by diminishing tedious and time-intensive manual labor and reducing human error. 97% of companies believe that business process automation is essential for successful digital transformation. That is why rather than replacing accountants, automation allows them to focus on strategic tasks requiring collaboration, creativity, and ingenuity.
How RecordMe Fits in the Puzzle?
RecordMe surpasses resource efficiency as technology improves continually. Its automated bookkeeping software derives valuable financial insights from company accounting data and utilizes it to make strategic decisions.
Businesses are obliged to deploy automated bookkeeping software to capture realistic autonomy in accounts payable processes. RecordMe helps strengthen the business’s sustainability and growth, saving resources and precious time for businesses.