Workflow automation is a hot subject in the field of accounting and finance as we’re moving closer to a no-code accounting era – absolutely no paperwork and zero manual data entry. The ever-evolving tech industry is providing Accountants with the tools and procedures that are helping us become more effective to our clients.
Workflow automation not only streamline’s overall accounting procedures and increases productivity and output, but it also lets us assist you in taking back control of your business processes
Conventional bookkeeping is all about manual data handling - automation replaces that completely. Be it POS systems, Google Wallet or a credit card swipe, automation is everywhere. The Accounting team can assist you in being more productive, liquid, and financially stable. With workflow automation, The Accounting team becomes a strategic advisor instead of simple compliance coaches.
At the Accounting Team we have shifted from assembling the book of accounts to helping our clients know what they should be doing to increase profitability, and expand their business.
Cloud computing and accounting automation has eliminated the need for traditional record keeping. Inclusion of such practices not only makes things easier for you, but it also enables you to cut your bookkeeping time in half with the capacity to deliver more accurate and error-free results.
Helps in Identifying Sales Patterns
Just imagine AI being used to general ledger applications to examine old and impending transactions to forecast expected cash flows, and that too without spreadsheets. Great, isn’t it? These estimates can be put into practice to assess sales trends and propose purchases that uphold optimal inventory levels.
A Flawless Experience
Through workflow automation, The Accounting team can automate the troublesome task of document grouping and assemblage.
Manage your Payrolls
With accounting automation, it is incredibly simple and precise to estimate taxes, forecast revenue and do budgeting. Moreover, automation software also helps in managing your payrolls efficiently and more effectively.
Gives Unparalleled Insight into Client Base
Through workflow automation, The Accounting Team can provide great insight and acumen into business. With workflow automation tools and procedures, it is relatively easier to perform seamless tracking, reporting and ROI assessment. This gives us an opportunity to give result-driven recommendations and suggestions to that will bring forth increased profits and revenues for their business.
Better Invoice Handling
Workflow automation software integrating the invoicing feature eliminates the requirement for double data entry. Not only does this amazing attribute save time and money, but also makes room for error-free, accurate transitions.
Workflow Automation Skyrockets Productivity
Did you know workflow automation tools augments productivity by up to 30%? It curtails non-compliance risk as they generally come with built-in controls on hand. It boosts confidence in delivering excellence and timely end results.
Gives your you Greater Control Over their Business Information
Workflow automation can be extremely conducive at the time of audit. Dealing with a paper-based system is a hassle for both the auditor as well as the accounting firm. Imagine an auditor sniffing out all your cabinets to see your client’s invoices from 2012. An automated accounting system enables you to respond swiftly to auditor requests, with the added advantage of giving you an opportunity to acquire a record of who is sneaking in information and prevents confidentiality issues respectively.
Supply chain and Procurement
Procurement incorporates the procedures by which business needs are interpreted into supplier needs. Internal procurement procedures are immersed in a bunch of files and documents. Removing paperwork in organizing this significant information is an important step in advancing your business processes. This includes predicting sheets, product research files, contracts, estimates, invoices, bills of freight and lading, and other functional inspection reports.
Improves Daily Efficiency
These procedures can speed up work by up to 5 times faster than if they are done by hand.
Cloud technology allows The Accounting Team and your finance departments to give an anytime, anywhere approach to information, and that too with a few clicks only. This enables the you to access data for yourself.
When it comes to organization management, compliance paperwork and taxation are certainly the biggest concerns. The Accounting Team is responsible for making these aspects less complicated for you. This is where automated workflow steps in. By setting up automated bookkeeping and accounting software, we can reduce your workload.
An automated accounting workflow is unavoidable because:
Workflow Automation – A Final Thought
Workflow automation saves lots of time and delivers accurate and error-free results, both of which are connected directly to the overhead costs associated with your business.